It is a comprehensive set of reasons complimenting and contributing with each other towards the growth of the orthopedic devices market. There has been a steady rise in the last decade of 7 to 10% in the orthopedic devices market which is expected to continue to grow in the coming years. The global orthopedic devices market is forecast to reach a value of $61.3 billion by 2017 from a market value of $36.7 in 2010 at a CAGR of 7.6%.
Why is the Orthopedic Devices Market on a Continuous Rise?
Several factors make this market on an ever growing graph;
- One of the main reasons is the growing elderly population which propels into an increased risk of osteoporosis, osteoarthritis and bone injuries.
- The increase in global population that is obese and hence the chances of orthopedic complications are on the rise. This trend is more apparent in emerging economies like the Middle East, China, India and other Asian countries.
- With the advancement in technology, the success of these implants and fixators in the emerging economies and rise of faith in medical science especially in the developing economies, the orthopedics device market is on a continuous growth.
- The exponential growth in the spending of the health care, and the emergence of multi-speciality hospitals with advanced technologies, especially in the Asian countries, have helped this market to keep growing. However, there is a slowdown in the health care spending in North America. According to a report from Deloitte global Health Care Outlook healthcare spending will grow at an average of 4.4% contributed mainly by health care insurance.
Share of Different Devices in the Orthopedic Market
The orthopedic knee devices contributed towards the largest share in the orthopedic device market revenue in 2012. However, this market has been under the cloud recently for the wrong reasons. According to a study, at the department of Physical Therapy at Virginia Commonwealth University in Richmond using the parameter for appropriate and inappropriate surgeries conducted and supported by a news release says that; Among the 175 subjects who underwent total knee replacement surgery, more than a third of the procedures were deemed inappropriate. There have been a number of fingers raised and studies conducted to fight this growing malice.
The other major share of orthopedic device surgeries goes to the hip orthopedic device market which accounts for the second largest share. The hip market is likely to compound in annual growth rate of more than 5.9 percent through 2019. There has been a consistent rise in hip fractures and a burgeoning demand for hip replacement procedures.
The other large share in the orthopedic device market goes to the consumables market. These also include anchors and stables. It has a huge potential of growth expecting to reach a value of $457 million by 2019.
The Largest Share Holders in the Global Market
The largest shareholders include large medical device companies like Depuy, Synthes, Stryker, Zimmer Holdings, Smith and Nephew and Medtronic. These companies put together hold a 60% share of the global orthopedic device market.