The Huge population of elderly patients is driving the growth in the Orthopaedic market. The Global rise in life style oriented diseases, increased funding by government and private firms in research and development and rising technological innovation is also driving the growth in global Orthopaedic market. The huge population of elderly patients is major driving factor which is injecting huge growth in global Orthopaedic market. The world is currently on the edge of accomplishing a demographic milestone. Since the beginning of history being recorded, young children previously were ahead of the number of people aged 65 or more will go down in the coming future. This change is driven by falling fertility rates and remarkable rise in life expectancy, population aging is expected to continue, even accelerate in the next 10 years. The number of people aged 65 or older are anticipated to grow from an estimated 524$ million in year 2010 to nearly 1.5 $billion in year 2050, with most of the increase in developing countries. According to WHO the world elderly populace by the end of 2050 is expected to reach 2 $billion that is 900$ million in 2015. Presently nearby 125 $million people elderly 80 years or more. In china the population ages above 65 years is expected to swell to 330 $million by the end of 2050. From 110 $million at present. Whereas, India aged population is expected to cross 227 $million by the end of 2050 from 60 $million at present. The increase is nearly about 250% from today. The remarkable developments in life probability over the past century were part of a shift in the leading causes of disease and death. The rising prevalence of life style oriented diseases is also increasing the growth in the global Orthopaedic market. The knee replacement is one of the major diseases caused due to changing life style.
The global Orthopaedic market is anticipated to grow with an eye popping CAGR during the forecasted period2016-2022. The high cost of implant and Stringent Government policies may hinder the growth in the global Orthopaedic market. The high cost of implant is one of the major reason why these market is lacking behind. The global Orthopaedic market is having huge opportunities such as development of tissue engineering is expected to contribute a lot in the growth of global Orthopaedic market. Although, the growing disposable income and growing markets in emerging geographies are injecting huge growth scope for Orthopaedic market.
The Orthopaedic is segmented on the basis of Arthroscopy, Joint Reconstruction, Orthobilogics, Spine, Trauma and geography. The arthroscopy segment is segmented into Arthroscopic Equipment, Artificial Ligaments and Implants. The spine segment is segmented into Fusion Technology, Non-Fusion Technology, Kyphoplasty, CAS, Imaging and Nerve Monitoring and Instruments. The orthobiologics segment is also divided into Bone Graft Materials, Osteoinductive Materials, Pain Relief and Soft Tissue Replacement. Moreover, the Trauma segment is also divided into Upper Extremity Trauma, and Lower Extremity Trauma. The joint reconstruction segment is also segmented into Extremities Reconstruction, Hip Reconstruction, Knee Reconstruction. The joint reconstruction segment holds the largest share. In Joint reconstruction segment knee reconstruction holds the largest market share, these share is attributed by the increasing number of knee replacement surgery in the world.
The Orthopaedic market is dominated by some of the major key players such as Smith & Nephew Plc, Stryker Corporation, Arthrocare Corporation, Integra Lifesciences Holding Corporation, Biomet Inc., Conmed Corporation, Medtronic Inc., and Zimmer Holding Inc. In 2015, the Medtronic had declared that they had finished the acquisition of Covidien plc.which was an Irish-headquartered global health care products company and manufacturer and supplier of medical devices. These acquisition assist Medtronic to develop the geographical presence and the efficacy of the medical devices. The main motive of acquisition to expand the working area with more classified product range which enable the company to sustain in the competitive market.
On the basis of geography North America, Europe, Asia Pacific and RoW are the major segments. North America dominates the Orthopaedic market, the domination is due to presence of some key player of Orthopaedic who are dominating and contributing the large share in the global market. The growth of North America is driven by number of factors such as the growing patient pool due to increasing elderly population and rising concern for the lifestyle oriented diseases which is increasing the demand for various technological advancement and expansion in product innovation and rising number of patients who require knee replacement surgery and other joint related orthopedic procedures. Asia Pacific market is expected to grow with a high CAGR in forecasted period. The Asia Pacific market is driven by the increasing demand for minimally invasive technology, rising disposable income and growing aging population in the region. The demand in the Asia Pacific region is majorly driven by rising demand for stem cell therapies for the treatment.
