Orthopedic Devices Industry worth $48.1 billion by 2028, with a CAGR of 4.8%
The orthopedic devices industry is expected to grow steadily over the next few years, driven by increasing demand for orthopedic devices as a result of rising rates of chronic conditions such as osteoarthritis and obesity, as well as increasing rates of trauma-related injuries. The industry is also likely to benefit from advances in technology, such as 3-D printing and robotics, which are enabling the development of more precise and personalized orthopedic devices. Additionally, the growing trend of home-based medical care is expected to drive the demand for at-home orthopedic devices, such as braces and splints. As the global population continues to age, the demand for orthopedic devices is expected to remain strong.
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 latest report published by
MarketsandMarkets™. Increasing cases of orthopedic disorders, increasing aging
population with osteoarthritis, rising participation in sports activities,
growing demand for minimally invasive orthopedic surgical procedures are
anticipated to fuel the growth of the orthopedic devices market in the coming
years.
However, the high costs associated with orthopedic
treatments are likely to restrain the growth of this market to a certain extent
during the forecast period.
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Based on product, the orthopedic devices market is
segmented into orthopedic fixation devices, orthopedic replacement devices,
orthopedic prosthetics, orthopedic braces and support products, spinal implants
and surgical devices, arthroscopy instruments, ortho biologics, and bone graft
substitutes. The spinal implants and surgical devices segment accounted for the
largest share of the orthopedic devices market in 2021. The large share of this
segment can be attributed to the rising incidence of spinal deformities,
growing participation in sports activities, rise in motor vehicle accidents,
and technological advancements in spinal fusion surgeries.
Based on the site of injury, the orthopedic devices
market is segmented into hip and pelvis, foot and ankle, knee and thigh, hand
and wrist, shoulder, arm and elbow, spine, and craniomaxillofacial. The hand
and wrist segment accounted for the largest share of the orthopedic devices
market in 2021. The large share of this segment can be attributed to the
increasing incidence of hand and wrist fractures, significant growth in the
geriatric patient population, and the increasing prevalence of hand
osteoarthritis.
Based on the end user, the orthopedic devices market
has been segmented into hospitals and surgical centers, orthopedic clinics,
ambulatory and trauma care centers, home care settings, and other end users
(including physiotherapy centers, government regulatory organizations, academic
institutes, and contract research organizations). The hospitals and surgical
centers segment accounted for the largest share of the orthopedic devices
market in 2021. This can be attributed to the rising number of orthopedic surgeries
performed in hospitals, increasing investments by governments to improve
healthcare infrastructure, and the rising hospital admission rate of trauma
patients.
On the basis of region, the Orthopedic devices market
is segmented into North America, Europe, the Asia Pacific, Latin America, and
Middle East and Africa. North America captured the largest share of the global
Orthopedic devices market owing to the strong foothold of Orthopedic devices
manufacturers in the region, well-established healthcare infrastructure,
adoption of strategies such as collaboration & partnership with orthopedic
hospitals & clinics to enhance the outreach of their innovative orthopedic
devices among end users in the region. Moreover, supportive government
regulations and rising number of robotic assisted orthopedic surgeries are
anticipated to promote the growth of orthopedic devices market in the region.
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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Hypothetic Challenges of Orthopedic Devices Market in
Near Future:
·
Rising cost of orthopedic devices: The cost of
orthopedic devices is expected to rise due to increased demand and higher
production costs. This could lead to decreased access to these devices for
those who need them.
·
Advancement in technology: The increasing speed
of technology advances offers both potential opportunities and threats. New
technologies could provide better solutions for existing orthopedic devices,
but they could also potentially disrupt the market.
·
Cybersecurity threats: Cybersecurity threats
could pose a risk to the orthopedic device market, as hackers could potentially
access confidential patient information.
·
Regulatory uncertainty: Regulatory changes could
complicate the orthopedic device market and make it more difficult for
manufacturers to stay compliant.
·
Increased competition: New players entering the
orthopedic device market could create increased competition and make it harder
for existing companies to remain competitive.
Top 3 Use Cases of Orthopedic Devices Market:
·
Joint Replacement: Joint replacement is a common
use case for orthopedic devices, such as hip and knee implants. Implants are
used to replace damaged or worn-out joint parts and improve mobility.
·
Spinal Implants: Spinal implants are used to
treat a range of conditions, including spinal fractures, spinal deformities,
and degenerative disc disease. These devices can help stabilize the spine and
reduce pain.
·
Trauma Implants: Trauma implants are used to
repair fractures, dislocations, and torn ligaments. These devices are used to
stabilize the area surrounding the injury and speed up the healing process.
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Recent Developments:
·
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.
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