The Size of Asia Pacific Orthopedic Devices Market is valued at USD 10.19 billion in 2020 and estimated to grow at a CAGR of 5.52%, to reach USD 13.33 billion by 2025.
Available trauma management techniques are incapable of restoring body parts successfully due to the lack of efficient surgical tools. As a result, manufacturers are investing significantly in Research and Development (R&D) to develop innovative and capable devices. Increased R&D activities are anticipated to ensure high market growth in the near future.
COVID-19 pandemic crisis is still going, and hence the reason for exports and imports of devices is limited. There are a lot of medical practitioners and staff got affected in this pandemic period.
The rapid increase in the aging population across the globe, rise in prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis are the factors that are driving the market. Also, increasing the incidence of road accidents and sports injuries, and spurring demand for minimally invasive surgical procedures stimulates global market growth. Emerging economies offer lucrative opportunities for the growth of the orthopedic devices market in the near future. The early onset of musculoskeletal conditions triggered by obesity and a sedentary lifestyle are expected to boost the growth.
The growth is expected due to an increase in local manufacturing in the Asia Pacific region because of the initiatives taken by the government to promote domestic manufacturing to reduce dependence on imports, however, less developed nations are expected to rely on imports from Asian countries or the US or Europe.
Growing awareness regarding the availability of innovative products is pushing hospitals to upgrade their devices and services continually. Besides, reimbursement coverage of orthopedic treatments has fueled the adoption of orthopedic surgeries. Hence this factor led to the implementation and monitoring of many hospitals.
Along with market growth, there are market restraints, holding back the growth of the market in the Asia Pacific region. FDA has made strict supervision for orthopedic devices to pass through quality control and check. Another market challenge is the high cost of orthopedic devices. A cost-effective solution is yet to be provided by manufacturers.
Asia Pacific Orthopedic Devices Market segmented and sub-segmented into the following categories.
Based on region, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as rising aging population, increasing medical tourism in Asia Pacific countries, and favorable regulatory policies for the modernization of healthcare infrastructure.
China and India are expected to account for the largest geriatric population pool in the world. Hence, the demand from these countries is expected to grow tremendously in the near future. Besides, the booming medical tourism industry by owing to the availability of advanced healthcare treatments at cost-efficient rates, is expected to attract the target patient population.
Japan has a large number of implant manufacturers, coupled with high healthcare expenditure compared to other regional countries. Moreover, the high adaption of new technology is expected to further fuel regional market growth.
Prominent Companies leading the Asia Pacific Orthopedic Devices Market Profiled in the Report are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Anatomical location
5.1.4 Foot and Ankle
5.1.10 Y-o-Y Growth Analysis, By Anatomical location
5.1.11 Market Attractiveness Analysis, By Anatomical location
5.1.12 Market Share Analysis, By Anatomical location
5.2 Type of Consumables
5.2.1 Orthopedic staples
5.2.2 Orthopedic suture anchors
188.8.131.52 Resorbable suture anchors
184.108.40.206 Metallic suture anchors
5.2.3 Y-o-Y Growth Analysis, By Type of Consumables
5.2.4 Market Attractiveness Analysis, By Type of Consumables
5.2.5 Market Share Analysis, By Type of Consumables
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Anatomical location
22.214.171.124 By Type of Consumables
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Anatomical location
184.108.40.206 By Type of Consumables
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Anatomical location
22.214.171.124 By Type of Consumables
6.5 South Korea
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Zimmer Inc.
8.6 Smith & Nephew
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures