The global orthopaedics market was valued at $52.8bn in 2017, driven primarily by the growth of the ageing population. The market is set to grow to $66.2bn in 2023 at a steady Compound Annual Growth Rate (CAGR) of 3.8 per cent, according to GlobalData, a data and analytics company.
The orthopaedics market consists of a number of device segments, including bone cement, surgical power tools, joint replacement implants and prosthetic limbs.
Jennifer Ryan, healthcare analyst at GlobalDate said: “The largest market segments in 2017 were spine devices, hip and knee reconstruction implants, and trauma fixation. These markets are mature and established, with growth largely driven by the aging global population and subsequent increasing prevalence of diseases that primarily affect the elderly, including osteoarthritis and osteoporosis.”
However, the market segment expected to undergo the fastest growth is extremity implants, which is anticipated to grow at a CAGR of 6.2 per cent through the forecast period.
Ryan continued: “This segment covers reconstructive implants for the small joints – ankle, digits, elbow, shoulder, and wrist – and is building on the established success of hip and knee implants. High growth in this area is powered by the increasing awareness of patients and physicians alike, of small joint implant options, and technological innovations contributing to more advanced implant designs. The forecast market for extremity implants will be propelled by shoulder and ankle replacement, which are projected to grow at CAGRs of 6.5 per cent and 6.3 per cent, respectively.
“We anticipate that several areas will affect the
orthopaedics markets in 2018. Patient specific implants are expected to drive growth in the hip and knee markets, as is patient specific instrumentation (PSI), a tool developed to improve accuracy in total knee arthroplasty procedures by customising the surgical cutting blocks to the patient’s anatomy.”
Minimally invasive and robotic surgical systems are also a growing trend in orthopaedic surgeries. Major orthopaedic players such as Medtronic, Stryker, Smith & Nephew, and DePuy, are taking steps to ensure they remain competitive with their Mazor X, Mako, NAVIO, and PUREVUE systems, respectively.
Similarly in the vein of personalised healthcare, 3D printing in a variety of orthopaedic markets, including spinal interbodies, cranimaxillofacial implants, and prosthetic devices, will advance physicians’ ability to provide customised solutions to patients.
Caption: Global orthopaedics market share value ($) in 2017, by category. Source: GlobalData Healthcare Intelligence Centre