Continuously increasing geriatric population, rising prevalence of diseases such as diabetes, obesity, osteoarthritis, and osteoporosis and increase in health care expenditure to drive India Orthopedic Devices Market during the forecast period.
According to recently released TechSci Research report “India Orthopedic Devices Market By Product Type (Joint Reconstruction, Spinal Devices, Orthopedic Braces and Supports, Trauma Fixation, Orthopedic Accessories, Orthopedic Prosthetics), By Application (Hip Replacement, Knee Replacement, Spine Injuries, Shoulder Replacement, Others), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, Others), By Region (North, South, East, West), Forecast & Opportunities, FY2016-FY2026” India Orthopedic Devices Market is forecast to grow at a CAGR of 7.71% in value terms to reach USD 2384.81 million by FY2026.
Increase in geriatric population and prevalence of diseases is expected to propel the market over the next five years. Further, the rise in the health care expenditure and entrance of more domestic orthopedic devices manufacturing companies in the market has enhanced the accessibility and made orthopedic devices quite affordable to lower income group which is further projected to boost market growth until FY2026.
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The India Orthopedic Device Market can be segmented based on product type, application, end-user, company, and region. Based on product type, the market can be fragmented into Joint reconstruction, Orthopedic braces and supports, Trauma fixation, Spinal devices, Orthopedic prosthetics, and Orthopedic accessories. The joint reconstruction in Orthopedic devices segment is expected to witness significant growth during the forecast period due to rising geriatric population. In by application segment, knee replacement is expected to hold a significant market share over the next five years.
Based on application, the market can be categorized into knee replacement, spine injuries, hip replacement, shoulder replacement and others (including anthroscopy and implants). The knee replacement is expected to hold a significant market share over the next five years. This can be accredited to the increasing rate of geriatric population.
Stryker India Pvt. Ltd., Zimmer India Pvt. Ltd., Smith & Nephew Healthcare Pvt. Ltd., India Medtronic Pvt. Ltd., Globus Medical Pvt. Ltd., Auxein Medical Pvt. Ltd., Smit Medimed Pvt. Ltd., GPC Medical Ltd., Femur Medical Pvt. Ltd. And TriMed Solutions (India) Pvt. Ltd. are some of the companies operating in the Orthopedic Devices Market in India.
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“Orthopedic Device Market in India includes several players, including a blend of large multi-nationals as well as small players forming a large unorganized market. Trauma fixation devices is the fastest growing segment in Orthopedic devices market due to elevating rate of road accidents and other afflictions. Whereas Joint reconstruction is the dominating and expected to significantly control the market during the forecast period too due to increase in population especially geriatric population” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Orthopedic Devices MarketBy Product Type (Joint Reconstruction, Spinal Devices, Orthopedic Braces and Supports, Trauma Fixation, Orthopedic Accessories, Orthopedic Prosthetics), By Application (Hip replacement, Knee replacement, Spine Injuries, Shoulder Replacement, Others), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, Others), By Region, Forecast & Opportunities, FY2016-FY2026” has evaluated the future growth potential of India Orthopedic Devices Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Orthopedic Devices Market.
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