Fort Collins, Colorado, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Orthopedic Devices Market was valued at USD 37.7 Billion in 2022 and is expected to reach a market size of USD 57.4 Billion by 2032 at a CAGR of 4.4%.
The orthopedic devices market has grown significantly due to demographic changes, technological advancements, and healthcare infrastructure shifts. Chronic diseases like diabetes and obesity have increased demand for orthopedic devices.
Diabetic foot ulcers and joint problems caused by obesity require specialized orthopedic devices for treatment and replacement procedures. Orthopedic technology has advanced significantly, developing minimally invasive surgical procedures and high-tech orthopedic devices. These innovations have improved patient outcomes, reduced recovery times, and elevated the quality of orthopedic care, creating a favorable environment for market growth.
The popularity of sports and fitness has led to a rise in sports-related injuries, resulting in a surge in demand for orthopedic devices like braces, splints, and supports. The Centers for Disease Control and Prevention reports that approximately 30 million American children and teenagers engage in organized sports, with 3 million athletes aged 14 or younger experiencing sports injuries yearly. As a result, the orthopedic product market has been boosted by the growing interest in physical activities.
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Segmentation Overview:
The global orthopedic devices market has been segmented into type, end-user, and region. The orthopedic devices market is divided into joint reconstruction devices, including knee, hip, and extremities, and spinal devices, such as spinal fusion and non-fusion. The former includes hip and knee replacement implants, while the latter comprises implants like plates, screws, rods, and cages. Hospitals and orthopedic clinics are the primary end-users of these devices, requiring a wide range of orthopedic implants, instruments, and devices for various orthopedic surgeries and procedures.
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Orthopedic Devices Market Report Highlights:
- The global orthopedic devices market growth is anticipated at a CAGR of 4.4% by 2032.
- The orthopedic devices market is expected to grow due to the high incidence of orthopedic disorders and the rapid development in healthcare infrastructure globally.
- North America dominates the market, with the United States being a major player and exporter of orthopedic devices, especially joint replacements, spinal implants, and arthroscopy devices, due to its aging population and robust healthcare infrastructure.
- Some prominent players in the orthopedic devices market report include Medtronic PLC, Stryker Corporation, Zimmer-Biomet Holdings, Inc., DePuy Synthes, Smith and Nephew PLC, Aesculap Implant Systems, LLC, Conmed Corporation, Johnson & Johnson, Donjoy, Inc., and NuVasive, Inc. among others.
Industry Trends and Insights:
- DJO Global's DonJoy Performance line is now available through the MioTech Store's online retail store, offering athletes a suite of high-performance products tailored for over-the-counter purchases.
- Globus Medical has merged with NuVasive, a spine technology company, in a $3.1bn all-stock transaction.
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Orthopedic Devices Market Segmentation:
- By Type: Joint Reconstruction Devices (Knee, Hip, Extremities), Spinal Devices ( Spinal Fusion Devices, Spinal Non-Fusion Devices), Trauma Devices, Arthroscopy Devices, Orthobiologic Devices, and Others
- By End-user: Hospitals, Orthopedic Clinic, Ambulatory Surgical Services
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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