USD 42.17 billion
Report ID:
SQMIG35A2189 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
61 |
Figures:
75
Orthopedic Devices Market size was valued at USD 42.17 billion in 2022 and is poised to grow from USD 43.48 billion in 2023 to USD 55.5 billion by 2031, growing at a CAGR of 3.10% during the forecast period (2024-2031).
Orthopedic devices help in pain relief, enhancing the quality, and improving the mobility of patients suffering from musculoskeletal disorders and anomalies. The new form of orthopedic devices may reduce the price of existing devices, which will increase the adoption of the old devices in Asia Pacific and the Middle East, where medical reimbursement availability is limited. This will benefit the orthopedic devices market growth over the forecast period.
The adoption of digital technologies due to the latest technologies are driving predominantly for the benefit of the orthopaedic devices market. Due to the poor demand and sales at the time of COVID-19 pandemic, it badly hit the global orthopaedic devices market.
The various companies experienced operational challenges because of supply chain interruptions, business closures, travel restrictions, stay-at-home protocols, and others. Reportedly, several public health cares in the United States postponed elective surgeries for avoiding cross-infection and fulfilling the demand for managing COVID-19 patients.
US Orthopedic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 42.17 billion
Largest Segment
Knee
Fastest Growth
Knee
Growth Rate
3.10% CAGR
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Global orthopedic devices market is segmented based on the product type, application, and region. Based on product type, the market is segmented into Accessories, and Surgical devices. Based on application, the market is segmented into Hip; Knee; Spine; Sports injuries, Extremities & Trauma (SET); and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Based on product type, the global orthopedic devices market is segmented into Accessories, and Surgical devices. The accessories segment is expected to expand at the fastest CAGR of over 2.8%. The accessories segment is bifurcated into braces, arthroscopes, and other consumables.
The surgical device segment is further divided into drill guides, custom clamps, guide tubes, screwdrivers, and distractors, among others. The devices and tools with modification may propel the demand in the future. Price cuts of older versions due to the innovation and upgrades will create more business opportunities in the developing nations.
Analysis by Application
The knee orthopedic devices segment registered the largest share of market of more than 28.2% in 2021, and is expected to retain the same owing to the increasing volume of knee surgeries. But stringent regulations for the approval of class III medical devices are slowing down the approval of these devices.
However, the Sports medical, Extremities & Trauma (SET) segment will obtain the fastest CAGR during the forecasting year. High awareness about the availability of treatments with the increasing sports and road injuries, is expected to fuel the demand for orthopedic devices in foot and ankle applications.
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North America drives the orthopedic devices market globally with the largest revenue share of over 46% in 2021. Moreover, the increasing requirements for upgraded healthcare services, owing to the presence of well-developed healthcare infrastructure, industry giants may boost the regional market. The increasing geriatric population and rising car accidents are also favouring the number of orthopaedic surgeries conducted in the region. The United States is expected to grow with the increasing technological advancements in the medical devices to treat orthopedic conditions.
Asia Pacific will grow with the fastest CAGR. The largest aging population groups based in China, and India are expected to favour the growth of the market; and demand will increase significantly in these nations in the future. The medical tourism industry with respect to the availability of advanced healthcare treatments at cost-efficient rates will attract more from the target patient population. Japan has the largest number of implant manufacturers and higher healthcare expenditure than most other countries in its region. The new technology-based product is also expected to fuel the regional market growth over the forecasting year.
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Drivers
Rising Disorders to Bolster Market Growth
Restraints
High Cost to Hinder Market Growth
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Global orthopedic devices market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global orthopedic devices market analysis, the increasing requirements for devices that can be immediately cured will boost the new innovative products that can possibly support the growth of the orthopedic devices market. The organizations, however, are supporting the morale of disabled athletes caused due to injuries will fuel the research and development activities in the sports industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 42.17 billion |
Market size value in 2031 | USD 55.5 billion |
Growth Rate | 3.10% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Orthopedic Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Orthopedic Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Orthopedic Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Orthopedic Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35A2189