New York, USA, May 25, 2022 (GLOBE NEWSWIRE) -- Orthopedic Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Orthopedic Devices Market By Type, End-User, Application, and Region - Forecast till 2030”, the market is estimated to attain a size of over USD 53.8 Billion by the end of 2030. The report further predicts that the market will flourish at a healthy CAGR of approximately 6.5% over the assessment timeframe.
Market Scope:
Orthopedic device refers to a piece of special equipment engineered to correct deformities or maintain and restore the function of the human skeletal system, its articulations, and related structures. Here are some of the commonly used orthopedic devices: muscle stimulators, lumbosacral supports, knee immobilizers, cast heels, Invalid rings, bone wax exercise devices, etc.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 53.8 Billion |
| CAGR | 6.5% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Integration of New Technologies to Create Growth Opportunities for Key Players |
| Rising prevalence of orthopaedic disorders like osteoporosis and rheumatoid arthritis |
Orthopedic Devices Market Competitive Analysis
The global market for orthopedic devices has prominent leaders such as:
- Zimmer Inc
- NuVasive, Inc.
- DePuy Synthes Companies
- Stryker Corporation
- Globus Medical, Inc.
- Smith & Nephew plc
- Medtronic
Market USP Covered
Market Drivers
The global market for orthopedic devices has registered a massive surge in the growth rate in the last few years. The market's growth is mainly accredited to the rising prevalence of orthopedic disorders such as rheumatoid arthritis (RA) and osteoporosis. Furthermore, the factors such as the number of sports & road traffic accidents and the increasing elderly population are also projected to boost the demand for orthopedic devices over the forecasted timeframe. In addition, the emergence of the latest technologies is anticipated to offer lucrative opportunities to the players worldwide.
Market Restraints
On the other hand, the high costs associated with these orthopedic devices may impede the market's growth.
Orthopedic Devices Market COVID-19 Impact
The global COVID-19 pandemic has had an unexpected impact on a majority of the market sectors worldwide. The global health crisis has caused a significant change in orthopedic and trauma surgery. The industry faced some significant unexpected challenges given the imposition of several norms and regulations to stop the spread of the disease. Self-employed surgeons faced a substantial shortage of PPE kits because of their lack of formal security preparation. The pandemic has led to causing chaos across the orthopedic surgery market in recent times. Some orthopedic providers have offered help by providing information on treating patients with COVID-19 in the United States. China started elective operations but is yet to hit the pre-pandemic stage. Policies across the US and Europe now enforce limits on all but the most necessary surgical procedures. Not just that it is impossible to examine the speed and duration of the case, but it is still uncertain when catch-up will occur.
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Orthopedic Devices Market Segment Analysis
Among all the types, the joint replacement segment is projected to lead the global orthopedic market over the forecasted timeframe. The significant aspect causing an upsurge in the segment's growth is the increasing population of elderly across the globe. Furthermore, the growing incidence of osteoporosis and osteoarthritis is likely to boost the segment's growth over the coming years.
Out of all the application areas, hip orthopedic devices are likely to secure the top position in terms of revenue. The segment's growth is mainly credited to the fact that osteoarthritis flare is more frequent in patients lacking conservative treatment.
Among all the end-use sectors, the hospital sector has dominated the global orthopedic devices market. The segment's growth is attributed mainly to the high rates of admissions to hospitals. Furthermore, the wide variety of facilities offered at a single location is also projected to catalyze the segment's growth over the forecasted era.
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Orthopedic Devices Market Regional Analysis
The global orthopedic devices market is studied across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the MRFR analysis reports, the North American region will likely secure the top position in the global orthopedic devices market over the assessment era. The regional market's growth is mainly credited to the growing penetration of innovative orthopedic solutions across the globe. Furthermore, the factors such as the involvement of business leaders, specialized healthcare facilities, and insurance coverage for orthopedic procedures are also projected to boost the market's growth over the coming years. The involvement of business players like Zimmer Biomet, Stryker Corporation, DePuy Synthes, and Globus Medical, Inc. in the business development is causing an expansion in the regional orthopedic devices market. The region accounted for the highest sale of orthopedic devices in 2016. The area has a strong demand for specialized healthcare facilities, given the availability of well-developed healthcare facilities and comprehensive reimbursement coverage of orthopedic procedures, which is likely to fuel the regional market's growth over the assessment era. In addition, the factors such as the growing number of car accidents and the aging population across the region are also anticipated to catalyze the growth of the regional orthopedic devices market.
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The orthopedic devices market for the Asia-Pacific region is likely to register the highest growth over the forecasted timeframe. The regional market's growth is attributed to the rapidly increasing medical tourism industry, solid infrastructure, and vast geriatric population across the region. Furthermore, increased patient understanding of the importance of orthopaedic products, the increasing population base, and high disposable incomes are also projected to impact the market's growth positively. Because of the demographic rise, developing economies such as India and China will be the world's most significant geriatric populations shortly. In addition, the expanding medical tourism sector is another considerable parameter supporting the regional market's growth.
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