Analyst at Ken Research in their latest publication ”Asia Pacific Orthopedic Device Market Outlook to 2025 – By Country (China, Japan, India, Korea, RoAPAC), By Type of Treatment (Joint, Spine, Trauma and Orthobiology and Sports Medicine); and By Type of End User (Multispecialty and Orthopedic Specialty Hospitals)” observed that the market is still in an infancy growth stage and will witness further growth owing to factors such as rising healthcare expenditure, increase in number of orthopedic healthcare establishments and increasing support by government for the domestic players. Asia Pacific orthopedic device market is expected to register a positive CAGR of 8.2% in terms of revenue during the forecast period 2018-2025.
Increasing number of elderly adults results in a higher prevalence of osteoarthritis and other conditions leading to injuries requiring orthopedic devices.
Growth in the Geriatric Population: As of 2018, Asia has more than 500 million individuals aged 65 years and above. Cities in Japan and South Korea in particular are facing rapid growth in terms of aging population thus, leading to higher incidences of osteoporosis and arthritis and creating demand for orthopedic devices especially artificial joints within Asia Pacific region.
Changes in the Healthcare Policies: Orthopedic procedures are becoming more affordable and accessible due to government healthcare reforms. In countries such as Japan and Korea, patients have to pay less out of the pocket expenses and it is even more affordable for elderly population. More individuals are choosing to undergo elective procedures and are also becoming aware of knee disorders and related treatments. However in India, price capping regulations of orthopedic devices have negatively impacted the profit margins for most of the companies.
Increased Mergers and Acquisitions: M&A is driving the orthopedics medical device sector at a fast pace due to downward pressure from several factors such as reimbursement and pricing, utilization of costly procedures and increasing commoditization. The international orthopedic device companies have adopted a number of approaches to increase their presence in the APAC region and also focused towards getting approvals to establish their presence in the local market. Although majority of these activities have taken place in India, China, Japan, Australia and Korea; Among the overseas markets that global medical device companies are paying attention to are Malaysia, Thailand, Indonesia, and Vietnam, which have fast economic growth and a large population base. These countries have a common policy of improving public health and building public and private health care infrastructures, which is becoming an opportunity market for the domestic and global orthopedic device industry.
Sedentary Lifestyles and Obesity: Along with rising life expectancy, increasingly sedentary lifestyles and surge in incidence of obesity, Asia pacific is witnessing a resultant rise in orthopedic problems as a natural consequence; Central Asia has the highest number of obese and overweight adults at 49.3% (according to industry reports, 2017). China has one of the largest overweight populations in the world, and obesity is a major public health concern. In addition, Asia’s increased urbanization, which is currently evaluated at 50.0% (in accordance with the UN) has also led to many more car accidents and injuries requiring orthopedic medical devices and treatment.
Key Segments Covered
By Country
China
Japan
Australia
Korea
India
Taiwan
Thailand
New Zealand
Singapore
Malaysia
Hong Kong
Vietnam
Pakistan
Indonesia
Bangladesh
Philippines
By Type of Treatment
Joint
By Type of Joint Implant
Knee
Hip
Others (Extremities, Shoulders, Wrist, Ankle and other Joints)
Spine
By Type of Spinal Implant
Fusion
Non Fusion
Trauma
By Type of Trauma Implant
Internal Fixation
External Fixation
Orthobiology & Sports Medicine
By Type of End User
Multispecialty Hospitals
Orthopedic Specialty Hospitals
Key Target Audience
Orthopedic Device Manufacturers
Orthopedic Device Distributors / Traders / Wholesalers
Orthopedic Device Subcomponent Manufacturers
Industry Association
Hospitals
Time Period Captured in the Report:
Historical Period: 2013 -2018
Forecast Period: 2019-2025
Companies Covered:
Asia Pacific Region
Stryker
Medtronic
Smith and Nephew
Zimmer Biomet
J&J
Key Topics Covered in the Report
Asia Pacific Orthopedic Device Market Value Chain Analysis
Asia Pacific Orthopedic Device Market Overview
Asia Pacific Orthopedic Device Market Trends
Asia Pacific Orthopedic Device Market Challenges
Asia Pacific Orthopedic Device Market Future Projections
Asia Pacific Orthopedic Device Market Segmentation by Country
Asia Pacific Orthopedic Device Market Segmentation by Type of treatment
Asia Pacific Orthopedic Device Market Segmentation by Type of End User
Competition Analysis of Asia Pacific Orthopedic Device Companies
Country Profiles – India, China, Korea, Japan
For more information on the research report, refer to below link:-
https://www.kenresearch.com/healthcare/medical-devices/asia-pacific-orthopedic-device-market/303061-91.html
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