(PharmaNewsWire.Com, October 30, 2019 ) OG Analysis, a global market research firm, has announced the release of their “Global Orthopedic Devices Market, Size, Share, Outlook and Growth Opportunities to 2025: By Type (Joint replacement, Spinal devices, Orthobiologics, Arthroscopic devices, Trauma Accessories, braces and Support Systems, and Others), By Joint Replacement Type (Ankle Replacement, Elbow Replacement, Hip Replacement, Knee Replacement, Shoulder Replacement, and Others), By Application (Hospitals, Clinics, and Others) and By Region” Report proposes complete outlook of the market including comprehensive market analysis, Market Share, Market Size, Market Drivers, Challenges and Opportunities.
Global Orthopedic Devices Market is estimated to reach a market value of USD 67.5 billion by 2025, with the market growing at a CAGR of 6.23% in the forecast period 2019-2025. Increasing adoption of robotic assisted surgery and growing emergence of outpatient orthopaedic surgeries are key market trends. Elbow replacement segment registered at a CAGR of 10.23% during the forecast period 2018 to 2025 representing an estimated initial market value of $ 0.2 billion in 2018. Hospitals constituted for major share in the global orthopedic devices market.
Increasing prevalence and incidence of orthopedic disorders, growing geriatric population and growing advancements in medical technology are driving the market growth. Growing investments in research & developments and increasing strategic alliances and partnerships among companies are other factors promoting the market growth.
Rising prevalence and incidents of chronic diseases such as arthritis, osteoarthritis and others increase the consumption volume of joint replacements, this in turn provide opportunities for the key players to boost their investments.
Hospitals constituted for major share among the end users owing to wide availability of medical professionals and experts dealing with various orthopedic devices. The hospitals are operating in a competitive landscape that is being influenced by presence of orthopedic surgery departments and are becoming valuable. Hospitals are offering customized patient specific implants and are used based on customer based surgeries.
North America orthopedic devices industry is highly focused on innovating high-quality, cost-effective devices. Companies operating in the North American industry are committed to research, sourcing, and quality, which are key factors for the success of the industry.
Increasing prevalence of orthopedic conditions and growing awareness of minimally invasive procedures are further boosting the sales of orthopedic devices. However, factors such as recurrent product recall, biocompatibility issues, costly procedures & equipment, and stringent regulatory approval procedures are challenging the companies in the industry. For instance, CONMED Corporation’s device customers reported 347 adverse events, including malfunction to the US FDA from January 2018 to February 2019.
European orthopedic devices market continues to witness healthy growth rates driven by high utilization of orthopedic devices across a large number of hospitals and clinical laboratories for treating bone disorders.
Asia Pacific orthopedic devices market is estimated to exhibit strong growth over the forecast period 2019-2025, driven by the presence of supportive government regulations and a largely untapped market.
South & Central America presents lucrative opportunities for the major players operating in the industry owing to growth in awareness about orthopedic devices and an increase in the development of healthcare infrastructure. Majority of the Middle Eastern countries, including UAE, Saudi Arabia, Iraq, and others are highly adopting orthopedic technological advancements and therefore will provide extensive opportunities for the firms.
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