Orthopedic Market to Reach $41.2 billion by 2019, Study Predicts

Transparency Market Research reported that the global orthopedic devices market is projected to grow 4.9 percent per year to reach an estimated value of $41.2 billion in 2019. In 2012, the market was valued at 29.2 billion, the report stated.

The report, which covers hip, knee, spine, shoulder, elbow, foot, ankle, craniomaxillofacial and other extremity devices, attributed the projected growth to the ever-looming aging population combined with the rise in risk for osteoporosis, osteoarthritis, injuries and obesity. These issues will contribute to particular growth in emerging markets including the Middle East and Asian countries such as China and India. Orthopedic innovations such as bio-absorbable implants coupled with an increase in the success rate of these implants and fixators in the emerging market will serve as an opportunity for investors to invest in, the report stated.

In 2012, knee implants accounted for the largest share by revenue of the total orthopedic devices market. However, product recalls caused due to factors such as implant loosening, corrosion, wear, and manufacturing errors are expected to have a major impact on the overall market revenue. Thus, the U.S. and European knee markets are anticipated to see a decline in growth during the forecast period of 2013-2019. The market for hip orthopedic products accounted for the second largest share in 2012. It is estimated that the global market for hip devices will grow at an annual rate of 5.9 percent in the forecast period owing to the high incidence rate of hip fractures and demand for hip replacement procedures.

The report also provides market estimations for orthopedic consumables—anchors and staples—during the forecast period. Anchors form a major share of the total orthopedic consumables market contributing to around 80 percent of the market share in 2012. The overall orthopedic consumables market is expected to grow to reach a value of $457 million by 2019.

Geographically, North America dominated the global market for orthopedic devices in terms of revenue generation and is expected to maintain its position throughout the forecast period. The adoption of bio-absorbable implants and the stated drivers above (aging population etc.), which led to various types of fractures, is expected to contribute to the continued leadership of the North American market. Europe was the second largest regional market for orthopedic devices in 2012 owing to the increased demand for drug eluting stents and infusion pumps. Asia-Pacific is expected to be the fastest growing region in the global orthopedic devices market from 2013 to 2019.

The global hip and knee orthopedic devices market is dominated by major players including Depuy Synthes, Zimmer and Stryker, while the overall spinal devices market is dominated by Medtronic, Depuy, Stryker and NuVasive.