Orthopedic devices are medical devices that are used to treat and prevent musculoskeletal injuries and abnormalities. These devices aid in the replacement of missing or broken bones, as well as providing support for the fractured bone. To increase strength, they are made up of a combination of metals such as stainless steel and titanium alloys, with an exterior layer of plastic serving as artificial cartilage.
During the forecasted period, the global orthopedic care products market is expected to witness healthy growth owing to the growing geriatric population and increasing incidences of orthopedic conditions. As per the United Nations’ World Population Ageing study, the world’s population of adults aged 65 and up is predicted to reach 727 million. By the year 2050, the population is expected to have doubled to 1.5 billion people. The proportion of the elderly population in the worldwide population is expected to climb from roughly 9.3% in 2020 to 16% by 2050. The majority of orthopedic disorders are linked to aging and are expected to rise as the population ages. On the other hand, orthopedic devices are listed under class III medical devices, which means they must adhere to strict standards and compliances. Furthermore, the high expense of these devices, as well as post-surgery difficulties, may stymie business expansion, particularly in emerging economies.
The global orthopedic care products market is segregated based on type, application, and region. Based on type, the global market for orthopedic care products is categorized into ankle & foot braces, abdominal binders, elbow & forearm support, back & shoulder braces, hand & wrist support, neck braces & pillows, hot-cold therapy, chair & seat cushions, and knee & thigh braces. The application segment of the market is bifurcated into public hospitals, private clinics, personal care, nursing home, and others.
North American market for orthopedic care products is anticipated to hold the largest share in terms of revenue during the forecast period. The US is expected to remain the major revenue contributor country in the region. According to the Insurance Institute for Highway Safety and the Highway Loss Data Institute, in 2019, over 33,000 deadly motor vehicle accidents occurred in the United States, resulting in nearly 36,000 deaths. As the number of accidents in the country rises, so will the usage of orthopedic equipment. Asia Pacific is expected to be the most lucrative in the global orthopedic care products market owing to a larger number of geriatric populations, high frequency of road accidents, and increasing network of orthopedic hospitals.
Some of the major players operating in the global orthopedic care products market include Futuro, Spenco, Air Cast, HoMedics, Bell-Horn, Scott Specialties, Pedifix, Alex Orthopedic, Grafco, Cho-Pat, Silipos, Medline, and DJO among others.
To cite, in December 2018, DJO Finance LLC has relocated to Dallas, Texas, to develop and market DonJoy Products, which include braces and supports.
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