The global orthopedic devices market size is anticipated to reach USD 103.9 billion by 2030 and it is projected to grow at a CAGR of 5.3% from 2024 - 2030, according to a new report by Grand View Research, Inc. Major factors driving the market growth include high demand for orthopedic surgeries due to rising road accidents and prevalence of orthopedic diseases. Rise in geriatric population prone to orthopedic conditions primarily drives the global demand for orthopedic solutions. Effects of aging, such as lowering bone density and weakening of bones due to excessive loss of bone mass, are prominent in people from 25 to 54 years of age and becomes more noticeable after 55 years.
High adoption of minimally invasive surgeries and an increasing number of sports and road traffic accidents are expected to fuel growth of the market during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries. Stringent procedures of regulatory approvals are anticipated to hinder market growth over the forecast period. In addition, high cost of devices and surgeries are some other factors likely to impede growth.
COVID-19 pandemic had a significant impact on the market. Elective orthopedic surgeries were postponed allocating resources for COVID-19 patients, leading to reduced demand. However, over time, the market adapted, focusing on infection control, remote consultations, and tele-rehabilitation. This pandemic accelerated digital health adoption, and implant materials evolved for patient safety.
Moreover, key players in the market, such as NuVasive, Inc.; Medtronic plc; Stryker Corporation; Zimmer Biomet; and Smith+Nephew, among others, are engaging in strategic initiatives such as partnerships, collaborations, new product launches, acquisitions, and expansions to strengthen their market position. In January 2022, Smith+Nephew acquired Engage Surgical, which is involved in manufacturing cementless knee systems in the U.S. This acquisition is anticipated to enhance company’s position in meniscal tear solutions and other knee arthroscopy devices.
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Based on products, orthopedic implants segment held the majority share of the market in 2023, with a revenue of USD 37.1 billion owing to rapidly rising number of knee surgeries, hip replacement surgeries, and spinal implant surgeries
Based on end-use, hospitals segment held the majority market share in 2023, with a revenue of USD 42.6 billion. This can be attributed to significant infrastructure advancements and availability of world-class treatment solutions
North America captured the largest market share of 46.2% in 2022 owing to the presence of a large number of major market players and high adoption of advanced technologies are the major driving factors
Asia Pacific is anticipated to witness the fastest CAGR of 7.7% over the forecast period. Presence of a largely untapped market and supportive government regulations are expected to fuel the market growth in this region.
Grand View Research, Inc. has segmented the global orthopedic devices market based on product, end-use, and region.
Orthopedic Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
Drill Guides
Guide Tubes
Implant Holder
Custom Clamps
Distractors
Screwdrivers
Accessories
Braces
Others
Orthopedic Implants
Lower Extremity Implants
Dental Implants
Spinal Implants
Upper Extremity Implants
Other Orthopedic Devices
Orthopedic Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals
Outpatient Facilities
Orthopedic Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Norway
Denmark
Sweden
Asia Pacific
Japan
China
India
Australia
South Korea
Thailand
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
List of Key Players in the Orthopedic Devices Market
NuVasive, Inc
Medtronic
Stryker
Zimmer Biomet
Smith+Nephew
Aesculap Implant Systems, LLC (B.Braun)
CONMED Corporation
DePuy Synthes (Johnson & Johnson)
Enovis (DJO, LLC).
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