Global Orthopedic Devices Market

Orthopedic Devices Market Size, Share, Growth Analysis, By Product type(Accessories, and Surgical devices), By Application(Hip; Knee; Spine; Sports injuries, Extremities & Trauma (SET); and others) - Industry Forecast 2024-2031

Report ID: SQMIG35A2189 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 61 | Figures: 75

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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 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. 'Johnson & Johnson', 'Stryker Corporation', 'Zimmer Biomet Holdings, Inc.', 'Medtronic', 'Smith & Nephew plc', 'Arthrex Inc.', 'DePuy Synthes Companies', 'Globus Medical Inc.', 'DJO Global', 'Conmed Corporation', 'Wright Medical Group N.V.', 'NuVasive Inc.', 'B. Braun Melsungen AG', 'Integra Lifesciences Holdings Corporation', 'Össur hf.', 'Acumed LLC', 'Lima Corporate', 'Waldemar Link GmbH & Co. KG', 'RTI Surgical, Inc.', 'Medline Industries, Inc.'

The main factors responsible for driving the growth of orthopedic devices market are the increasing number of orthopedic disorders including degenerative bone diseases, increasing aging population, and also the road accidents, a rapid rise in the incidence of musculoskeletal diseases caused due to obesity and sedentary lifestyle, and others. The increasing popularity of osteoporosis may also propel the market growth.

Increasing preference of more technologically driven products such as robotics, and computer supported surgery for minimally invasive orthopaedic surgeries as this type of surgery are cost-effective and clear, and so on, that can quickly recover patients. Most of the companies are adopting robots to support the surgeons in knee, hip, or spine procedures.

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.

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