Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Global Orthopedic Devices Market by Product (Fixation, Replacement Devices {Knee, Hip, Shoulder}, Braces, Spinal Implants, Arthroscopy, Orthobiolgics), Application (Fracture Treatment, Osteoarthritis), End-user (Hospital, ASCs) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global orthopedic devices market is projected to reach USD 48.1 billion by 2027 from USD 36.3 billion in 2022, at a CAGR of 4.8% during the forecast period.
Worldwide prevalence of orthopedic disorders such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures, rising cases of age related bone disorders such as osteoporosis in geriatric population, and growing demand for minimally invasive surgeries are propelling the demand for orthopedic devices.
Moreover, strategic initiatives adopted by key manufacturers to increase their brand visibility and product awareness among key end-users, rapid adoption of robotic assisted orthopedic replacement surgeries across the globe and ongoing research in orthobiologics are likely to play a significant role in propelling the growth of orthopedic devices market in the near future. However, dearth of skilled orthopedic surgeons in many emerging nations and high cost of surgical procedures are likely to hamper the growth of the market.
The hand and wrist segment to accounted the largest share of orthopedic devices market during the forecast period, by site
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. This can be attributed to the rising cases of road traffic accidents leading to spinal cord injuries, number of spinal fusion surgeries, increasing number of players offering advanced spinal implants and emergence of new orthobiologics, are anticipated to boost the growth of segment.
The hand and wrist segment to accounted the largest share of orthopedic devices market during the forecast period, by site
Based on the site of injury, the orthopedic devices market has been 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. This can be attributed to the increasing incidence of hand and wrist fractures, increasing participation in sports activities leading to hand fractures, and growth in the geriatric population with osteoarthritis.
The hospital and surgical centers segment accounted for the largest share of the global orthopedic devices market, by end-users, in 2021
Based on end-users, 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 expanding patient population, increasing admission of trauma patients in hospitals, rising number of orthopedic surgeries performed in hospitals, increasing investments by governments to improve the healthcare infrastructure of hospitals and rising collaborations and partnerships among orthopedic hospitals to expand the accessibility of orthopedic treatment among patients.
The Asia-Pacific market to grow at the highest CAGR during the forecast period
The global orthodontic treatment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. Asia-Pacific registered the highest growth during the forecast period. Emerging Asian economies, such as China, India, are likely to provide high orthopedic devices market growth opportunities. Rising medical tourism, improved healthcare infrastructure, increasing healthcare expenditures, emergence of small players offering wide range of orthopedic devices, and rising number of hospitals and orthopedic clinics in the region is likely to support the rapid market growth of Asia-Pacific during the forecast period.
Market Dynamics
Drivers
- 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
Restraints
- Risks and Complications Associated with Orthopedic Surgical Procedures
- High Costs Associated with Orthopedic Treatments
Opportunities
- Growth Opportunities Offered by Emerging Markets
- Rising Number of Hospitals and Shift Toward Outpatient Care
- Increasing Use of Robotics and 3D Printing in Orthopedics
Challenges
- Dearth of Orthopedic Surgeons
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 375 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $36.3 Billion |
| Forecasted Market Value (USD) by 2028 | $48.1 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Orthopedic Devices Market, by Product
6.1 Introduction
6.2 Orthopedic Fixation Devices
6.2.1 Internal Fixation Devices
6.2.2 External Fixation Devices
6.3 Orthopedic Replacement Devices
6.3.1 Ankle Replacement Devices
6.3.2 Hip Replacement Devices
6.3.3 Knee Replacement Devices
6.3.4 Shoulder Replacement Devices
6.3.5 Elbow Replacement Devices
6.3.6 Wrist Replacement Devices
6.4 Orthopedic Prosthetics
6.4.1 Solid Ankle Cushion Heel Prostheses
6.4.2 Single-Axial Prostheses
6.4.3 Multi-Axial Prostheses
6.4.4 Dynamic Response Prostheses
6.4.5 Microprocessor-Controlled Prostheses
6.5 Orthopedic Braces and Support Products
6.5.1 Knee Braces and Support Products
6.5.2 Ankle Braces and Support Products
6.5.3 Foot Walkers and Orthoses
6.5.4 Back, Hip, and Spine Braces and Support Products
6.5.5 Shoulder Braces and Support Products
6.5.6 Elbow Braces and Support Products
6.5.7 Hand and Wrist Braces and Support Products
6.5.8 Facial Braces and Support Products
6.6 Spinal Implants and Surgical Devices
6.6.1 Spinal Fusion Devices
6.6.2 Spinal Non-Fusion Devices
6.7 Arthroscopy Instruments
6.8 Orthobiologics
6.9 Bone Graft Substitutes
7 Orthopedic Devices Market, by Site
7.1 Introduction
7.2 Hand and Wrist
7.3 Spine
7.4 Foot and Ankle
7.5 Arm and Elbow
7.6 Hip and Pelvis
7.7 Knee and Thigh
7.8 Craniomaxillofacial
7.9 Shoulder
8 Orthopedic Devices Market, by Application
8.1 Introduction
8.2 Spinal Fusion, Fixation, and Decompression
8.3 Fracture Treatment and Recovery
8.4 Rheumatoid Arthritis and Osteoarthritis
8.5 Ligament Injuries
8.6 Diabetic Foot Diseases
8.7 Neurological Disorders
9 Orthopedic Devices Market, by End-user
9.1 Introduction
9.2 Hospitals and Surgical Centers
9.3 Ambulatory and Trauma Care Centers
9.4 Orthopedic Clinics
9.5 Home Care Settings
9.6 Other End-users
10 Orthopedic Devices Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Acumed LLC
- Allegra Orthopaedics
- Altis Biologics (Pty) Ltd.
- Arthrex, Inc.
- B. Braun
- BSN Medical GmbH
- Conmed Corporation
- DeRoyal Industries
- Enovis
- FLA Orthopedics
- Isto Biologics
- ITS
- Johnson & Johnson
- Medtronic PLC
- Meril Life Sciences Pvt. Ltd.
- MicroPort
- Mueller Sports Medicine, Inc.
- Nippon Sigmax Co. Ltd.
- NuVasive, Inc.
- Orthofix Medical, Inc.
- RCH Orthopaedics
- Smith & Nephew
- Stryker Corporation
- Trimed
- Zimmer Biomet
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