New York, USA, July 16, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Orthopedic Devices Market was estimated at USD 38,970.0 million in 2023. The market valuation is expected to be USD 57,753.7 million by 2032, registering a staggering CAGR of 4.5% during the forecast period of 2024-2032.
What are Orthopedic Devices?
An orthopedic implant is an assembled device intended to restore a joint, bone, or cartilage because of injury or distortion, such as from battering a leg, losing a limb, or a congenital flaw. Normal medical gadgets utilized for orthopedic applications involve but are not restricted to joint replacement implants such as entire hip arthroplasty and finger joint replacement. Spine balancing implants such as spinal rods, screws, and fixation plates. A bone screw is a metal implant thrust into the bone. Screws are utilized to disable splintered bone segments to help in healing procedures and as a supplement to spine fusion surgery to assist in carrying implants in plates.
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Key Market Stats:
- The orthopedic market size was valued at USD 38970.0 million in 2023.
- The market is anticipated to grow from USD 40695.5 million in 2024 to USD 57753.7 million by 2032.
- The market is expected to exhibit a CAGR of 4.5% during the forecast period.
Major Findings from the Report:
- The market for orthopedic devices is expected to increase notably due to the increasing incidence of sports and auto accident wounds and the growing public consciousness about obtainable treatments.
- The orthopedic devices market segmentation is mainly based on product, application, and region.
- In 2023, Europe registered as the largest market share.
Orthopedic Devices Market Drivers and Trends
- Growing elderly population: The geriatric population is a prominent driver for the market due to the growing prevalence of musculoskeletal illnesses among elderly people. As people age, the possibility of encountering orthopedic problems such as osteoarthritis, fractures, and deteriorating joint illnesses surges.
- Technology progressions: The topography of a contemporary market is modeled by elements such as technological inventions, market demand, administrative conformity, contention, and healthcare trends.
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Market Challenges:
The demand for orthopedic devices market growth is expected to be constrained by their high costs. The escalated disbursement of advancing, manufacturing, and marketing these gadgets assists in escalated healthcare prices, restricting obtainability for patients and laboring healthcare budgets. The price provocation is especially important as healthcare systems worldwide pursue economics and accessibility.
Industry’s Prominent Players:
- Medtronic, Stryker Corp
- Zimmer Biomet
- Johnson & Johnson Services, Inc.
- Smith and Nephew PLC
- RCH Orthopaedics, CONMED Corporation
- B. Braun SE.
- Enovis Corporation
- NuVasive, Inc.
Geographical Landscape:
In 2023, the European region accounted for the most orthopedic devices market share. This is a result of the merger of a progressive healthcare framework, a maturing population, and a robust significance on medical research and invention. The region surrounding varied markets, including the U.K., Germany, France, and others, bringing about holistic growth.
Moreover, due to escalating healthcare consciousness, growing geriatric population, and augmenting healthcare framework, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Product Outlook
- Accessories
- Surgical Devices
By Application Outlook
- Hip
- Knee
- Spine
- Cranio-Maxillofacial
- Dental
- SET
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa
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