Orthopedic Devices Market worth $48.1 billion by 2028

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 new report by MarketsandMarkets™. Growth in elderly population worldwide, increasing number of osteoarthritis cases, growing participation in sports, rising awareness about the presence of orthopedic treatment, technological advancements and growth strategies adopted by the players in the orthopedic devices such as product launches, agreements, partnerships, and acquisitions are expected to propel the growth of the market.

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The orthopedic devices market includes major Tier I and II suppliers of orthopedic products 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), MicroPort (China), Nippon Sigmax Co., Ltd. (Japan), TriMed Inc. (US), Altis Biologics (South Africa), Isto Biologics (US), ITS (Austria), Meril Life Sciences Pvt. Ltd. (India), Mueller Sports Medicine, Inc. (US), RCH Orthopaedics (India), and FLA Orthopedics (US).

Increasing aging population with degenerative spine diseases are anticipated to accelerate the demand for spinal implants and surgical devices

The incidence of degenerative lumbar spine disease is currently increasing among older generation, and this has led to an increased demand for spinal surgeries. Acceptance of minimally invasive procedures in treatment of spinal cord disorders involve lesser muscle damage, blood loss, shorter hospital stays; quicker recovery; and preservation of spinal mobility post-surgery are contributing towards the growth of the segment. Moreover, rising cases of road accidents and sports related spinal injuries and growing advancements in spinal implants are anticipated to enhance the growth of segment.

Orthopedic devices market is anticipated to grow at the fastest pace in Asia Pacific

The Asia Pacific orthopedic devices market is projected to grow at the highest CAGR of 5.8% from 2022 to 2028. The presence of a large patient population, improved healthcare infrastructure, the rising number of hospitals, and the rapidly growing aging population (especially in Japan and China) are likely to contribute towards the rapid growth of orthopedic devices market in Asia Pacific Additionally, grants offered by the government to promote the awareness and research on orthopedic diseases, expansion of geographical footprints of key players in Asian Countries by setting up orthopedic devices manufacturing units and increasing local manufacturers in the region are anticipated to support the significant growth orthopedic devices market in Asia Pacific.

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Orthopedic Devices Market Dynamics:

Drivers:

Increasing prevalence of orthopedic diseases and disorders
Growing demand for minimally invasive orthopedic surgical procedures
Rising number of sports and accident-related orthopedic injuries
Increasing geriatric population
Increasing research funding and initiatives adopted by orthopedic manufacturers to promote brand awareness

Restraints:

Risks and complications associated with orthopedic surgical procedures
High costs associated with orthopedic treatments

Opportunities:

Growth opportunities offered by emerging markets
Rising number of hospitals and shift toward outpatient care
Increasing use of robotics and 3D printing in orthopedics

Challenges:

Dearth of orthopedic surgeons

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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