Market Overview
The global orthopedic devices market is mainly driven by the rising demand for technological upgradation in orthopedic devices, the rising prevalence of conditions requiring the use of orthopedic devices, such as osteoporosis, and the increasing growth prospects for the market in developing countries. Approximately 10 million U.S. citizens have osteoporosis, according to the National Osteoporosis Foundation, along with 44 million more with low bone density, which leaves them at a greater risk of osteoporosis and other bone disorders. Rising awareness about the disease and the effectiveness of orthopedic devices in correcting the problems caused by the disease is likely to be a major driver for the global orthopedic devices market over the forecast period.
The global orthopedic devices market size was valued at USD 36.9 billion in 2023. The orthopedic devices market industry is projected to grow from USD 39.29 Billion in 2024 to USD 61.02 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.56% during the forecast period (2024 - 2032), according to the latest research report from Market Research Future (MRFR).
Competitive Analysis:
Global Orthopedic Devices Market players include
- DePuy Synthes Companies,
- Medtronic,
- Smith & Nephew plc,
- Zimmer Inc.,
- Stryker Corporation,
- NuVasive Inc., and
- Globus Medical Inc.
Industry Updates and Opportunities:
Strong technological advancement is also likely to further the cause of the global orthopedic devices market over the forecast period. Technological advancement in the global orthopedic devices market mainly focuses on making the devices lighter and more easily wearable, apart from bringing about innovations that help manufacture the devices at a cheaper price. 3D printing is likely to become more popular in the global orthopedic devices market over the forecast period, as it allows for precise manufacturing at relatively cheap costs.
Segmentation:
The global orthopedic devices market is segmented on the basis of type, application, end use, and region.
By type, the global orthopedic devices market is segmented into spinal devices, bone repair, joint replacement, trauma fixation, consumables and disposables, and others.
By application, the global orthopedic devices market is segmented into spine, knee, foot and ankle, hip, trauma and extremities, and others.
By end use, the global orthopedic devices market is segmented into hospitals, ambulatory surgery centers, and medical research centers. Hospitals are likely to remain the leading revenue generator in the global orthopedic devices market over the forecast period.
Regional Analysis:
North America holds the largest market share in the global orthopedic device market, accounting for 39.6% of the market in 2016. The growing prevalence of osteoporosis and other bone conditions in North America has been a major driver for the orthopedic devices market in the region. The strong presence of the technological framework required to adopt 3D printing on a large scale is also likely to be a major driver for the orthopedic devices market in North America over the forecast period. 3D printing has been pioneered in North America and many major 3D printing manufacturers are located in the region. This is likely to further the cause of the orthopedic devices market in North America over the forecast period.
Europe is also a major regional market for orthopedic devices and is expected to experience strong growth over the forecast period due to the growing number of osteoporosis cases in the region. The Europe market for orthopedic devices is expected to reach a valuation of USD 19,467.6 million by 2023.
Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the rising demand for advanced orthopedic devices to correct spinal and other bone-related conditions. The Asia Pacific market for orthopedic devices is expected to exhibit a strong 6.2% CAGR over the forecast period.
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