Transparency Market Research has published a new market report based on “Orthopedic Devices Market (Hip, Knee, Spine, Shoulder, Elbow, Foot and Ankle, Craniomaxillofacial and Other Extremities) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019." According to this report, the global orthopedic devices market was valued at US$29.2 billion in 2012. However, the market is now expected to grow at a CAGR of 4.9% in the forecast period, 2013 to 2019 and reach an estimated value of US$41.2 billion in 2019.
This report studies the global orthopedic devices market from the perspective of the most used orthopedic devices and also the number of procedures used for particular anatomical location. The global orthopedics market comprises devices for knee, spine, foot and ankle, hip, shoulder, elbow, craniomaxillofacial and other extremities. The other extremities segment in the orthopedic devices market is made up of devices made for the digits, hand, and wrists. These are further divided into internal fixation devices, joint implants, and external fixation devices.
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Additionally, the orthopedic devices market has also been analyzed for spinal orthopedic devices that include thoracolumbar spinal implants, internal fixation devices, and cervical devices. The orthopedic devices for craniomaxillofacial have only internal fixation devices included in the segment.
The success of using orthopedic devices in reducing pain, restoring mobility, and improving quality of life can be easily illustrated and analyzed by the dominance of orthopedic devices on a global level. Orthopedic devices are used to restore the joint movement and skeletal structure caused due to abnormal growth of bones, fractures, soft tissue damage or any other deformities in growth. They are types of devices that can be surgically or externally implanted and attached through minimally invasive processes, and thus, can be classified as external and internal fixation devices.
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The orthopedic devices market has been extensively analyzed and studied on the basis of growth factors such as the success rate, technology used, regional reach, and reimbursement coverage. Globally, the high incidence of obesity, osteoarthritis, injuries and osteoporosis issues, as well as growing geriatric population are some of the vital factors fueling growth in the orthopedic devices market. In some of the emerging markets, the increased accessibility of minimally invasive procedures is helping to boost the demand for orthopedic devices and products too.
From a technological viewpoint, the future growth in the orthopedic devices market will be boosted by the institution of internal fixation devices and biodegradable implants. Some of the additional value-driven factors for the orthopedic devices market are growing healthcare costs and prevention measures for different orthopedic-related problems. Also, growing demand for state-of-the-art facilities in orthopedic surgeries and rising investments by multinational companies and worldwide governments has enabled the growth of the orthopedic devices market.
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Nevertheless, the market faces major growth restraints such as lack of awareness, high cost of surgery, absence of health insurances in developing countries, and double surgeries.
Geographically, the report studies the orthopedic devices market based on four major regions, namely North America, Europe, Asia and Rest of the World (RoW). The orthopedic devices market for all these regions is analyzed and estimated in terms of USD million.
Due to the growing geriatric population, adoption of bio absorbable implants and rise in incidences of obesity, osteoporosis, and osteoarthritis that lead to fractures among the U.S population, the global market for orthopedic devices (in terms of revenue generation) is expected to retain its position throughout the forecast period, particularly in the North American region.
Moreover, such factors also contribute to the growth of the orthopedic devices market in other emerging countries of the Middle East, Europe, and Asian countries such as India and China. Europe was the second-largest market for orthopedic devices in 2012; however, Asia-Pacific is now expected to be the fastest growing region in the global orthopedic devices market in the forecast, 2013 to 2019.