The number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to increase, due to an increase in the aging population. The rise in the osteoporosis-related fractures and musculoskeletal diagnoses is driving the demand for orthopedic implants among the population aged 65 years or older. According to a published report by the Arthritis Research, United Kingdom, on “The State of Musculoskeletal Health 2018”, 17.8 million people are estimated to live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population. These statistics show that the number of orthopedic surgeries is increasing steadily, which may lead to an increase in the demand for orthopedic implants.
The other driving factors include an increasing number of large joint reconstruction surgeries, the growing elderly population, an increase in the prevalence of orthopedic disorders, and the development of bioabsorbable and titanium implants. However, factors, such as stringent regulatory scenario, may hamper the growth of the market.
Key Market Trends
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Join Reconstruction Segment is Expected to Grow at a Healthy Rate over the Forecast Period
The orthopedic devices market is segmented by application and geography. The application segment is further segmented into hip orthopedic devices, joint reconstruction, knee orthopedic devices, spine orthopedic devices, trauma fixation devices, dental orthopedic devices, and other applications. The joint reconstruction segment is anticipated to register a high CAGR, owing to the rising geriatric population, the growing prevalence of osteoarthritis and osteoporosis, and the rising incidence of sports injuries and road accidents. Additionally, companies are focusing on adopting strategies, such as product innovations, mergers and acquisitions, and recent developments, to gain a competitive advantage. For instance, in 2019, Smith & Nephew acquired Brainlab’s orthopedic joint reconstruction business. This acquisition is expected to drive the development and adoption of digital technologies to improve efficiency and outcomes during surgeries, which may positively impact the market’s growth.
Asia-Pacific is Anticipated to Register the Fastest CAGR During the Forecast Period
North America is expected to dominate the market, due to the increasing awareness of the minimally invasive procedures for orthopedic surgeries, continuous innovation in implant technologies, and advanced healthcare facilities. A high adoption rate of advanced technologies is also driving the growth of the market in this region.
The demand for orthopedic surgeries in China and India is also expected to grow tremendously in the near future. India and China are anticipated to account for the largest market shares in the Asia-Pacific region, owing to the high increase in the geriatric population pool. Moreover, increasing medical tourism, due to the availability of cost-efficient and advanced healthcare treatment options, compared to the other geographical regions, and increasing adoption of novel technologies are bolstering the growth of the orthopedic devices market in the Asia-Pacific region.
Competitive Landscape
The orthopedic devices market is highly fragmented. Market players focus on continuous product development and offering orthopedic devices at competitive prices, especially in developing countries. Minimally invasive orthopedic devices, which do not require repeat procedures, are expected to boost the number of procedures in the developed and developing regions.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Large Joint Reconstruction Surgeries
4.2.2 Growing Elderly Population Increases the Prevalence of Orthopedic Disorders
4.2.3 Development of Bioabsorbable and Titanium Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Hip Orthopedic Devices
5.1.2 Joint Reconstruction
5.1.3 Knee Orthopedic Devices
5.1.4 Spine Orthopedic Devices
5.1.5 Trauma Fixation Devices
5.1.6 Dental Orthopedic Devices
5.1.7 Other Applications
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson & Johnson
6.1.2 DJO Global Inc.
6.1.3 Globus Medical Inc.
6.1.4 Integra LifeSciences Corporation
6.1.5 Medtronic PLC
6.1.6 NuVasive Inc.
6.1.7 Smith & Nephew PLC
6.1.8 Stryker Corporation
6.1.9 Wright Medical Group NV
6.1.10 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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