Overview and Scope
Orthopedic devices are used to stabilize the body posture by correcting deformities, restoring the function of the human skeletal system, articulations, and associated structures either by replacing or reinforcing the damaged part.
Sizing and Forecast
The orthopedic devices market size has grown strongly in recent years. It will grow from $47.05 billion in 2023 to $50.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to aging population, prevalence of osteoarthritis, rise in orthopedic procedures, regulatory approvals and standards, focus on patient outcomes and quality of life, increased awareness of joint health.
The orthopedic devices market size is expected to see strong growth in the next few years. It will grow to $65.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growing value-based healthcare models, focus on sustainability, regenerative approaches for joint preservation, enhanced implant coatings and materials. Major trends in the forecast period include smart orthopedic devices, robotics in orthopedic surgery, customized orthopedic bracing, nanotechnology in orthopedics, telemedicine in orthopedic care.
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Segmentation & Regional Insights
The orthopedic devices market covered in this report is segmented –
1) By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
North America was the largest region in the global orthopedic devices market in 2023. Western Europe was the second largest region in the global orthopedic devices market. The regions covered in the orthopedic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the prevalence of arthritis is expected to propel the growth of the orthopedic device market going forward. Arthritis is a term employed to characterize discomfort or illness affecting the joints, involving the inflammation or enlargement of one or multiple joints. The utilization of orthopedic devices can prove advantageous for individuals experiencing arthritis, as they can alleviate pain, enhance mobility, and enhance overall functionality. For instance, in October 2021, according to the Centers for Disease Control and Prevention, a US-based Department of Health and Human Services, it was projected that by 2040, approximately 78.4 million adults who are 18 years of age or older (equivalent to 25.9% of the anticipated total adult population) will be diagnosed with arthritis by a physician, which is an increase from 63 million in 2020. Therefore, the rise in prevalence will drive the growth of the orthopedic device market.
Key Industry Players
Major companies operating in the orthopedic devices market report are Aesculap Implant Systems LLC, Johnson & Johnson, Medtronic Inc., Stryker Corporation, B. Braun Group, Zimmer Biomet Holdings, Smith & Nephew plc, Arthrex, Allegra Orthopaedics, Enovis, Integra LifeSciences Corporation, NuVasive Inc., DJO Global, CONMED Corporation, Globus Medical Inc., MicroPort Scientific Corporation, Wright Medical Group N.V., Össur, Orthofix Medical Inc., DeRoyal Industries, Alphatec Holdings Inc., LimaCorporate S.p.A., Exactech Inc., Acumed LLC, Corin Group PLC, Waldemar Link GmbH & Co. KG, ConforMIS Inc., FH Orthopedics, BSN Medical, Nippon Sigmax Co. Ltd., Implantcast GmbH, Invibio Ltd., KM Group Holdings Inc., Mathys AG Bettlach, Medacta International SA, OrthAlign Inc., OrthoPediatrics Corp., OrthoSensor Inc., Paradigm Spine LLC, SpineGuard SA
The orthopedic devices market report table of contents includes:
1. Executive Summary
- Orthopedic Devices Market Characteristics
- Orthopedic Devices Product/Service Analysis -Product/Service Examples
- Orthopedic Devices Market Trends And Strategies
- Orthopedic Devices Market – Macro Economic Scenario
.
- Global Orthopedic Devices Market Competitive Benchmarking
- Global Orthopedic Devices Market Competitive Dashboard
- Key Mergers And Acquisitions In The Orthopedic Devices Market
- Orthopedic Devices Market Future Outlook and Potential Analysis
- Appendix
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