Rising rates of obesity, growing incidence of bone related disorders and technological advacements are leading to greater demand for orthopedics devices globally.
A new report estimates that the global orthopedics devices market will grow to $41.2 billion by 2019, up from $29.2 billion in 2012.
Between 2013 and 2019, the market will grow at a 4.9% compound annual growth rate, according to Transparency Market Research that issued the report.
The global orthopedics market includes devices for the hip, knee, spine, shoulder, elbow, foot and ankle, craniomaxillofacial and other extremities. The latter category is made up of devices for the wrists, digits and hand.
In 2012, orthopedics devices for knees accounted for the largest share of the $29.2 billion overall revenue.
Globally, the high incidence of osteoporosis, osteoarthritis, obesity as well an aging population are just some of the key factors driving the market’s growth. In emerging markets, the increased availability of minimally invasive procedures are also helping to drive up demand for these products.
From a technological perspective, future growth will be fueled by the introduction of biodegradable implants and internal fixation devices.
While North America will continue to dominate the market from a revenue standpoint, it is Asia that is considered to be the most lucrative market due to the growing incidence of bone related disorders and rise in obesity.
In the hip and knee segment, companies like Zimmer, DePuy Synthes, part of Johnson & Johnson, and Stryker dominate. But startups like ConforMIS that is developing a totally customizable knee are trying to gain market share.
In spine, the wellknown players are Medtronic, NuVasive, in addition to DePuy and Stryker.