Orthopedic Devices Market Global Scenario, Market Size, Outlook, Trend, and Forecast, 2019 – 2028

The global orthopedic devices market was valued at US$ 43.68 billion in 2020 and would reach US$ 66.13 by 2028; registering a CAGR of 5.3% from 2021 to 2028.
Orthopedic devices are special devices that fix musculoskeletal disorders by reducing motion & providing external support. Orthopedic devices are implanted to replace cartilages, joints, and bones when the person suffers from any injury like in the treatment of fractures, reconstructive surgery, and soft-tissue injuries. The devices are made of stainless steel and titanium alloys, which makes them strong and durable. Research by the United Health Foundation states that every year, approx. 300,000 people above 65 years are hospitalized for hip fractures caused by falling and in every 1000, 25 people go for orthopedic surgeries due to osteoarthritis. The orthopedic devices market ranks third in medical technology after cardiology and in-vitro diagnostics. An increase in the aging population, rising number of accidents resulting in injuries, hike in orthopedic diseases, rising geriatric population, upsurge in musculoskeletal disorders, and technological advancements of the devices are the key reasons driving the global orthopedic devices market.
However, less availability of hospitals & surgical centers, costly surgeries and implants, a limited number of skilled surgeons, stringent government policies, low investments in the healthcare industry in developing economies, and risk of side-effects post surgeries are the major factors that hurdle the global orthopedic devices market. Extensive Research & Development of orthopedic devices is going on for the advancement of the available technologies which is further driving the global market. The key players of the market are adopting strategies like collaborations, partnerships, and product development: they are also vastly investing to provide better treatment options in the global orthopedic devices market. MicroPort launched its Evolution NitrX Medial-Pivot Knee System which is highly efficient in reducing pain, easy to apply, and facilitates speedy recovery further boosting the global orthopedic devices market.

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The global orthopedic devices treatment market is fragmented on the basis of Product, Anatomical Location, Type of Consumables, and Region. The Knee and Hip segment holds the largest market share in the global orthopedic devices market owing to the increasing number of surgeries globally.
The global orthopedic devices market outlook – North America dominates the global orthopedic devices market.
Based on geography, the global market is segmented into North America, Europe, APAC, and RoW. Currently, North America is leading the global market in terms of revenue, followed by Europe. APAC to exhibit the highest CAGR in the forecast period by 2021 – 2028.
Prominent players of the global orthopedic devices market:
Stryker, Zimmer Biomet, Medtronic, ConforMIS, DJO Global, NuVasive, Globus Medical, Medacta, DePuy Synthes, MicroPort Scientific Corporation (Wright Medical Group), Smith & Nephew, and Biome. Stryker is leading the market with the highest revenue.

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