Orthopedic Devices Market Growth Analysis, Trends Forecast by Regions and Types to 2030

Posted on 2023-04-10 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 10, 2023 — /EPR Network/ —

Orthopedic Devices Industry Overview

The global Orthopedic Devices Market size is anticipated to reach USD 53.8 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a notable CAGR of 3.1% from 2022 to 2030. Major factors expected to drive the market include high demand for orthopedic surgeries owing to the growing prevalence of road accident injuries and orthopedic diseases. The increasing geriatric population, which is prone to orthopedic conditions, is primarily boosting the demand for orthopedic solutions globally. Effects of aging, such as lowering of bone density and weakening of bones due to excessive loss of bone mass, are prominent in people aged 25 years to 54 years and become more noticeable after 55 years.

The rapid adoption of minimally invasive surgeries and an increasing number of sports & road traffic accidents are expected to fuel the market during the forecast period. Arthroscopy, total joint replacement procedures, and spine surgeries are some of the newly adopted minimally invasive surgeries. The implementation of stringent regulatory approval procedures is anticipated to hinder market growth in the near future. In addition, the high cost of devices and surgeries is likely to impede growth.

The COVID-19 pandemic considerably slowed industry growth, with a fall in demand for orthopedic devices in the initial phases of the pandemic in early 2020. Governments imposed restrictions or bans on nonessential medical procedures and elective surgeries. Due to nationwide lockdowns, private and public transportation were paused, resulting in fewer road accidents & injuries. In addition, orthopedic clinics & hospitals in some countries were shut down or had reduced operations.

As per data published by CovidSurg Collaborative, orthopedic procedures were the most commonly canceled ones in 2020, with around 6.3 million surgeries canceled globally. This negatively impacted the orthopedic device market. Furthermore, supply chain disruptions amid lockdowns impacted the uptake of surgical procedures globally. In addition, a decrease in the revenues of key players is likely to hamper the overall market.

Orthopedic Devices Market Segmentation

Grand View Research has segmented the global orthopedic devices market based on product, application, and region:

Based on the Product Insights, the market is segmented into Accessories and Surgical Devices.

The accessories segment is expected to expand at the fastest CAGR of over 3.0% from 2022 to 2030. The accessories segment covers products such as braces, arthroscopes, and other consumables.
Advancements in these devices and tools are anticipated to further propel the demand in the near future. Improvements in technologies and types of implants used in surgical procedures are expected to further impel market growth from 2022 to 2030.

Based on the Application Insights, the market is segmented into Hip, Knee, Spine, Cranio-Maxillofacial (CMF), Dental and Sports Injuries, Extremities and Trauma (SET).

The knee orthopedic devices segment captured the largest market share of over 28.2% in 2021. This segment is anticipated to maintain its leading position from 2022 to 2030, owing to the growing volume of knee surgeries.
The Sports medical, Extremities & Trauma (SET) segment is expected to register the fastest CAGR from 2022 to 2030. A rise in sports and road injuries, coupled with high awareness about the availability of treatments, is anticipated to fuel the demand for orthopedic devices in foot and ankle applications.
High demand for devices that support immediate cure is anticipated to trigger the entry of innovative products into the orthopedic devices market. In addition, organizations working to boost the morale of athletes disabled by sports injuries are expected to boost R&D activities in the sports industry.

Orthopedic Devices Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The global market is oligopolistic with a few international players holding over 80.0% of the market share. The companies focus on product development and offering orthopedic devices at competitive prices, especially in developing economies. The introduction of minimally invasive orthopedic devices for one-time procedures is expected to boost the number of procedures in developed and developing economies.

Some prominent players in the global Orthopedic Devices market include

Medtronic PLC
Stryker Corporation
Zimmer-Biomet Holdings, Inc.
DePuy Synthes
Smith and Nephew PLC
Aesculap Implant Systems, LLC
Conmed Corporation
Donjoy, Inc.
NuVasive, Inc

Order a free sample PDF of the Orthopedic Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick