According to Ken Research, Aging population with increasing number of baby boomers is the major factor which has driven the orthopedic reconstruction market globally, since the people above 65 years of age demands for orthopedic implants owing to degenerative diseases, osteoarthritis and low bone density. In addition to that, the rising prevalence of osteoarthritis among youth population and children and lack of vitamin D is further resulting into inclined number of trauma and sports injuries, hence leading to increased demand for orthopedic reconstruction products. High prevalence of diabetes and obesity further acted as the additional driving factor for the market, as it resulted in large number of orthopedic disorders.
North America market is majorly driven by the fact that all the market giants are headquartered in the US with multiple manufacturing units and research and development centers located all across the country. Presence of all these centers in the US has resulted in high awareness and early launches of the innovative products in the region led to high revenue generation from the region.
Global giants including Zimmer Biomet, Stryker, Depuy Synthes, Smith & Nephew, and Medtronic have captured the Asian market with strong shares in respective countries majorly including India, China, Japan, Australia, and Korea. These companies majorly offer their products in top tier hospitals of these countries; where patients are willing and able to spend on expensive technologically advanced orthopedic reconstruction products. Moreover, small and medium sized international companies such as CONMED are also slowly increasing its presence in Asia Pacific region.
Orthopedic reconstruction products manufacturing especially implants require high performance and advanced materials with unique shape and designs. For achieving these specifications, the advanced fabrication process and proprietary processes of new level of accuracy is required; which is not possible to inculcate in every manufacturing facility. For the purpose, large number of contract orthopedic precision manufacturers is operating in the market equipped with specific advanced technologies, who manufacture products for the orthopedic players operating in entire orthopedic market. Major orthopedic products manufactured by this way include implants, instruments, and cases and trays.
Instruments followed Implants in terms of revenue generated by the segments in the market in 2016. Instruments require high tolerance, which helps in creating of advanced orthopedic devices and components; providing better treatment options.
Topics Covered in the Report
For more information on the market research report please refer to the link below:
Ankur Gupta, Head Marketing & Communications