London, Oct. 10, 2022 (GLOBE NEWSWIRE) -- While global orthopedic devices market has regained its momentum post-COVID-19 setback, Fairfield Market Research projects a promising growth outlook for the market in long term. A new report of the company suggests that the orthopedic devices market will take a leap from the revenue of around US$44 Bn recorded in 2020 to nearly US$59.6 Bn by the end of 2025. Sustained high prevalence of the various orthopedic conditions, growing number of road accidents, traumatic orthopedic injuries, and sports injuries collectively drive global orthopedic devices market. Age-associated orthopedic conditions are also touted to remain among the significant factors elevating the growth prospects of orthopedic devices market, marks the report.
Research anticipates an influx of business opportunities to arise with the growing sophistication of healthcare systems, and rising emphasis on cutting-edge healthcare technological tools like autonomous surgical robots, 3D printed surgical planning models, and AR-assisted surgical tools. Moreover, an increasing diagnosis rate of complex orthopedic conditions such as osteoporosis fractures, and musculoskeletal injuries will keep the demand afloat. An ascending number of knee, and hip replacement procedures is also expected to fuel the market growth.
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Key Research Insights
- Worldwide orthopedic device sales are poised to see 6.3% growth over 2021 – 2025
- Joint reconstruction, registering over US$21.6 Bn revenue in 2020, continues to be the leading product segment
- North America remains the dominant market with over 45% share in global valuation
Insights into Segmental Analysis
In 2020, the joint reconstruction segment that covers knee, hip, and extremities led the orthopedic devices market with the lion’s share in overall revenue generation. This will remain the leading product category, says the report, as the number of joint arthroplasty (TJAs) to be performed in the US alone is estimated to rise 4x by 2030 end according to the Centers for Disease Control and Prevention (CDC). Sports medicine is expected to emerge as the most promising product segment, closely followed by orthobiologics. Growing inclination toward an active lifestyle, and a soaring rate of sports injuries will continue to drive healthy demand for sports medicine devices, in turn driving the growth of orthopedic devices market. A growing number of athletic events worldwide thus reflects a spectrum of penetration opportunities for manufacturers of orthopedic devices.
Key Report Highlights
- Osteology, sports medicine, and orthobiology continue to be the lucrative market segments
- Smart implants continue to trend, biodegradable implants expect rising preference
- Most device makers are likely to emphasize the cost competitiveness for an edge in global orthopedic devices market
Insights into Regional Analysis
North America continues to be the largest revenue contributing region and may soon reach maturity, says the report. Recording the revenue share of more than 45% in the year 2020, North America’s orthopedic devices market is likely to gain significantly from the demand coming in from geriatric population, as well as the robust sports participation. Higher prevalence of obesity, and osteoarthritis will remain the key driving forces behind North America’s continued lead in global orthopedic devices market. On the other hand, the report projects greater potential across the developing markets in Asia Pacific, and Southeast Asia. The Asian markets predominantly flourish on the back of expanding medical tourism across the subcontinent, highlights the report.
Key Companies in Global Orthopedic Devices Market
Medtronic (Spine Division), CONMED Corporation, Smith+Nephew, DePuy Synthes (J&J), Zimmer Biomet, Stryker Corporation, Acumed LLC (Colson Associates, Inc.), Wright Medical (Stryker), Aesculap, Inc. (B. Braun company), DJO, LLC (Colfax Corporation), Exactech, Inc., Globus Medical, Arthrex, Inc., Orthofix Medical Inc., NuVasive, Inc., Integra LifeSciences, Össur
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2025 | |
| Market Size in 2020 | US$44 Bn | |
| Estimated Market Size in 2025 | US$59.6 Bn | |
| CAGR | 6.30 % | |
| Key Players | Medtronic (Spine Division), CONMED Corporation, Smith+Nephew, DePuy Synthes (J&J), Zimmer Biomet, Stryker Corporation, Acumed LLC (Colson Associates, Inc.), Wright Medical (Stryker), Aesculap, Inc. (B. Braun company), DJO, LLC (Colfax Corporation), Exactech, Inc., Globus Medical, Arthrex, Inc., Orthofix Medical Inc., NuVasive, Inc., Integra LifeSciences, Össur | |
Market Segmentation
Product Coverage
- Joint Reconstruction
- Knee
- Hip
- Extremities
- Spine
- Trauma
- Sports Medicine
- Orthobiologics
- Others
End User Coverage
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centres
- Others
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Acumed LLC (Colson Associates, Inc.)
- Arthrex, Inc.
- B.Braun Aesculap
- CONMED Corporation
- DePuy Synthese (J&J)
- DJO (Colfax Corporation)
- Exactech
- Globus Medical
- Integra LifeSciences
- Medtronic (Spine Division)
- Nuvasive
- Orthofix Medical
- Össur
- Smith+Nephew
- Stryker Corporation
- Wright Medical Group N.V. (Stryker)
- Zimmer Biomet
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Technology-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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