Ken Research has released its report on the growth estimates of Czech Republic’s Orthopedic Devices in the global market titled, “Czech Republic Orthopedic Devices Market Outlook to 2022 – Arthroscopy, Cranio Maxillofacial Fixation (CMF), Hip Reconstruction, Knee Reconstruction, Spinal Surgery, Orthobiologics, Trauma Fixation and Others”. The report renders market data on the Czech Republic’s Orthopedic Devices market accompanied by particulars regarding its annualized market revenues (USD million) as well as information about volume (in units), company shares and market shares for each of the various market categories mentioned above pertaining to years from 2008 to 2015 and forecast up to 2022.
The production of the orthopedic devices within the whole area of medical devices, have been an essential observance. It is one of the most rapidly growing markets of Europe with the credential support to its strong currency. Alongside, it is a relatively small market as compared to the other markets of Europe. Even though the market is chiefly supplied by imports, with U.S. being one of predominant contributors constituting nearly about half of all the imports, the competition has escalated amongst the domestic manufacturers to a great extent, further smoothening the process of trade amongst the various parts of Europe. As more prominently newer or innovative technologies are forthcoming, the market is shifting its orientation towards more efficacious products, excluding the U.S. economy which is restraining this change with its consistent efforts to put up more affordable products as the newer technologies becomes heavy on the pocket for many. Nonetheless, the demand is increasing continuously.
REASONS FOR GROWTH AND SCOPE OF THE INDUSTRY
The demographic details of the Czech population demonstrate increasing life expectancy and dealing with more lifestyle related chronic illnesses, demanding the requirement for a more developed orthopedic healthcare system. Other factors include the high occurrence of orthopedic related disorders, musculoskeletal disorders and increasing awareness of minimally invasive procedures inflates the growth of the orthopedic devices market.
There are several challenges faced as well. As mentioned before, that the demand for the orthopedic healthcare is increasing, but so is the spiraling cost of the healthcare. Consequently, there’s a great demand for innovative products that are cost- effective. In addition, although the regulatory system is receptive to new products and manufacturers, however, it can be a time-consuming task to get your product on the Czech reimbursement system. Alongside the stringent FDA regulations and biocompatibility issues are other reasons hindering the growth of the market. And despite the challenges faced, Czech orthopedic devices companies have proved competitive in the world’s most demanding markets which confirms its positive outlook for the future.
On a more global level, despite the resistance displayed by the U.S., the U.S. and Asia-Pacific region hegemonize over the global market for orthopedics owing to the aging baby boomer population, the higher number of highly active and an elevated obese demographic.
The leading global key companies operating within the Czech Republic’s Orthopedic Devices market include DePuy Synthes, Inc., Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic, Inc., Smith & Nephew Plc and others. The market is on the peak of expanding and involving the other influential major economies emerging in the same line as well.
Topics Covered in The Report
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Ankur Gupta, Head Marketing & Communications