Pune, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Orthopedic Devices Market Size & Growth Analysis:
“According to SNS Insider, The global Orthopedic Devices Market, valued at approximately USD 60.00 billion in 2023, is poised for substantial growth, projected to reach USD 89.60 billion by 2032, with a compound annual growth rate of 4.5% during the forecast period.”
This growth is driven by the increasing prevalence of musculoskeletal disorders, a rising geriatric population, and significant advancements in orthopedic device technologies.
Key Market Drivers and Trends
The rising incidence of musculoskeletal disorders, including osteoarthritis, rheumatoid arthritis, and osteoporosis, is a primary factor driving the demand for orthopedic devices. The World Health Organization (WHO) reports that musculoskeletal conditions are the leading cause of disability worldwide, affecting approximately 1.71 billion people. This growing patient population necessitates advanced orthopedic solutions to enhance mobility and improve quality of life.
The aging global population further exacerbates the demand for orthopedic devices. As people age, the likelihood of experiencing orthopedic issues, such as joint degeneration and fractures, increases. According to the United Nations, the number of people aged 60 years or over is projected to double by 2050, further boosting the market for orthopedic devices.
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Technological Advancements Fuel Market Growth
Technological advancements are at the forefront of the orthopedic devices market's growth. Innovations such as 3D printing, robotics, and minimally invasive surgical techniques have revolutionized the industry, offering improved precision, reduced recovery times, and enhanced patient outcomes. For instance, the integration of robotics in orthopedic surgeries allows for more accurate implant placement, reducing the risk of complications and improving long-term success rates.
Moreover, the development of patient-specific implants and the use of biomaterials in orthopedic devices are enhancing the durability and compatibility of orthopedic products. The growing trend of personalized medicine is also influencing the market, with customized orthopedic solutions becoming increasingly popular among healthcare providers and patients alike.
Key Orthopedic Devices Companies:
- DePuy Synthes (Johnson & Johnson)
- Medacta
- Medtronic
- Smith & Nephew
- Stryker Corporation
- MicroPort Scientific Corporation
- Zimmer Biomet Holdings, Inc.
- ConforMIS
- DJO Global
- NuVasive, Inc.
- Arthrex, Inc.
- ConMed Corporation
- Globus Medical, Inc
Orthopedic Devices Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 60.00 Billion |
| Market Size by 2032 | US$ 89.60 Billion |
| CAGR | CAGR of 4.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segment Analysis
The orthopedic devices market is segmented into product types, including joint reconstruction, spinal devices, trauma fixation, ortho biologics, and others. Joint reconstruction devices, which include hip, knee, and shoulder implants, held the largest market share in 2023 due to the high prevalence of osteoarthritis and the increasing number of joint replacement surgeries.
The spinal devices segment is also substantial growth, driven by the growing incidence of spinal disorders and advancements in spinal fusion technologies. Trauma fixation devices, used in the treatment of fractures and other traumatic injuries, are experiencing steady demand, particularly in emerging economies where the incidence of road accidents remains high.
Orthopedic Devices Market Key Segmentation:
By Product Type
- Joint replacements
- Hip
- Knee
- Shoulder
- Spinal implants
- Trauma and fracture devices
- Sports medicine devices
- Arthroscopy devices
By Material
- Metal
- Titanium
- Stainless Steel
- Polymers
- PEEK
- UHMWPE
- Ceramics
- Alumina
- Zirconia
By End-user
- Hospitals
- Ambulatory surgery centers
- Clinics
- Rehabilitation centers
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Regional Dynamics
North America held the largest share of the orthopedic devices market in 2023, accounting for a significant portion of global revenue and this dominance is attributed to the region's well-established healthcare set-up, high adoption of innovative technologies, and the presence of major market players. The growing prevalence of obesity and an aging population in the US further contribute to the demand for orthopedic devices.
Europe is the second-largest market, driven by the rising incidence of musculoskeletal disorders and a growing elderly population. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, fueled by increasing healthcare expenditure, improving healthcare infrastructure, and a growing awareness of advanced orthopedic treatments.
Recent Developments
The orthopedic devices market has seen several notable developments in recent years. Major companies are focusing on mergers and acquisitions, collaborations, and new product launches to strengthen their market position and expand their product portfolios. For instance, in 2023, Smith & Nephew launched its RI.HIP NAVIGATION system, is an advanced technology designed to improve the accuracy of hip replacement surgeries.
Moreover, strategic collaborations between technology companies and healthcare providers are driving innovation in the market. The integration of artificial intelligence (AI) and machine learning (ML) in orthopedic surgeries is another trend gaining traction, offering improved diagnostic capabilities and personalized treatment plans.
Key Takeaways
- The global orthopedic devices market is set to grow at a CAGR of 4.5%, reaching USD 89.60 billion by 2032.
- The rising incidence of musculoskeletal disorders and an aging population are major drivers of market growth.
- Technological advancements, including 3D printing and robotics, are enhancing the precision and effectiveness of orthopedic surgeries.
- North America held the largest market share, while the Asia-Pacific region is predicted to be the fastest-growing region over the forecast period.Top of Form
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume, by Region (2020-2032)
- Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. Orthopedic Devices Market Segmentation, by Product Type
8. Orthopedic Devices Market Segmentation, by Material
9. Orthopedic Devices Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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