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Orthopedic Devices Market Size, Trends And Global Forecast 2033
Orthopedic Devices Market Size
The Business Research Company presents an extensive market research report on the Orthopedic Devices Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The orthopedic devices market size has grown strongly in recent years. It will grow from $47.05 billion in 2023 to $50.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to aging population, prevalence of osteoarthritis, rise in orthopedic procedures, regulatory approvals and standards, focus on patient outcomes and quality of life, increased awareness of joint health.
The orthopedic devices market size is expected to see strong growth in the next few years. It will grow to $65.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growing value-based healthcare models, focus on sustainability, regenerative approaches for joint preservation, enhanced implant coatings and materials. Major trends in the forecast period include smart orthopedic devices, robotics in orthopedic surgery, customized orthopedic bracing, nanotechnology in orthopedics, telemedicine in orthopedic care.
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Key Market Players:
Major companies operating in the orthopedic devices market report are Aesculap Implant Systems LLC, Johnson & Johnson, Medtronic Inc., Stryker Corporation, B. Braun Group, Zimmer Biomet Holdings, Smith & Nephew plc, Arthrex, Allegra Orthopaedics, Enovis, Integra LifeSciences Corporation, NuVasive Inc., DJO Global, CONMED Corporation, Globus Medical Inc., MicroPort Scientific Corporation, Wright Medical Group N.V., Össur, Orthofix Medical Inc., DeRoyal Industries, Alphatec Holdings Inc., LimaCorporate S.p.A., Exactech Inc., Acumed LLC, Corin Group PLC, Waldemar Link GmbH & Co. KG, ConforMIS Inc., FH Orthopedics, BSN Medical, Nippon Sigmax Co. Ltd., Implantcast GmbH, Invibio Ltd., KM Group Holdings Inc., Mathys AG Bettlach, Medacta International SA, OrthAlign Inc., OrthoPediatrics Corp., OrthoSensor Inc., Paradigm Spine LLC, SpineGuard SA
Market Drivers:
The rise in the prevalence of arthritis is expected to propel the growth of the orthopedic device market going forward. Arthritis is a term employed to characterize discomfort or illness affecting the joints, involving the inflammation or enlargement of one or multiple joints. The utilization of orthopedic devices can prove advantageous for individuals experiencing arthritis, as they can alleviate pain, enhance mobility, and enhance overall functionality. For instance, in October 2021, according to the Centers for Disease Control and Prevention, a US-based Department of Health and Human Services, it was projected that by 2040, approximately 78.4 million adults who are 18 years of age or older (equivalent to 25.9% of the anticipated total adult population) will be diagnosed with arthritis by a physician, which is an increase from 63 million in 2020. Therefore, the rise in prevalence will drive the growth of the orthopedic device market.
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The orthopedic devices market covered in this report 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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