Global Orthopedic Consumables Market: Overview
Orthopedic consumables are devices or instruments used in orthopedics that must be replaced regularly due to wear or overuse. These are used to treat complex orthopedic injuries, particularly to the musculoskeletal system such as spine, muscles, and joints. These orthopedic consumables include drill bits, saw blades, burrs, pins, and k-wires. These devices are used to restore joint movement, implant skeletal structure, and restore the mobility of individuals effectively.
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Global Orthopedic Consumables Market: Key Trends
Increase in the geriatric population and rise in the number of accidental cases due to sports, adventure, and recreational activities boost the growth of the global orthopedic consumables market. According to the Agency for Healthcare Research and Quality (AHRQ), in the U.S., orthopedic surgical procedures increased from 2,740,000 in 2001 to 3,785,000 in 2011, around 38% growth in 10 years. According to the United Nations report, there were an estimated 962 million people aged 60 years or above (13% of the global population) in 2017.
According to the WHO, 28% to 35% people aged 65 years or more and 32% to 42% people over 70 suffer a fall every year. Introduction of advanced orthopedic devices by major players and increase in health care expenditure also fuel the growth of the global orthopedic consumables market. However, high cost of orthopedic procedures, pricing pressure on manufacturers, and inadequate sterilization procedures are the factors likely to hamper the growth of the global market.
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Global Orthopedic Consumables Market: Segmentation
The global orthopedic consumables market can be segmented base on product type, end-user, and region. In terms of product type, the global market can be bifurcated into surgical orthopedic consumables and wound management orthopedic consumables. The surgical orthopedic consumables segment dominated the market in 2018 and the trend is projected to continue during the forecast period. The surgical orthopedic consumables segment is anticipated to expand at a significant CAGR during the forecast period owing to rise in the number of orthopedic surgeries, increase in the geriatric population, and introduction of better orthopedic consumable products.
Based on end-user, the global orthopedic consumables market can be classified into hospitals & ambulatory surgery centers, clinics, and others. The hospitals & ambulatory surgery centers segment dominated the global market in 2018. The segment is expected to expand at a high CAGR during the forecast period. Rise in the number of orthopedic procedures at hospitals & ambulatory surgery centers, better equipped facilities for surgical procedures, and favorable reimbursement scenario for orthopedic surgeries are likely to be the major drivers of the hospitals & ambulatory surgery centers segment during the forecast period.
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Global Orthopedic Consumables Market: Regional Analysis
In terms of region, the global orthopedic consumables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018 and the trend is projected to continue during the forecast period.
Rise in accidental cases, increase in the number of orthopedic surgeries, favorable reimbursement scenario, and well-established health care infrastructure in the region are the major drivers of the orthopedic consumables market in North America. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period due to increase in the geriatric population, rise in per capita health care expenditure in emerging economies, and surge in the number of orthopedic surgeries.
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Global Orthopedic Consumables Market: Competitive Landscape
The global orthopedic consumables market is highly competitive due to presence of major companies. Key players operating in the global market include Stryker Corporation, DePuy Synthes (part of Johnson & Johnson Family of companies), Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., CONMED Corporation, Medtronic plc, Arthrex, Inc., B. Braun Melsungen AG, BSN medical (an ESSITY Company), and BIOTEK.
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