Orthopedic Devices Market Trends 2021
The main players in the orthopedic device market are Waldemar LINK, TriMed Inc., Smith & Nephew, NuVasive, Microport Scientific Corporation, Integra LifeSciences, Globus Medical and Braun Melsungen AG.
Pune, India, October 20, 2021 (GLOBE NEWSWIRE) –
The global orthopedic devices market size is expected to show tremendous growth during the forecast period as the percentage of the elderly population increases at a constant rate. According to the United Nations Population Fund Agency, one in four people in Asia-Pacific will be 60 years old by 2050.
Many technological innovations are introduced in orthopedic devices to improve their efficiency and performance while providing increased comfort to patients. The trend of tailor-made devices adapted to the patient’s state of health is accelerating in regions such as Europe. The important trends that will enhance the potential of the market are discussed below:
Joint reconstruction mechanisms are gaining momentum in Asia-Pacific:
Asia-Pacific Orthopedic Appliance Market forecasts will be valued at $ 13.4 billion by 2027. Joint reconstruction devices held a share of over 42% of the regional market in 2020. These devices have a longer lifespan than other implants used in orthopedic procedures. In addition, the regional population is increasingly aware of the health complications associated with orthopedic conditions and is proactive in its approach to keeping in shape.
Joint reconstruction devices undergo constant technological advancements to offer a wide range of designs to patients and dramatically improve their efficiency and performance. Companies in the APAC region conduct extensive research and development for suitable implants for the ankles, knees, hips and shoulders. This has resulted in the creation of high quality joint reconstruction devices that offer customizations and provide increased comfort.
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The market share of orthopedic devices in Japan is increasing:
Japan is expected to hold an estimated $ 2.5 billion share of the APAC market by 2027. The country is known to have a strong presence of some of the oldest people in the world. Due to the lower death rate, this part of the population is steadily increasing every year. This factor has increased the risk of people falling prey to orthopedic diseases.
Japan is experiencing an increase in the number of traumatic fractures and joint injuries, thus increasing the production of orthopedic devices in the country. Different surgical procedures only use these devices in complicated cases, such as arthritis of the knee, shoulder and hip. As the country has a strong hold on its technologies, the scope of creating smart braces will increase dramatically.
Technological Advances in Orthopedic Appliances in North America:
North America Orthopedic Appliance Market Size is expected to reach a value of over $ 29.2 billion by 2027. Orthopedic procedures in the region are enjoying a success rate due to technological developments in the devices.
According to the American Academy of Orthopedic Surgeons, more than 900,000 people undergo knee replacement surgery each year in the United States. One of the main reasons behind this is the demand for painless surgeries and high-end surgical devices to perform these complicated procedures.
Companies in North America are constantly working on a wide range of innovations to increase the life and quality of implants so that they can be used for more than 20 to 25 years. For example, orthopedic implants manufactured by organizations such as Zimmer Biomet, Medtronic, and DePuy Synthes could be effective in reducing postoperative complications.
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The size of the US market is increasing dramatically:
The orthopedic appliance market share in the United States was estimated to be over $ 19.6 billion in 2020. The number of joint reconstruction surgeries is increasing in the country. According to the National Center for Health Statistics, more than 5.2 million musculoskeletal surgeries are performed in the United States each year.
On top of that, drastic changes in lifestyle have given way to an increase in obesity cases. Obesity is one of the main causes of the onset and progression of osteoarthritis. According to the Centers for Disease Control and Prevention (CDC), nearly 42.4% of the American population suffered from obesity from 2017 to 2018.
Over 15% of the country’s population suffers from osteoarthritis, a byproduct of obesity. The factors and figures mentioned above have led to increased production of advanced orthopedic devices to provide patient care and comfort.
Spinal systems are on the rise in North America:
Spinal appliances held over 19% of the orthopedic appliance market share in North America in 2020. These appliances have many advantages, such as correcting deformities, creating a smoother fusion between two vertebrae, and improving the stability of the spine. The number of cases of degenerative discs is increasing in the region due to a large elderly population.
The National Center for Biotechnology Information (NCBI) has estimated that approximately 2.4 million people in the United States will be diagnosed with symptomatic lumbar spinal stenosis by the end of 2021. Spinal devices are one of the most common products. preferred for treating spinal misalignments and degenerative disc changes.
Systematic use of trauma fixation devices in Europe:
The European orthopedic devices market size will be valued at $ 10.9 billion by 2027. The regional trauma fixation devices market share is expected to increase to 3.8% CAGR through 2027. These devices are predominantly used to repair and stabilize dislocated bones and severe fractures. These injuries are the result of a growing number of traffic accidents, which has led to innovations in trauma fixation devices, such as drug-release, nanocoated and bioresorbable implants.
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UK market trends will thrive:
The UK market size is expected to register a stable CAGR of 4.1% through 2027. The region is experiencing an increase in its elderly population, due to which cases of orthopedic diseases are increasing. There is also an increase in medical tourism.
According to a report by the UK Office for National Statistics, it is estimated that at least one in four people will reach the age of 65 and over by 2050, suggesting an increase from one in five people in 2019. These aspects will increase. the need to have orthopedic surgeries, thus increasing the sale of orthopedic devices in the country.
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