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MarketsandMarkets: Global Orthopedic Devices Market Expected to Reach $57.9 Billion by 2016
The report “Orthopedic Devices Market (Forecast to 2016)” analyzes the market for orthopedics devices by seven segments such as orthobiologics, joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, orthopedic accessories, and orthopedic braces and support system. It also studies the major market drivers, restraints, opportunities, and market trends for orthopedics market in North America, Europe, Asia, and Rest of the World (ROW).
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The orthopedic devices market has seen quite a few advances in technology since 2003, especially for internal fixtures, nailing and plating techniques, joint replacement and resurfacing, and arthroscopic devices. From the early 90s, the focus diverted from experimental to more application-based advancements and mechanized implants. Spinal devices market is expected to reach the value of $13.5 billion by 2016 with a CAGR of 9.3% from 2011 to 2016. This is mainly due to increasing incidence of spinal deformities such as disc compression amongst the aging population and popularity of non-fusion devices such as artificial spinal disc and nucleus. The increasing demand from aging population and advancement in medical technologies (minimally invasive techniques and biologics) boost the demand for joint reconstruction market. This market is expected to reach $19.2 billion by 2016 at a CAGR of 5.8% from 2011 to 2016.
The companies in the orthopedic devices market are employing a number of strategies to gain a competitive edge over the others. These strategies comprise new product developments, mergers and acquisitions, and partnerships/collaborations/agreements. The key growth strategy followed by most of the companies is frequent product launches. New product launches accounted for almost 70% of strategic developments. Agreements, collaborations, and strategic partnerships accounted for almost 20% of the total strategic developments in the industry from 2008 to September 2011.
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