How Asia Pacific Orthopedic Device Market Is Positioned?
Asia pacific orthopedic device market is currently at its growth stage. Joint segment dominate the market in all the major regions such as China, India, Korea and Japan. The market demand for orthopedic medical devices in Asia Pacific mainly comes from the geriatric group. Apart from this, traffic accidents are one of the important causes of fractures, which are driving the market for trauma implants. Although global players dominate the market, local players have started investing in the R&D of new and innovative products in order to provide products, which have same quality as that of imported products. The industry is booming with expanding sales volume owing to the aging population, driven by inclining rates of osteoarthritis and osteoporosis coupled with sedentary lifestyles. Affordability for implantable orthopedic devices has increased within Asia Pacific region. In countries such as Japan and India, however this has negatively affected the industry by slashing down the profit margins of certain players especially MNCs.
The Asia Pacific Orthopedic industry has grown at a CAGR of ~% during the review period 2013-2018 in terms of revenue while the Artificial Joint industry has grown at a CAGR of ~% in terms of revenue during the same period. Majorly, multispecialty hospitals have been the biggest end users who have generated the maximum revenue in the industry. In regional segm-entation, China has generated the major proportion of revenue for Asia Pacific Orthopedic industry whereas Japan although acquiring major chunk of market share in Asia pacific, is still dependant on imports for majority of orthopedic devices due to lack of manufacturing infrastructure in the country, coupled with the price capping mechanism. Asia Orthopedic Device Market is majorly driven by Aging Population, Obesity and High Prevalence of Musculoskeletal Conditions. All these factors have led to increase in Spinal disorders and have created high demand for spinal devices; as a result it has grown at a CAGR of ~% during the review period 2013-2018 in terms of revenue.
Asia Pacific Orthopedic Device Market Size
The market has been observed to be at growth stage, with competition being concentrated with not more than ~ companies operating within the Asian region. The growth in the industry has been driven by increase in geriatric population, traffic accidents and sedentary lifestyle of certain Asian countries. The trend of robotic and minimally invasive surgery is expected to increase in regions where government is promoting and approving clinical trials coupled with the increase in share of healthcare spending. The growth in Asia Pacific Orthopedic Device market is observed to have been majorly by geriatric population. The Asia pacific market revenue was observed to grow from USD ~ Million in 2013 to USD ~ Million in 2018, at a CAGR of ~%. The growth Orthobilogy and sports medicine is majorly driven by China and Japan with increased emphasis on sports and athletes for upcoming Tokyo Olympics. Moreover, as disposable income in the developing nations increases, it will drive the sports medicine market as the procedure is costly
Asia Pacific Orthopedic Device Market Segmentation
By Country: China Orthopedic Device market size was the highest in 2018 at USD ~ million. The growth was driven by government initiatives to promote domestic manufacturing with increased mergers and acquisition of Chinese orthopedic companies by global players.
The Japan Orthopedic Device market size was second largest due to the high level of innovation and R&D expertise provided by the country. Japan is followed by Australia with market size of USD ~ Million. Among developing economies India and Korea are having the largest market size of USD ~ Million and USD ~ Million respectively. The entry of international companies by way of mergers and acquisitions increased the competition in this region. Vietnam, Malaysia, Thailand were the fastest growing region due to the nascent state of the market. Taiwan, with the largest market size, saw an increase in orthopedic devices demand, followed by New Zealand.
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Ankur Gupta, Head Marketing & Communications