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Orthopedic Devices Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Orthopedic Devices Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the orthopedic devices market are focused on developing innovative products such as Golden Isles Pedicle Screw System to strengthen their position and gain competitive advantage. The Golden Isles Pedicle Screw System provides immobilization and stabilization for adult patients undergoing treatment in the lumbar and sacral spine. For instance, in September 2021, Intelivation Technologies, a US-based medical equipment manufacturer, launched the Golden Isles Pedicle Screw System. The system was specifically created to offer immobilization and stabilization to spinal segments in adults when treating the lumbar and sacral spines. It is intended for non-cervical pedicle fixation at the back for patients who have reached skeletal maturity and is intended to address a variety of conditions such as degenerative disc disease, spondylolisthesis, trauma, deformities, pseudoarthrosis, and failed previous fusions.
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Major Key Players of the Market:
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
Orthopedic Devices Market 2024 Key Insights:
• 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%.
• Increasing Arthritis Prevalence Drives Growth In Orthopedic Devices Market
• The Golden Isles Pedicle Screw System Enhances Lumbar And Sacral Spine Treatment
• North America was the largest region in the global orthopedic devices market in 2023
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