Transparency Market Research (TMR) has published a new report titled, “Orthopedic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the new report, the global orthopedic devices market was valued at US$ 46,900 Mn in 2017 and is projected to expand at a CAGR of over 3.0% from 2018 to 2026.
Rise in the global geriatric population which is more susceptible to musculoskeletal disorders is likely to boost demand for orthopedic devices during the forecast period. North America and Europe are likely to dominate the global orthopedic devices market due to favorable reimbursement for orthopedic procedures and rise in focus of key players on the development of new devices in the market in these regions. Increase in geriatric population and rise in prevalence of osteoporosis in countries such as Japan and China are likely to boost the orthopedic devices market in Asia Pacific from 2018 to 2026.
In terms of end-user, the hospitals segment is projected to account for dominant share of the global orthopedic devices market during the forecast period. The segment is likely to expand at a CAGR of 3.0% from 2018 to 2026. However, the segment is expected to lose market share during the forecast period due to rise in hospitalization costs. The orthopedic clinics segment accounted for 28.0% share of the global orthopedic devices market in terms of value in 2017. The segment is anticipated to expand at a rapid pace during the forecast period. The segment is likely to gain market share to reach 29% by 2026. Shorter hospital stay, quality of procedures and care, availability of emergency minimal invasive surgeries, and advanced devices are likely to propel the segment during the forecast period.
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The report provides profiles of leading players operating in the global orthopedic devices market. These include Zimmer Biomet Holdings, Inc., DePuy Systhes, Stryker, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. Expansion of product portfolio by developing new products or through acquisition and licensing agreements to develop products is a key strategy adopted by these players. For instance, in September 2016, Stryker entered into an agreement to acquire the assets of Instratek, Inc., an U.S.-based orthopedic implants and endoscopic instrumentation manufacturer. This acquisition strengthened Stryker’s presence in the forefoot and upper extremity business segment. Other key players are also adopting similar strategies.