Asia Pacific Orthopedic Devices Market size crossed USD 7.5 billion in 2020 and is projected to observe around 7.7% growth rate between 2021 and 2027.
Increasing prevalence of orthopedic diseases in many countries across the Asia Pacific region will have a positive impact on the market revenue. The introduction of orthopedic devices has revolutionized orthopedic surgery across the globe. These devices have allowed surgeons to treat these disorders accurately and efficiently. Orthopedic devices are frequently used in orthopedics surgeries such as joint replacement, trauma fixation, spinal surgeries, etc.
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The growing success rate of joint replacement procedures due to growing advancements in technology have surged the Asia Pacific orthopedic devices industry growth. In addition to this, the development of medical tourism in the Asia Pacific region has facilitated the improvement of orthopedic procedures.
Asia Pacific Market, By Product
The joint reconstruction devices segment held the largest market share of over 42% in 2020 and is anticipated to reach USD 5,794 million by 2027. This high revenue share is owing to an upsurge in demand for novel implants in the Asia Pacific region, the longevity of joint reconstruction devices, etc. Over the past few years, improved technological advancements and increasing awareness related to orthopedic ailments are boosting the demand for joint reconstruction devices in the region.
Continuous technological advancements in joint reconstruction devices, enhancements in design and efficiency have augmented the suitability of these devices. Extensive R&D in the implants used for ankle, hip, knee, and shoulders have introduced innovative joint reconstruction devices in the industry comprising customized, 3D printed and patient-specific implants among others.
Asia Pacific Market, By Country
Japan orthopedic devices market is projected to cross USD 2,582 million by 2027, attributed to an upsurge in the number of traumatic fractures & joint injuries, increasing life expectancy rate, rising geriatric population, etc. The increasing disease prone population in the country is offering business development opportunities to the industry players.
Competitive Industry Landscape
Prominent industry players include Waldemar LINK, B. Braun Melsungen AG, Smith & Nephew, NuVasive, Microport Scientific Corporation, Integra LifeSciences, and Globus Medical.
These companies are engaged in several strategic initiatives such as mergers & acquisitions, product launch, distribution agreements to maintain their market position. For instance, in January 2021, DePuy Synthes received FDA clearance for VELYS Robotic-Assisted Solution developed to use in combination with ATTUNE Total Knee System. This clearance will help the company to strengthen and expand its product portfolio.