The orthopaedic devices industry has been providing the consumers with the best in order to ensure well- being of the skeletal system.
The health care industry has many dimensions to it. It has various segments and industries attached to it which cater to the needs of the consumers. The orthopaedics industry is a growing industry which focuses on the well being of the bones and muscles. The joints are an important part of the human body which help us in performing various movements in our day to day life. The devices introduced in the market have helped the consumers look after the perfect formation of the bones, muscles and joints which are a must to ensure a well-built structure and easy movement.
The Devices Market
The Orthopaedics devices market is the combination of technology and healthcare industry. With the changing times, the methods to treat a fractured spine or to look after a joint which hurts too much has changed. The introduction of latest devices infused with technology and produced because of innovation and need are in. The global devices market in the orthopaedics section is expected to hit the US $ 53 Billion by 2024, according to a research report by Global Market Insights Inc. The industry is set to grow at a steady CAGR of 4% by 2020. The Indian orthopaedic devices market is expected to grow 20% every year to hit Rs. 16,000 crore by the year 2030.This expansion in the orthopaedics devices industry is the result of many factors and sub-factors which have given way to an innovative approach for the treatment of joints, ankles, bones and muscles in the human body.
The Supporting Factors for Growth
The orthopaedic devices market is governed by various factors which have led to its growth. Factors like increasing ageing population and the growing incidence of diseases like arthritis, hip pain, knee pain, trauma, osteoporosis etc have contributed to the growth in the orthopaedic devices industry. Various technological advancements in the medical market are the key driver of growth in the industry. Technology has also enabled and given birth to new techniques and methods of treating and correcting deformities in the skeletal system.
The Market Segmentation
The market is segmented on the basis of application and geographies. Application based segmentation includes sub- categories like spine, knee, hip, trauma and extremities and foot and ankle. On the basis of geographies, the market is divided into Americas, APAC and EMEA.
According to a report by Technavio, the spine orthopaedic devices market is expected to have a market share of more than 27% by the end of 2020. As in the geographical segmentation, Americas is expected to grow at a CAGR of 4% for the forecasted period and was accounted for a 615 market share in 2015.
The Key Players
The global orthopaedics market has key players like Ellipse Technologies, K2M, Integra LifeSciences, Globus Medical, Corin, Orthopaedic Implant Company, Microport Medical, Tyber Medical and many others. In India, some of the foreign companies like Biomet, Conmed, Arthrocare, Smith and Nephew, Stryker etc have invested in the devices market.
The joint replacement market in India is projected to grow impressively at about 25-30 per cent over the next five to seven years, owing to an increase in the ageing population, sedentary lifestyle, booming economy, better healthcare infrastructure and the opening up of the insurance sector. With over 70,000 hip and knee replacements being performed every year, the growth rate of the orthopaedic implants is estimated to be more than 25 per cent per annum for the next five to six years. With a growing population of potential patients, rising awareness about the impact of joint problems, and the importance of surgical treatments, the market for orthopaedic implants promises to be one of the most lucrative segments in the Indian medical device market,” observes the analyst of this research service. The reduced price of implants could extend the products’ reach to various classes and sections of the population, thereby creating a wider customer base, says Dr Anil Arora, Department of Orthopaedics, Max Super Speciality Hospital, New Delhi.
The orthopaedic devices market is huge and seems to have a lot of scope for the existing as well as new players. The market is growing as technology driven techniques and methods are making way. With so many brands to choose from and a wide market to explore, the orthopaedics market seems to have a strong base in order to cater to each and every need of the consumers in the coming years.