Orthopedic disorders to elevate global devices market share
The orthopedic devices market will see lucrative growth in the coming years backed by rising innovations and technological advancements in the healthcare sector. Orthopedic medical devices are known to be tremendously efficacious in reducing pain, restoring mobility, and improving the quality of life for many individuals each year.
Rising number of orthopedic surgeries conducted worldwide have amplified the demand for such devices across healthcare settings. Surge in geriatric population and cases of orthopedic disorders such as osteoarthritis and osteoporosis will contribute towards an increase in number of orthopedic surgeries, thereby expanding the adoption of orthopedic devices.
It is projected that the industry will exponential growth ascribed to gaining prevalence of sports injuries among individuals. Inclination towards physical activities among adults and children could potentially cause a surge in cases of sports injuries. The U.S. Bureau of Labor Statistics specifies that more than 19% of Americans aged 15 years or above took part in sports-related physical activities in 2015, as compared to 15.9% in the last decade.
A report published by Global Market Insights, the orthopedic devices market size is expected to exceed $60bn by 2027. Orthopedic devices are being used in surgeries and for management of musculoskeletal disorders. Budding instances of such injuries are accountable for increase in cases of musculoskeletal injuries. Expansion of the medical tourism sector could favor orthopedic device manufacturers. Reports claim that the cost for orthopedic surgeries in India is a fraction of what it costs in the US, UK, or another Western nation.
Based on product, the market for orthopedic devices is segmented into spinal devices, joint reconstruction devices, orthobiologics, trauma fixation devices, arthroscopic devices, and others. Of these, the trauma fixation devices segment held for more than $5.1bn in the year 2020 and is projected to showcase a strong growth at 5.1% in the coming years.
Trauma fixation devices are used for stabilising and fixing severe bone dislocations. The segment growth is attributed to rising incidences of road accidents, orthopedic disorders, etc. Mounting cases of road accidents and incurred bone injuries will accelerate the requirement for trauma fixation devices. As per the World Health Organization (WHO), around 20-50 million people suffer from physical disabilities or non-fatal injuries in instances like road accidents.
Escalating healthcare expenditure, rising disposable income, and developing medical infrastructure are some of the key points that will anchor orthopedic devices industry expansion across Brazil. Reports indicate that the market in Brazil was valued at more than $476m in the year 2020 and is projected to grow at a momentous growth rate of 7.0% over the prediction period. As per a research, the demand for lower limb surgeries is rising exponentially in the region along with rise in hospitalisation for orthopedic conditions.