LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global orthopedic consumables market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global orthopedic consumables market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global orthopedic consumables market is growing at a moderate pace, with the majority of the growth to be driven by the emerging markets in Asia-Pacific, South and Central America, and MEA. These regions will experience an escalation in their year-on-year growth rates during the forecast period, while the developed markets will reach saturation.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global orthopedic consumables market:
Introduction of new technological product launch in key markets and growing M&A
The medium and small-sized companies are penetrating the market by introducing new technological products in key market regions. This increases the market share and market competitiveness of the companies. Vendors undergo M&A to extend their product offerings, increase their market shares, and expand their operations. To offer innovative solutions, they acquire companies that will enhance their R&D capabilities, leading to the development of products that meet consumer needs.
Srinivas Sashidhar, a lead orthopedics and medical devices research analyst at Technavio, says, “Increasing number of M&A in the market can provide advanced technology to the acquirer. Also, M&A helps in increasing product portfolios of the companies, which increases their market share. With huge funds at their disposal, the Tier-1 companies can acquire small companies to lead the market. Hence, small companies, to compete with the large companies, introduce new products and technologies in the market by forming distribution agreements.”
Rising incidence of accidental injuries
Globally, road traffic injuries are increasing. For instance, according to a 2014 report from the Department for Transport, Government of UK, the number of seriously injured in road traffics increased by 5% in 2014 compared with the previous year. Road accidents can lead to injury in lower and upper extremity regions, fractures in the spine, and injury to soft tissues, the treatment of which requires orthopedic consumables.
While practicing or playing, sports injuries are common among athletes. According to the CDC in April 2016, more than 2.6 million children (aged below 19) are treated in the emergency department for sports injuries every year in the US. Sports injuries can lead to injury in the femur and carpal bones, which require complex treatment procedures as they involve both the skeleton and the soft tissues.
Increasing number of upper and lower extremity surgical cases
The joint replacement surgeries, such as shoulder and elbow replacement and revision procedures, are increasing the need for orthopedic consumables in the market. For replacement procedures, artificial implants are used to replace the elbow or shoulder joints. To conduct these procedures, orthopedicians use sutures, needles, staples, wires, and saw blades.
Top vendors:
- DePuy Synthes
- Stryker
- Wright Medical
- Zimmer Biomet
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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