Transparency Market Research (TMR) has published a new report titled, “Orthopedic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the new report, the global orthopedic devices market was valued at US$ 46,900 Mn in 2017 and is projected to expand at a CAGR of over 3.0% from 2018 to 2026.

Rise in the global geriatric population which is more susceptible to musculoskeletal disorders is likely to boost demand for orthopedic devices during the forecast period. North America and Europe are likely to dominate the global orthopedic devices market due to favorable reimbursement for orthopedic procedures and rise in focus of key players on the development of new devices in the market in these regions. Increase in geriatric population and rise in prevalence of osteoporosis in countries such as Japan and China are likely to boost the orthopedic devices market in Asia Pacific from 2018 to 2026.

In terms of end-user, the hospitals segment is projected to account for dominant share of the global orthopedic devices market during the forecast period. The segment is likely to expand at a CAGR of 3.0% from 2018 to 2026. However, the segment is expected to lose market share during the forecast period due to rise in hospitalization costs. The orthopedic clinics segment accounted for 28.0% share of the global orthopedic devices market in terms of value in 2017. The segment is anticipated to expand at a rapid pace during the forecast period. The segment is likely to gain market share to reach 29% by 2026. Shorter hospital stay, quality of procedures and care, availability of emergency minimal invasive surgeries, and advanced devices are likely to propel the segment during the forecast period.

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In terms of value, North America held a major share of the global market in 2017. This is due to high health care expenditure and rise in awareness about the advantages of different orthopedic devices in the U.S. Furthermore, presence of several players such as Stryker and Zimmer Biomet Holdings, Inc. with significant investment in research & development of advanced devices is projected to propel the orthopedic devices market in North America from 2018 to 2026.

Rise in incidence of orthopedic diseases and improving economy in China, India, and other countries in Southeast Asia resulting in high per capita health care expenditure are anticipated to drive the orthopedic devices market in Asia Pacific. Moreover, according to the International Osteoporosis Foundation, in 2013, the rate of incidence of hip fractures among the people of Asia increased 4-fold to 5-fold. This is also likely to fuel the growth of the market in Asia Pacific. Economic growth in countries such as Brazil is increasing research & development activities and expenditure on treatment in Latin America. These factors are likely to propel the global orthopedic devices market in Latin America. The market in the region is expected to expand at a CAGR of 3.2% from 2018 to 2026.

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