Steady Growth Till 2020 Predicted for Global Orthopedic Devices Industry
By Technavio | February 3, 2016
Key players analyzed in report are DePuy Synthes, Medtronic, Smith & Nephew, Stryker and Zimmer-Biomet.
London, U.K.-based Market research company Technavio has released a report detailing the growth of the global orthopedic devices market to 2020. The research report includes a detailed segmentation of the orthopedic devices market by application (spine, trauma and extremities, knee, hip, foot, and ankle). It also outlines the market shares for key regions like the Americas, the Asia Pacific, and EMEA (Europe, Middle East and Africa). The key vendors analyzed in this report are DePuy Synthes, Medtronic, Smith & Nephew, Stryker, and Zimmer-Biomet.
Technavio’s market research analyst predicts the global orthopedic device market to grow steadily at a CAGR of around 4 percent by 2020. Factors such as the increasing aging population and the augmented incidence of orthopedic diseases, such as arthritis, bursitis, fibromyalgia, hip pain, knee pain, trauma, and osteoporosis, are anticipated to bolster the prospects for growth in this market during the predicted period.
Recent technological advancement pertaining to medical technology is the key driver for the growth of this market. Bioabsorbable implants and titanium-based orthopedic devices are examples of technologically advanced products, which help to diminish the complications associated with the use of bioabsorbable materials. The ability of such implants to offer advantages like rigidity, strength, fracture toughness, and increased mechanical performance is a key factor that fosters its adoption during the predicted period.
The report estimates that the spine orthopedic devices segment will account for a market share of more than 27 percent by the end of 2020. Factors such as the rising incidence of spinal disorders and the growing preference for minimally invasive spinal surgeries are the major factors that fuel the demand for spine-related devices during the forecast period.
The Americas accounted for more than 61 percent of the total market share in 2015 and is expected to grow at a compounded annual growth rate of around 4 percent during the forecast period. Eminent factors, such as the rise in aging population, increasing number of orthopedic disorder patients, and the launch of new products, are envisaged to foster market growth in this region during the predicted period.
The global orthopedic device market is fragmented due to the presence of large, medium, and small sized vendors. This market is likely to experience rapid growth and development owing to the launch of new products and marketing activities by key industry participants.
Some key questions answered in the report are key factors driving the orthopedic device market, challenges to market growth, and the factors influencing specific geographic regions.