Today in the healthcare segment, one of the fastest growing fields is orthopedics and therefore, the need for orthopedic devices is increasing at a very fast pace. The major types of orthopedic implants comprise of Trauma, Spine, Knee and Hip segments. The major reason for growth of this market is increase in more efficient treatments due to increased research and also the increase in disposable incomes of people due to which the orthopaedic problems are getting addressed on a larger scale as compared to earlier times when there was quite significant identification of problems but income and age became a barrier to successfully accessing solutions.
Traditionally, it has been seen that majority of end-users comprise of the aged population but due to the increasing wear and tear due to unhealthy lifestyles, especially in developed cities, there is an increased trend towards the somewhat younger population.
The technology in this market is moving towards ensuring minimally invasive procedures. The advantages of this technology include lesser recovery time, lesser bleeding, lower infection risk and shorter scar length. These advantages are significantly detrimental in case of an aged population as these help them in making decisions regarding the undergoing of surgery. The technological advancements are also influenced by the regulatory policies in place in different countries regarding the price and medical standards to be met.Market Dynamics
This market is mainly driven by the increasing cases of orthopedic cases due to the hectic lifestyles. Also, there has been an overall increase in disposable incomes and paired with the advent of technology and affordability, the demand has thrived. One more trending concept is medical tourism which has largely contributed to the expansion of this market.
Some other factors like increased standardization of medical policies regarding the prices to ensure affordability also influences the market, especially in the developing economies. Other areas where there is a lot of improvement needed is the effective market penetration, especially in the rural areas and proper research infrastructure in developing countries.Market Segmentation
The market is mainly segmented on the basis of the type of procedures that are performed. This is because depending upon the procedure, the extent of invasiveness exists which in turn becomes a deciding factor for people, especially aged persons, to undergo treatment.
Another factor for segmentation can be the demographics and financial scenario of the area taken into consideration. This is evident from the disparity in demand between the developed and developing countries as affordability becomes an important concern.
On a global basis, North Korea dominates the market due to a high prevalence of obesity, arthritis and also high disposable incomes. But with the increasing disposable incomes in developing countries, mainly in the Asia Pacific region, paired with affordability due to the advent of technology is expected to be a major growth driver for this market.
The extent of opportunities is growing due to the aging population in many developed countries of the world and moreover, spending power is increasing in the developing countries which is a very good indicator of the potential growth trajectory of this market.Key Players
The key players operating in the market are Zimmer-Biomet, Smith & Nephew, Medtronic, Stryker and DePuy Synthes.Report Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus