Global Orthopedic Devices Market Poised for Significant Growth

The global orthopedic devices market, valued at US$49.63 billion in 2023, is forecasted to grow at a robust CAGR of 4.8%, reaching US$51.61 billion in 2024 and an impressive US$68.51 billion by 2030.
The global orthopedic devices market [https://www.marketsandmarkets.com/Market-Reports/orthopedic-device-280.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=orthopedicdevicesmarket], valued at US$49.63 billion in 2023, is projected to experience a robust CAGR of 14.5%, reaching US$51.61 billion in 2024 and an impressive US$68.51 billion by 2030. This growth is driven primarily by the rising prevalence of orthopedic disorders, particularly among the aging population. Additionally, market expansion is fueled by the continuous introduction of innovative orthopedic devices by key industry players. The increasing demand for orthopedic implants, along with the expansion of surgery centers and hospitals and improved healthcare accessibility in emerging economies, further supports this upward trajectory.

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Market Segmentation and Growth DriversBy Site

The orthopedic devices market is segmented into hand and wrist, spine, foot and ankle, arms and elbow, knee and thigh, hip and pelvis, shoulder, and craniomaxillofacial. The foot & ankle segment is expected to register significant growth over the forecast period, driven by a rising number of ankle injuries, an increasing incidence of osteoarthritis, greater awareness of ankle replacement surgery benefits, and the availability of advanced ankle prosthetic implants.

By Application

The market is categorized into spinal fusion, fixation and decompression, fracture treatment and recovery, rheumatoid arthritis and osteoarthritis, ligament injuries, diabetic foot diseases, and neurological disorders. According to the CDC, approximately 319,000 elderly individuals (aged 65 and older) are hospitalized annually due to hip fractures in the U.S. Fixation devices, which stabilize fractured bones to facilitate healing, are witnessing increased adoption. Additionally, orthobiologics are playing a crucial role in orthopedic surgical procedures by accelerating recovery. The rising prevalence of rheumatoid arthritis and osteoarthritis, coupled with an aging population, is expected to drive demand for orthopedic devices.

By End User

The orthopedic devices market is further segmented into hospitals & surgical centers, ambulatory care centers & trauma units, orthopedic clinics, home care, and other end users. In 2024, hospitals & surgical centers are anticipated to dominate the market. However, due to advancements in surgical technology, improved anesthesia protocols, and Medicare reimbursement reforms, there is a growing shift toward outpatient orthopedic procedures in ambulatory surgical centers (ASCs). This trend is expected to drive the growth of ambulatory care centers and trauma units, contributing to the overall market expansion.

Key Players in the Orthopedic Devices Market

Several industry leaders are shaping the orthopedic devices landscape, including:

Stryker Corporation (US)

Stryker Corporation is a dominant player in the global orthopedic devices market, with a strong presence across North America, Europe, the Middle East, Africa, and the Asia-Pacific. Operating in over 75 countries, the company specializes in joint replacement devices under its Orthopedics & Spine division. Stryker continuously enhances its product portfolio through innovation and new product launches, maintaining its leadership by addressing unmet medical needs with advanced orthopedic solutions.

Zimmer Biomet Holdings, Inc. (US)

Zimmer Biomet is a key manufacturer and distributor of medical and healthcare products, including orthopedic implants in the Knees, Hips, and S.E.T categories. The company boasts a strong presence in Europe (Germany, France, Italy, Switzerland, Spain, the UK), Asia (Japan, South Korea, China, Australia, India, and more), and the Middle East & Africa. Additionally, Zimmer Biomet maintains an extensive distribution network across the Benelux, Nordic, Central and Eastern Europe regions.

Johnson & Johnson MedTech (US)

Johnson & Johnson MedTech is a major player in the orthopedic devices sector, focusing on manufacturing, R&D, and global marketing. The company operates within the MedTech business segment, offering joint replacement devices aimed at improving clinical outcomes. A notable collaboration with CrossRoads Extremity Systems (US) underscores Johnson & Johnson's commitment to innovation in orthopedic care. The company operates in over 60 countries, leveraging subsidiaries like DePuy, Inc., Ethicon, Inc., and LifeScan, Inc. to enhance its market reach.

Looking Ahead

With continued technological advancements, rising orthopedic disorder prevalence, and increasing healthcare access worldwide, the orthopedic devices market is set for remarkable expansion in the coming years. Industry leaders remain focused on innovation, ensuring that cutting-edge solutions cater to evolving patient and surgical needs, further propelling market growth.

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