Orthopedic devices are designed to support a damaged bone or replace a missing bone or joint. These devices are mainly made of stainless steel. Manufacturers also employ titanium alloys for strength and plastic coating that acts as an artificial cartilage. Orthopedic devices have major demand across the globe due to the growing cases of road accidents along with rising geriatric population that is prone to various orthopedic diseases. Rods, pins, plates, and screws are some of the most commonly used orthopedic devices to support fractured or damaged bones.
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Orthopedic Devices to Witness High Demand through 2022
Major orthopedic devices are trauma fixation devices, spinal devices, arthroscopic devices, support system, and orthopedic accessories. The spinal devices are likely to have a steady growth over the forecast period on account of new product development and growing occurrences of degenerative disc diseases. Rising adoption of minimally invasive surgeries for the treatment of orthopedic disorders along with the growing availability of these devices in developing regions is projected to augment the growth of this segment.
Trauma fixation devices are also projected to experience growth at a considerable rate during the forecast years. This growth can be attributed to the product innovations and high demand from various developing regions. Increased cases of road accidents and sports injuries are anticipated to further boost the demand for these devices. Increased consumer disposable income and growing awareness levels in various developed regions such as the UK and the US are also likely to contribute toward the increased demand.
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Market Overview
Based on the findings of a research study available on Radiant Insights, Inc.; the orthopedic devices market is likely to have rapid growth during the forecast period (2016 to 2022). Escalated demand for orthopedic surgeries, due to growing occurrences of orthopedic diseases and road accidents, are expected to propel market expansion in near future. Key companies in the market are Becker Orthopedic Appliance Co.; Comfortfit Orthotic Labs, Inc.; Otto Bock Holding GmbH & Co. KG; and Aspen Medical Products, Inc.
Novel product development is the primary strategy followed by most key players to gain the top market position. For example, The Orthopaedic Implant Company launched their OIC External Fixation System in the recent past at the Annual Meeting of Orthopaedic Trauma Association (OTA, 2017). This new fixation tool features a multi-hole clamp option along with bent and straight posts. It also has a patent pending single clamp system that can enable bar-to-pin and bar-to-bar construction.
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