Orthopedic Devices Global Market Size:
The global orthopedic devices market was valued around $39 billion in 2017. Asia Pacific was the largest region in the orthopedic devices market in 2017, accounting for around 33% of the total market. The USA was the largest country in the market accounting for around 23% of the total market.
Orthopedic Devices Global Market Overview:
Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for second surgery, are highly useful in fracture fixation in children; and result in less implant related infections. For instance, Stryker Corp. offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration and muscle connection to bone.
Asia Pacific was the largest region in the orthopedic devices market in 2017, accounting for around one-third of the market share.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the launch of advanced orthopedic devices by major vendors is a significant positive trend being witnessed by the market in recent years. Due to the presence of competitors in market, companies are focusing on advanced technologies to manufacture orthopedic devices for various applications. For instance, in October 2016, DePuy Synthes launched KICK System with FluoroExpress Software Module, a portable spine imaging system that helps in advanced visualization and improving patient outcomes. In October 2016, DePuy Synthes Spine (a subsidiary of Johnson & Johnson) launched the SYNFIX Evolution System, a new implant for stand-alone Anterior Lumbar Interbody Fusion and is used in minimally invasive spinal surgeries.
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Johnson & Johnson was the largest competitor with 24.17% of the market, followed by Zimmer Biomet Holdings, Stryker Corporation, Smith & Nephew PLC and B. Braun Melsungen. Johnson & Johnson’s growth strategy is to improve revenues from the surgical devices division by investing in research centers and laboratories. The company’s new initiatives like J&J innovation centers and JLABS are expected to help the company in developing new products and boosting revenues. The company is also looking at expanding in China and other emerging markets.
Orthopedic devices are used for restoring skeletal structure and joint movements in various fractures, abnormal growth of bones, soft tissue damage, trauma or other deformities. These devices are implanted by surgical procedures or can be externally attached through minimally invasive procedures. Orthopedic devices can be classified as joint implants, internal and external fixation devices.
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