14 Nov Orthopedic Devices Market Witnessing Steady Demand from Minimally Invasive Surgeries: TMR Study

• Growing burden of orthopedic injuries to propel product demand in orthopedic devices market; prevalence of orthopedic disorders especially in aging population underpins massive lucrative avenue for commercialization of products
• Firms lean on unveiling custom-made computer-aided-designs in order to capture competitive value; companies collaborate to leverage 3D-bioprinting and tissue engineering technologies

WILMINGTON, Del., Nov. 9, 2022 /PRNewswire/ — Key orthopedic devices manufacturers are meticulously evaluating safety and performance of their products to reduce the chances of product recalls that have significantly impacted the bottom-line growth. New technologies that guide implant placement play pivotal role in improving the clinical benefits of new-age devices, noted a global analysis of orthopedic devices market. Of note, computer-aided fixation of implants has increasingly enriched the orthopedic devices market size, which is projected to expand at a CAGR of 4.3% from 2019 to 2027.

Recent orthopedic device market trends suggest that custom-made computer-aided-designs will open up new value propositions for firms to gain orthopedic device market shares. Stridently, 3D bioprinting is gathering use in orthopaedic applications such as for 3D-printed customised prosthetics and implants, as orthopedic device market trends underscored.

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Key Findings of Orthopedic Devices Market Study

• Widespread Demand from Orthopedic Injuries and Disorders Steer Revenue Growth: Rising demand from treating a wide range of orthopedic injuries and disorders underpins enormous lucrative avenues in the market. Rising number of accidental injuries owing to sports is boost the market prospects. Burden of orthopedic injuries is high particularly due to fractures in countries where participation in adventure sports, thereby bolstering the revenue potential. Rise in number of elderly patients with osteoarthritis is also fueling promising growth opportunities for firms in the global orthopedic devices market.
• Custom Implants Present Tremendous Growth Opportunities: The increased trend of patient-customised treatment for a spectrum of orthopedic disorders will expand the horizon for market players. Advancements in implant planning software notably the application of computer-aided manufacturing technologies have unlocked incredible prospects for players in the market. Medtech companies in are keen on capturing sustainable value from the growing demand for designing and printing customized orthopedic implants. Adoption of novel 3D modeling technology is poised to generate promising growth opportunities for companies in the global orthopedic devices market.

Key Market Drivers

• A rapidly aging population in several countries has led to increased risks of various forms of orthopedic disorders particularly osteoarthritis and rheumatoid arthritis. Burden of these have significantly arisen and has subsequently fueled R&D funding in the development of smart orthopedic devices.
• Rising incidence of orthopedic injuries notably hip fractures has spurred the number of hospital visits, and thus has fueled the demand for orthopedic devices. Of note, emergency visits to hospitals due to traumatic accident injuries have also increased considerably over the years in some developed nations.

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Regional Growth Dynamics

North America held a major share of the global orthopedic devices market in 2018, and had been estimated to be highly lucrative region. Prevalence of orthopedic disorders notably arthritis in the U.S. has created a large patient base. Rising demand for orthopedic surgeries for people who suffer from accidental injuries has also propelled the revenue streams in recent years. Rapid adoption of technologically advanced implants and use of advanced navigation technologies in orthopedic surgeries are invigorating the revenue streams for implant manufacturers.

Orthopedic Devices Market: Key Players

Top players are geared toward leveraging their core competencies to drive profitable growth. Many firms have entered into partnerships with new entrants to enrich their product pipeline, observed the TMR study authors.

Some of the key players in the orthopedic devices market are Medtronic plc, Smith & Nephew, Zimmer Biomet, DePuy Synthes, and Stryker Corporation.

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Orthopedic Devices Market Segmentation

Product

• Joint reconstruction
• Spinal devices
• Orthopedic braces and supports
• Trauma fixation
• Orthopedic accessories
• Orthopedic prosthetics
• Arthroscopy devices
• Others

End-user

• Hospitals
• Orthopedic clinics
• Ambulatory surgical centers
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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SOURCE Transparency Market Research, PR Newswire, November 9 2022.

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