Orthopaedic Devices Market: Industry Analysis and Forecast 2023-2029

Orthopaedic Devices Market is anticipated to reach US$ 62.98 Bn. by 2029 from US$ 44.76 Bn. in 2022 at a CAGR of 5 % during a forecast period.

The market is expected to be driven by the high incidence of orthopaedic disorders such as degenerative bone disease, as well as the growing elderly population and the number of road accidents. Additionally, the early development of musculoskeletal disorders caused by obesity and a sedentary lifestyle is expected to fuel growth. In terms of region, the global market for orthopaedic devices in 2022 was dominated by North America. To know about the Research Methodology:- Request Free Sample Report

In the report, 2022 is considered a base year however 2022’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Orthopaedic Devices Market Dynamics:
Increased medical complications, decreased physiological reserve, mortality, and morbidity following trauma may differ significantly between younger and older individuals. People aged 70 and older are more likely to suffer serious injuries as a result of falls and other probable events. According to the National Trauma Database, elderly trauma patients aged 65 and up an account for around a quarter of all trauma patients in the United States. As the population ages, accidents and diseases involving the musculoskeletal system become more common.

The American Academy of Orthopedic Surgeons, a provider of educational programs for allied health professionals and orthopaedic surgeons, published a report confirming that approximately 6.8 million patients suffering from various orthopedic injuries seek medical attention in the United States alone each year. It demonstrates how the increasing occurrence of orthopaedic injuries and musculoskeletal illnesses is causing terrible bodily discomfort and reduced mobility. This is expected to drive the growth of the orthopaedic devices market in the future years.

Continuous technical advancements in orthopedic, as well as design and efficiency breakthroughs, have facilitated the industry's usage and ease of the equipment. Extensive research and development in the equipment used for hip, spinal, and knee replacement has resulted in market innovations such as patient-specific, customized implants and 3D printed implants. Novel automation technologies, together with robots, are being applied to incorporate processes, assisting in the delivery of high-quality gadgets. Furthermore, the use of robots in orthopaedic surgery is less intrusive and offers excellent accuracy, allowing for shorter hospital stays and faster recovery.
Orthopaedic Devices Market Segmentation Analysis
The market for joint reconstruction devices valued at USD 16.8 billion in 2022, driven by the increased frequency of orthopedic disorders and an aging population. Orthopedic operations include joint reconstruction as a standard procedure. Osteoporosis, arthritis, and bone degenerative illnesses are among the most common conditions that cause joint damage. A combination of factors, including an unhealthy and sedentary lifestyle, has made a substantial percentage of the population vulnerable to bone illnesses.
Orthopaedic Devices Market Regional Insight
Because of its well-developed healthcare infrastructure and rising number of orthopedic procedures, the United States dominated the North American orthopaedic devices market, accounting for over 94 percent of revenue in 2022. The incidence of amputations and traffic accidents in the United States is expected to rise, boosting the market for these devices in the country. According to the Insurance Institute for Highway Safety (IIHS) and the Highway Loss Data Institute (HLDI), 33,244 fatal motor vehicle accidents occurred in the United States in 2019, resulting in 36,096 deaths. As the number of accidents in the country rises, so will the usage of orthopaedic equipment.

In 2022, Germany had the greatest revenue share in the European market, accounting for roughly USD 1.9 billion, owing to rising healthcare spending and attempts to avert major health risks. Germany spends the most money on healthcare in Europe. Its healthcare spending per capita increased significantly from USD 4,612 in 2010 to USD 5,472 in 2018. The country spends around 11.4 percent of its GDP on healthcare. Furthermore, the German Federal Government's enactment of the Prevention Act in 2015 promoted healthier lives and reduced the occurrence of a variety of diseases and maladies.

Asia Pacific is expected to grow at the quickest CAGR during the forecast period. China and India are expected to have the world's largest elderly population concentrations. As a result, demand from these countries is expected to increase in the near future. Similarly, the target patient group is expected to be attracted by the thriving medical tourism business as a result of the availability of modern healthcare treatments at cost-effective rates. In comparison to other regional countries, Japan has a big number of implant producers and a high healthcare spending. Additionally, the rapid adoption of new technologies is likely to promote regional market growth.

Report Objectives:

1. Landscape analysis of the Orthopaedic Devices Market
2. competitive benchmarking
3. Past and current status of the industry with the forecasted market size and trends
4. Evaluation of potential key players that include market leaders, followers, and new entrants
5. Technology trends
6. Potential impact of micro-economic factors of the market
7. External and Internal factors affecting market have been analysed

The report also helps in understanding the Orthopaedic Devices Market dynamics, structure by analysing the market segments and project the Orthopaedic Devices Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Orthopaedic Devices Market make the report investor’s guide.
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Orthopaedic Devices Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 44.76 Bn.


Forecast Period 2023 to 2029 CAGR:
5 %
Market Size in 2029:
US $ 62.98 Bn.


 Segments Covered:
by Product Type
Joint Reconstruction Devices
Hip Replacement
Knee Replacement
Ankle Replacement
Shoulder Replacement
Others
Spinal Devices
Trauma Fixation Devices
Orthobiologics
Arthroscopic Devices
Others



Orthopaedic Devices Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Orthopaedic Devices Market Key Players
1. DePuy Synthes
2. DJO Global
3. Medtronic
4. Strykar
5. Smith & Nephew
6. Zimmer Biomet
7. Wright Medical Group, Inc.
8. NuVasive, Inc.
9. Globus Medical, Inc.
10.Arthrex Inc.
11.Johnson & Johnson Services, Inc.
12.Ossur Corporate
13.Integra Lifesciences
14.Biomet
15.Ortho Max Manufacturing Company Pvt. Ltd.
16.Invibio
17.Auxein Medical
18.B. Braun Melsungen AG

Frequently Asked Questions

1. What is the projected market size & growth rate of Orthopaedic Devices Market?
Ans- Orthopaedic Devices Market was valued at USD 44.76 million in 2022 and is projected to reach USD 62.98 million by 2029, growing at a CAGR of 5 % during the forecast period.

2. What are the key driving factors for the growth of Orthopaedic Devices Market?
Ans- Increased medical complications, decreased physiological reserve, mortality, and morbidity following trauma.

3. Which Region accounted for the largest Orthopaedic Devices Market share?
Ans- North America had the highest market share in 2022.

4. What makes Asia Pacific a Lucrative Market for Orthopaedic Devices Market?
Ans- the target patient group is expected to be attracted by the thriving medical tourism business as a result of the availability of modern healthcare treatments at cost-effective rates.

5. What are the top players operating in Orthopaedic Devices Market?
Ans- DePuy Synthes, DJO Global, Medtronic, Strykar, Smith & Nephew, Zimmer, Biomet, Inc., and Wright Medical Group, Inc.