Orthopedic Devices Market - Increased Spending on Research and Development Activities to Open New Growth Avenues
Increased prevalence of various degenerative bone disease, such as rheumatoid arthritis, curvature of the spine, bone cancer, and cervical spondylitis is estimated to accelerate the growth of the global orthopedic devices market in the forthcoming years. Apart from degenerative bone diseases, increasing number of road accidents and expanding base of geriatric population are likely to work in favor of the market. Sedentary lifestyles and obesity trigger musculoskeletal conditions, which is likely to emerge as growth factor for the market in the years to come.
The global orthopedic devices market is likely to observe gradual rise in the increasing adoption of orthopedic solutions offered to alleviate post-operative complications. These solutions are likely to assist in faster recovery. Constant emergence of new market players and changes in reimbursement policies by regulatory agencies on the basis of performance of the products has led to shift toward value based product offerings.
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Source, application, and region are the three key parameters based on which the global orthopedic devices market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Orthopedic Devices Market: Notable Developments
The global orthopaedic devices market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
- In February 2019, Medtronic plc launched Grafton demineralized bone matrix (DBM) in Japan. The product bone grafting product to be used for various orthopedic and spinal procedures. The product is not only the first but the only available demineralized bone matrix product found in Japan. The country is the second largest market when it comes to sale of sale of spinal medical devices.
Some of the key players in the global orthopedic devices market comprise the below-mentioned:
- Stryker Corporation
- Aesculap Implant Systems
- Medtronic Plc.
- Smith And Nephew
- Zimmer Biomet
- DJO Global
Global Fragrances Market: Key Trends
The following drivers, restraints, and opportunities characterize global orthopedic devices market over the assessment period, from 2019 to 2029.
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At present, the techniques of trauma management is not capable of restoring normal functions of body parts owing to absence of efficacious and effective surgical tools. Hence, makers are making substantial investment in the research and development activities so as to present brand new efficient and innovative devices. Augmented R&D activities are expected to work in favor of the global orthopedic devices market.
Increasing awareness pertaining to the availability of various innovative products are driving hospitals to go for upgradation of their services and devices. In addition, favorable reimbursement policies of various orthopedic treatments has surged the number of orthopedic surgeries. These factors enable many customers to go for expensive and advanced devices, which add to the total sales of these devices.
Global Orthopedic Devices Market: Geographical Analysis
Over the period of analysis, North America is estimated take lead of the global orthopedic devices market with the promise of offering plethora of opportunities for the market players in the near future. The growth of the region is triggered by the increased demand for advanced healthcare services ad devices. Besides, presence of favorable reimbursement policies, several market players, and well-developed healthcare infrastructure to work in favor of the North America orthopedic devices market in the near future.
The global orthopedic devices market is segmented as:
- Surgical Devices
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