Chicago, March 24, 2023 (GLOBE NEWSWIRE) -- The orthopedic devices industry is expected to grow steadily over the next few years, driven by increasing demand for orthopedic devices as a result of rising rates of chronic conditions such as osteoarthritis and obesity, as well as increasing rates of trauma-related injuries. The industry is also likely to benefit from advances in technology, such as 3-D printing and robotics, which are enabling the development of more precise and personalized orthopedic devices. Additionally, the growing trend of home-based medical care is expected to drive the demand for at-home orthopedic devices, such as braces and splints. As the global population continues to age, the demand for orthopedic devices is expected to remain strong.
Orthopedic Devices market in terms of revenue was estimated to be worth $36.3 billion in 2022 and is poised to reach $48.1 billion by 2028, growing at a CAGR of 4.8% from 2022 to 2028 according to a latest report published by MarketsandMarkets™. Increasing cases of orthopedic disorders, increasing aging population with osteoarthritis, rising participation in sports activities, growing demand for minimally invasive orthopedic surgical procedures are anticipated to fuel the growth of the orthopedic devices market in the coming years.
However, the high costs associated with orthopedic treatments are likely to restrain the growth of this market to a certain extent during the forecast period.
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Orthopedic Devices Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $36.3 billion |
| Estimated Value by 2028 | $48.1 billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Market Size Available for | 2020–2028 |
| Forecast Period | 2022–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Site, Application, End Users, and Region |
| Geographies Covered | North America (US & Canada), Europe (Germany, the UK, France, Italy, Spain, and RoE), APAC (Japan, China, Australia, South Korea India, and the RoAPAC), LATAM (Brazil, Mexico, and RoLATAM), and MEA |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities offered by emerging markets |
| Key Market Drivers | Growing number of patients with orthopedic diseases and disorders globally |
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. The large share of this segment can be attributed to the rising incidence of spinal deformities, growing participation in sports activities, rise in motor vehicle accidents, and technological advancements in spinal fusion surgeries.
Based on the site of injury, the orthopedic devices market is 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. The large share of this segment can be attributed to the increasing incidence of hand and wrist fractures, significant growth in the geriatric patient population, and the increasing prevalence of hand osteoarthritis.
Based on the end user, 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 rising number of orthopedic surgeries performed in hospitals, increasing investments by governments to improve healthcare infrastructure, and the rising hospital admission rate of trauma patients.
On the basis of region, the Orthopedic devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. North America captured the largest share of the global Orthopedic devices market owing to the strong foothold of Orthopedic devices manufacturers in the region, well-established healthcare infrastructure, adoption of strategies such as collaboration & partnership with orthopedic hospitals & clinics to enhance the outreach of their innovative orthopedic devices among end users in the region. Moreover, supportive government regulations and rising number of robotic assisted orthopedic surgeries are anticipated to promote the growth of orthopedic devices market in the region.
Key Market Players:
Prominent players in this market are Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), Zimmer Biomet (US), B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), among others
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Hypothetic Challenges of Orthopedic Devices Market in Near Future:
- Rising cost of orthopedic devices: The cost of orthopedic devices is expected to rise due to increased demand and higher production costs. This could lead to decreased access to these devices for those who need them.
- Advancement in technology: The increasing speed of technology advances offers both potential opportunities and threats. New technologies could provide better solutions for existing orthopedic devices, but they could also potentially disrupt the market.
- Cybersecurity threats: Cybersecurity threats could pose a risk to the orthopedic device market, as hackers could potentially access confidential patient information.
- Regulatory uncertainty: Regulatory changes could complicate the orthopedic device market and make it more difficult for manufacturers to stay compliant.
- Increased competition: New players entering the orthopedic device market could create increased competition and make it harder for existing companies to remain competitive.
Top 3 Use Cases of Orthopedic Devices Market:
- Joint Replacement: Joint replacement is a common use case for orthopedic devices, such as hip and knee implants. Implants are used to replace damaged or worn-out joint parts and improve mobility.
- Spinal Implants: Spinal implants are used to treat a range of conditions, including spinal fractures, spinal deformities, and degenerative disc disease. These devices can help stabilize the spine and reduce pain.
- Trauma Implants: Trauma implants are used to repair fractures, dislocations, and torn ligaments. These devices are used to stabilize the area surrounding the injury and speed up the healing process.
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Recent Developments:
- In January 2023, Zimmer Biomet acquired Embody, Inc. with a focus on strengthening its brand presence in the orthopedic devices market.
- In November 2022, Enovis announced the launch of a new DynaNail Helix fixation system used for the treatment of bone fractures, joint fusion, and bone reconstruction.
- In September 2022, Stryker Corporation introduced New Gamma4 Hip fracture nailing system to expand its orthopedic fixation devices product portfolio.
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