Albany, NY -- (ReleaseWire) -- 05/23/2014 -- Orthopedic devices are used to restore skeletal structure and joint movements in various types of fractures, abnormal growth of bones, soft tissue damage, trauma or other deformities. These devices can be surgically implanted or externally attached through minimally invasive procedures and hence can be classified as joint implants, internal and external fixation devices. Demand for orthopedic procedures is expected to grow in the near future owing to the increase in geriatric population and obesity across the globe.
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The major orthopedic device segments such as joint implants, internal and external fixation devices have been further analyzed on the basis of anatomical locations namely, hip, knee, shoulder, elbow, foot and ankle and other extremities. Spinal orthopedic devices have been segmented into joint implants and internal fixation devices, while craniomaxillo facial devices market include estimations only for internal fixation devices. Various emerging technologies such as bio-absorbable implants and minimal invasive procedures currently form major drivers for the growth of this market. The global orthopedic devices market was valued at USD 29.2 billion in 2012 and is expected to grow at a CAGR of 4.9% from 2013 to 2019, to reach an estimated value of USD 41.2 billion in 2019.
High incidence rates of osteoporosis, osteoarthritis, obesity along with rapidly aging global population also form key drivers for the global orthopedic devices market. Increase in procedure demand and rise in people opting for minimally invasive surgeries coupled with expanded access in emerging markets are some of the other factors propelling the growth of the market. Introduction of biodegradable implants and internal fixation devices will serve as future growth opportunities for orthopedic devices for various anatomical locations. However, product recalls act as a major growth restraint for the market due to incidences such as adverse side effects to the patient. Device related infections, manufacturing errors, implant loosening, wear debris, corrosion, hypersensitivity and toxicity are some of the other causes leading to orthopedic device failure.
Geographically, North America dominated the global orthopedic devices market and is expected to continue to lead in terms of revenue generation throughout the forecast period. The market in North American region was valued at USD 11.8 billion in the year 2012. Asia-Pacific is considered as the most lucrative market for orthopedic devices market owing to the increase in incidences of bone related disorders and obesity through 2019. The leading players in the market for orthopedic devices market are Depuy Synthes, Zimmer, Stryker, Medtronic, Smith & Nephew, Wright MedicaL, NuVasive, and Globus Medical.
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