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Auguest 16, 2021, New York, USA – In 2019 the global orthopaedic device market was estimated to be USD 53.44 billion and is foreseen to grow by CAGR OF 6.6% which is USD 68.51 billion by termination of 2027.
An orthopaedic deviceis a part of an apparatus which helps in preventing and treating injuries in human skeletal system. These devices are mainly used for musculoskeletal problems. The orthopaedic devices are designed in such a way that they help in restoring the function of human skeletal system, as well as providing flexibility to the joints. The orthopaedic devices are used externally on the body, and can be removed when unwanted.
In 1950s (Ti) titanium, a transitional metal was primarily used in the application of orthopaedics. Later on, stainless steel and titanium alloys were used combined with an artificial cage. This was done to avoid corrosion and provide strength to the skeletal system of the desired skeletal part.
Some of the orthopaedic devices are prostheses, splints, bandages etc. There are various ranges of supports and braces used to stabilize as well as support the bones.
The key trend in the market globally is the gigantic rise in frequency of orthopaedic diseases/injures which determines the increase in growth of the orthopaedic device market.
Some of the potential key companies in the orthopaedic market in 2021
As per the WHO (World Health Organization) in 2017 claimed frequency of musculoskeletal difficulties increase proportionally with age. But the frequency of the musculoskeletal conditions varies from region to region, due to certain factors for instance environmental and geographical factors. As per WHO musculoskeletal conditions were excessively seen in the region of Africa and East Mediterranean.
Analysis of segment Product-wise
The orthopaedic device market is differentiated according to their varied applications of the product. Some of the key products in the market are drill guide, implant holder, custom clamps, screw drivers, guide tubes and distracters. In 2018 the Drill Guide reported the highest share and foreseen to grow rapidly in the forecast period. This trait the frequency of usage of drill guide in surgeries used by the surgeons.
Analysis of segment Application-wise
On the basis of their application and function of the orthopaedic devices the market is differentiated. The orthopaedic devices are differentiated as per the skeletal body part wise.
Listed Devices application-wise
These are some of the orthopaedic devices out of which the Hip Orthopaedic devices are claimed to be the rapidly growing product during the forecast period. This portrays the use of hip orthopaedic device used in the treatment of osteoarthritis, where inflammation of joints is seen mostly in the patients’ hips.
Analysis of segment Region-wise
The orthopaedic device market was analysed region-wise across the Latin America, North America, Europe and Asia Pacific. In 2018 the leading revenue contributor amongst these regions was North America, and was foreseen to grow rapidly during the forecast period. This is due to gigantic demand of advanced health care services and health care infrastructure in the region. The regions of Asia- Pacific are predicted to have high CAGR during the forecast periods. The main cause is due to the major increase in the metabolic disorders, population base and intensification awareness of the orthopaedic devices amongst the population and region.
Listed Countries region-wise
Thus, the global orthopaedic market is foreseen to increase gigantically in the region of Asia Pacific mainly in the developing countries China (CAGR 4.7%) and India (CAGR 3.1%) respectively.
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