Orthopedic Devices Market worth $48.1 billion – MarketsandMarkets
CHICAGO, March 16, 2023 /PRNewswire/ — The orthopedic devices industry is expected to see a significant amount of growth in the near future as the global population continues to age and the need for orthopedic treatments increases. The increasing prevalence of chronic conditions such as arthritis, osteoporosis, and degenerative joint diseases is expected to drive the demand for orthopedic devices. Technological advancements in the field of orthopedic implant manufacturing, such as 3D printing, will also contribute to the growth of the industry. Additionally, the increasing popularity of minimally invasive surgeries and advanced orthopedic surgical procedures will further stimulate the growth of the industry. The introduction of smart and connected orthopedic devices is expected to revolutionize the industry, offering enhanced patient outcomes.
Orthopedic Devices Market in terms of revenue was estimated to be worth $36.3 billion in 2022 and is poised to reach $48.1 billion by 2028, growing at a CAGR of 4.8% from 2022 to 2028 according to a new report by MarketsandMarkets™. Growth in elderly population worldwide, increasing number of osteoarthritis cases, growing participation in sports, rising awareness about the presence of orthopedic treatment, technological advancements and growth strategies adopted by the players in the orthopedic devices such as product launches, agreements, partnerships, and acquisitions are expected to propel the growth of the market.
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Orthopedic Devices Market Scope:
|Market Revenue in 2022||$36.3 billion|
|Estimated Value by 2028||$48.1 billion|
|Growth Rate||Poised to grow at a CAGR of 4.8%|
|Market Size Available for||2020–2028|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Site, Application, End Users, and Region|
|Geographies Covered||North America (US & Canada), Europe (Germany, the UK, France, Italy, Spain, and RoE), APAC (Japan, China, Australia, South Korea India, and the RoAPAC), LATAM (Brazil, Mexico, and RoLATAM), and MEA|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunities||Growth opportunities offered by emerging markets|
|Key Market Drivers||Growing number of patients with orthopedic diseases and disorders globally|
The orthopedic devices market includes major Tier I and II suppliers of orthopedic products are Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), Zimmer Biomet (US), B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), MicroPort (China), Nippon Sigmax Co., Ltd. (Japan), TriMed Inc. (US), Altis Biologics (South Africa), Isto Biologics (US), ITS (Austria), Meril Life Sciences Pvt. Ltd. (India), Mueller Sports Medicine, Inc. (US), RCH Orthopaedics (India), and FLA Orthopedics (US).
Increasing aging population with degenerative spine diseases are anticipated to accelerate the demand for spinal implants and surgical devices
The incidence of degenerative lumbar spine disease is currently increasing among older generation, and this has led to an increased demand for spinal surgeries. Acceptance of minimally invasive procedures in treatment of spinal cord disorders involve lesser muscle damage, blood loss, shorter hospital stays; quicker recovery; and preservation of spinal mobility post-surgery are contributing towards the growth of the segment. Moreover, rising cases of road accidents and sports related spinal injuries and growing advancements in spinal implants are anticipated to enhance the growth of segment.
Orthopedic devices market is anticipated to grow at the fastest pace in Asia Pacific
The Asia Pacific orthopedic devices market is projected to grow at the highest CAGR of 5.8% from 2022 to 2028. The presence of a large patient population, improved healthcare infrastructure, the rising number of hospitals, and the rapidly growing aging population (especially in Japan and China) are likely to contribute towards the rapid growth of orthopedic devices market in Asia Pacific Additionally, grants offered by the government to promote the awareness and research on orthopedic diseases, expansion of geographical footprints of key players in Asian Countries by setting up orthopedic devices manufacturing units and increasing local manufacturers in the region are anticipated to support the significant growth orthopedic devices market in Asia Pacific.
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Orthopedic Devices Market Dynamics:
- Increasing prevalence of orthopedic diseases and disorders
- Growing demand for minimally invasive orthopedic surgical procedures
- Rising number of sports and accident-related orthopedic injuries
- Increasing geriatric population
- Increasing research funding and initiatives adopted by orthopedic manufacturers to promote brand awareness
- Risks and complications associated with orthopedic surgical procedures
- High costs associated with orthopedic treatments
- Growth opportunities offered by emerging markets
- Rising number of hospitals and shift toward outpatient care
- Increasing use of robotics and 3D printing in orthopedics
- Dearth of orthopedic surgeons
Key Market Players:
Prominent players in this market are Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), Zimmer Biomet (US), B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), among others
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- In January 2023, Zimmer Biomet acquired Embody, Inc. with a focus on strengthening its brand presence in the orthopedic devices market.
- In November 2022, Enovis announced the launch of a new DynaNail Helix fixation system used for the treatment of bone fractures, joint fusion, and bone reconstruction.
- In September 2022, Stryker Corporation introduced New Gamma4 Hip fracture nailing system to expand its orthopedic fixation devices product portfolio.
Orthopedic Devices Market Advantages:
- Orthopedic devices help to alleviate pain and improve the quality of life for patients suffering from various orthopedic conditions.
- They offer superior performance, improved safety, and better durability than traditional treatments.
- Orthopedic devices can provide improved mobility, functionality, and physical appearance to the patient.
- They help to reduce the risk of long-term complications associated with orthopedic conditions.
- Orthopedic devices are cost-effective and can be used for long-term treatment.
- They are highly customizable, allowing them to be tailored to the patient’s individual needs.
- They offer a wide range of features, including adjustable levels of support, improved posture, and increased comfort.
- Orthopedic devices are minimally invasive, making them easy to use and less risky than traditional treatments.
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