London, March 27, 2023 (GLOBE NEWSWIRE) -- With a surge in disposable incomes and better standards of living, people are now more capable of engaging in various sporting activities for recreational or occupational purposes. This has increased the potential for injury which then requires proper treatment. Fairfield Market Research projects that the global orthopedic devices market is expected to be valued at US$59.6 Bn by 2025. There has been a steady increase in the prevalence of musculoskeletal conditions that are being brought about by elements such as obesity. Additionally, there continues to be a rise in the number of geriatric individuals, as well as chronic disease patients globally, which are more likely to develop various physical ailments that require effective diagnosis and treatment. The International Osteoporosis Foundation reports there were an estimated 9 million osteoporosis fracture cases worldwide in 2000, and the number has grown substantially over the years.
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Key Research Insights
- Orthopedic device sales worldwide are likely to account for the valuation of nearly US$59.6 Bn in 2025
- Market growth is expected to progress at around 6.3% CAGR during the period of forecast
- Join reconstruction currently leads its way in the orthopedic devices market, sports medicine emerges highly promising
Insights into Segmental Analysis
The global orthopedic devices market is segmented as follows – Product, End User, and Region. Based on the ‘Product’ market segmentation, the ‘Joint Reconstruction’ sub-segment is expected to account for the majority share of this market owing to the increasing number of orthopedic interventions in recent years. Moreover, ‘Sports Medicine’ is a market sub-segment that is expected to show great promise in the coming years. In terms of ‘End-User’ market segmentation, the ‘Hospitals’ sub-segment is slated to account for the majority market share due to the large patient pool that is treated at these facilities as well as reimbursement policies that offer treatment coverage at these centres.
Key Report Highlights
- Advancements in orthopedic device technology allow for more precise and effective treatments for various orthopedic conditions, resulting in a higher adoption rate, driving demand
- A consistently climbing rate of sports injuries will favor market growth to a large extent
- Demand for joint reconstruction products to thrive on the back of a growing number of procedures on knee, hip, and extremities
Insights into Regional Analysis
While North America is expected to account for a considerable part of this global market due to existing healthcare infrastructure, the adoption of innovative practices, and the presence of favourable regulations and policies by respective governments in this region. However, the Asia Pacific is expected to index the highest CAGR over the forecast period. This can be attributed to the development of affordable medical technology, a growing number of accident-related injuries, as well as the rise in medical tourism in this region.
Key Players in the Orthopedic Devices Market
Apart from Acumed LLC (Colson Associates Inc.), Arthrex Inc., Aesculap Inc. (B. Braun company), CONMED Corporation, and DePuy Synthes (J&J), this report will cover other prominent players in the orthopedic devices market, particularly detailing their respective key strategic developments that lend a competitive edge. Some of these other major profiled companies include DJO LLC (Colfax Corporation), Exactech Inc., Globus Medical, Medtronic (Spine Division), NuVasive Inc., Orthofix Medical Inc., Össur, Smith&Nephew Plc, Stryker Corporation, Wright Medical (Stryker), and Zimmer Biomet.
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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 | 6.3% | |
| Key Players | Acumed LLC (Colson Associates Inc.), Arthrex Inc., Aesculap Inc. (B. Braun company), CONMED Corporation, and DePuy Synthes (J&J), DJO LLC (Colfax Corporation), Exactech Inc., Globus Medical, Medtronic (Spine Division), NuVasive Inc., Orthofix Medical Inc., Össur, Smith&Nephew Plc, Stryker Corporation, Wright Medical (Stryker), Zimmer Biomet | |
The Global Orthopedic Devices Market is Segmented as Below:
By Product Coverage
- Joint Reconstruction
- Knee
- Hip
- Extremities
- Spine
- Trauma
- Sports Medicine
- Orthobiologics
- Others
By End User Coverage
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centres
- Others
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Acumed LLC (Colson Associates, Inc.)
- Arthrex, Inc.
- 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
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Orthopedic Devices Market Outlook, 2017 - 2025
4. North America Orthopedic Devices Market Outlook, 2017 - 2025
5. Europe Orthopedic Devices Market Outlook, 2017 - 2025
6. Asia Pacific Orthopedic Devices Market Outlook, 2017 - 2025
7. Latin America Orthopedic Devices Market Outlook, 2017 - 2025
8. Middle East & Africa Orthopedic Devices Market Outlook, 2017 - 2025
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/orthopedic-devices-market/more-information
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