Asia Pacific Orthopedic Device Market Overview and Size
The report titled “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)” provides a comprehensive analysis of the orthopedic device industry in Asia Pacific. The report covers various aspects such as market overview and genesis, value chain analysis, industry cycle, market segmentation by country (China, Japan, India, Korea, Australia, Taiwan, Thailand, New Zealand, Singapore, Malaysia, Hong Kong, Vietnam, Pakistan, Indonesia, Bangladesh and the Philippines), type of treatment (joint, spine, trauma, orthobiology & sports medicine), type of trauma implant (internal and external fixation), type of spinal implant (fusion and non fusion), type of joint implant (knee, hip and others) and by type of end user (multispecialty and orthopedic specialty hospitals); Profiles of major countries (China, India, Japan and Korea); Competitive Analysis Including Market share in terms of revenue, Strengths and Weaknesses and Cross Comparison of Major Players along with market share in Joint, Trauma, and Spine segment. The report concludes with future outlook and projections and analyst recommendations highlighting the major opportunities and cautions.
Asia Pacific Orthopedic Device Market Overview and Size
The growth in Asia Pacific orthopedic market has been driven by the increase in the proportion of geriatric population in the Asian regions, especially in China and Japan. The growth in artificial joints market is majorly due to the increasing number of osteoporoses cases that has been the major growth driver. Physicians have been the major influencer for most of the companies and have been driving major imported brands in most of the regions except China. Increased focus on R&D by domestic players has forced the MNCs to innovate new products for the Asian market.
Asia Pacific Orthopedic Device Market Segmentation
By Country (China, Japan, India, Korea, Australia, Taiwan, Thailand, New Zealand, Singapore, Malaysia, Hong Kong, Vietnam, Pakistan, Indonesia, Bangladesh and the Philippines): China orthopedic device market held the highest share in the Asia Pacific market and grew at a CAGR of 14.7% in terms of revenue for the review period 2013-2018. The growth was driven by rise in geriatric population and increase in total number of road accidents due to the high number of passenger vehicles. Japan followed with a CAGR value of nearly 1.93% for the review period 2013-2018. The growth was driven by shift of Japan from an aged to a super aged society with a major chunk of population being 65 years or older. Majority of the device are imported due to lack of manufacturing infrastructure, however the country is R&D hub due to its expertise in innovation and technology. South Korea and India market revenue grew at CAGR of 7.0% and 13.9% in terms of revenue for the outlook period 2013-2018.
By Type of Treatment (Joint, Spine, Trauma, Orthobiology & Sports Medicine): The proportion of artificial joint products is high, and the growth rate of spine and orthobiology and sports medicine products is relatively fast. Since, production technology and entry barriers are not as high as those required for spine and artificial joint instruments, almost all orthopedic companies in Asia have traumatic product lines. The market for traumatic devices is relatively mature with a CAGR of 6.1% in terms of revenue for the duration of 2013-2018, followed by spinal and orthobiology and sports medicine segment.
By Type of Trauma Implant (Internal and External Fixation): Since internal fixation devices have more post surgery advantages in terms of independence of movement, the segment dominated in terms of revenue during 2018, followed by the external fixation segment in Asia orthopedic device market.
By Type of Spinal Implant (Fusion and Non-Fusion): Fusion devices still make up the largest market share among spinal devices segment, followed by the non-fusion spinal implants in 2018.
By Type of Joint Implant (Knee, Hip and Others): The joint market is majorly dominated by Knee and hip with hip being the largest revenue making segment in Asia orthopedic device market during 2018. As number of arthritis cases is increasing in the Asian region, the market for knee implants will also grow in the near future.
By Type of End User (Multispecialty and Orthopedic Specialty Hospitals): The multispecialty hospitals are expected to grow at a CAGR of 6.9% for the period 2018-2025(F) in terms of revenue. However, as the total number of orthopedic doctors continues to rise, the preference of individuals is expected to change due to the customized and individually tailored solutions offered in orthopedic specialty hospitals.
Competition Scenario in Asia Pacific Orthopedic Device Market
Competition within Asia orthopedic device market was observed to be fragmented among top 5 players who hold a majority revenue share for the year 2018. The market was observed to have more than 50 players operating domestically, with just 5-10 companies operating globally. While companies compete on the basis of profit margins offered, a shift was observed towards physicians as they act as major influencers for consumer’s choice. Due to the high quality of the products, majority of the surgeons in the APAC region prefer to use imported products.
Asia Pacific Orthopedic Device Market Future Outlook and Projections
The Asia orthopedic device market in terms of revenue is forecasted to grow at a CAGR of 8.2% from 2018-2025(F). The growth is expected due to increase in localmanufacturing in the Asian region because of the initiatives taken by the government to promote domestic manufacturing in order to reduce dependence on imports, however less developed nations are expected to rely on imports from Asian nations or from US or Europe. Also, China is anticipated to dominate the market due to the government Made in China 2025 initiative towards promoting the domestic medical device in country including orthopedic devices.