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Orthopedic Devices Market Share Analysis, Overview, Key Players, Growth Rate, And Forecast To 2032
Orthopedic Devices Market Analysis
The Business Research Company's Orthopedic Devices Global Market Report 2023 identifies increase in the patient pool due to the rising geriatric population globally as the major driver for the orthopedic devices market's growth in the forecast period. According to the World Health Organization, the number of people aged 60 years and above was 1 billion in 2020 and the number will rise to 1.4 billion by 2030 and it will reach 2.1 billion by 2050. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. These factors increased the demand for these products and drove the growth of the orthopedic devices market during the historic period.
The global orthopedic devices market size grew from $43 billion in 2022 to $45.79 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global orthopedic devices is expected to grow to $55.75 billion in 2027 at a CAGR of 5.0%.
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Major competitors in the orthopedic devices market are Johnson & Johnson, Zimmer Biomet Holdings, STRYKER CORPORATION, Medtronic Inc., Smith & Nephew plc.
A key trend in the orthopedic devices market includes biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and polylactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws, which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for the second surgery, and are highly useful in fracture fixation in children; and result in less implant-related infections. For instance, Stryker Corporation offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration, and muscle connection to bone.
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The orthopedic devices market is segmented -
1) By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the orthopedic devices market.
The Business Research Company's "Global Orthopedic Devices Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Orthopedic Devices Market Include:
1. Executive Summary
2. Report Structure
3. Orthopedic Devices Market Characteristics
4. Orthopedic Devices Market Product Analysis
5. Orthopedic Devices Market Supply Chain
……
21. Key Mergers And Acquisitions In The Orthopedic Devices Market
22. Market Background: Medical Equipment Market
23. Recommendations
24. Appendix
25. Copyright And Disclaimer
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