Orthopedic Devices Market Size is Projected To Reach USD 43250 Million By 2027 At A CAGR of 3.0% - Valuates Reports

BANGALORE, India, Nov. 30, 2021 /PRNewswire/ -- Orthopedic Devices Market IS Segmented By Type - Joint Reconstruction, Spinal Devices, Trauma Fixation Devices, Arthroscopic Devices, Orthopedic Accessories, Others, Market By Application - Hip, Knee, Spine, Dental, Craniomaxillofacial, Others. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the  Medical Facilities & Services Category.

The global Orthopedic Devices market size is projected to reach USD 43250 million by 2027, from USD 34190 million in 2020, at a CAGR of 3.0% during 2021-2027.

Major Factors Driving The Growth Of The Orthopedic Device Market Are

Increased occurrence of orthopedic injuries or disorders such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis are among the major factors driving the growth of the orthopedic device market. In addition, the orthopedic device industry is being driven by substantial growth in the aging population around the world.

Furthermore, the early onset of musculoskeletal disorders caused by obesity and a sedentary lifestyle, as well as sports-related injuries, are predicted to fuel growth.

During the forecast period, emerging economies provide the profit potential for the expansion of the orthopedic devices market. In emerging economies, there is predicted to be a greater number of road accidents, which would fuel the Orthopedic Devices market growth.

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TRENDS INFLUENCING THE GROWTH OF THE ORTHOPEDIC DEVICES MARKET

Due to an increase in the older population, the number of persons who have had joint replacement surgeries, such as total knee and hip replacement, has gradually climbed and continues to rise. The older population's demand for orthopedic implants is increasing due to an increase in musculoskeletal illnesses and osteoporosis-related fractures. This in turn is expected to drive the growth of the orthopedic devices market growth.

Continuous technological advancements in orthopedic devices, as well as design and efficiency breakthroughs, have further aided the Orthopedic Devices market growth. Patient-specific, personalized implants and 3D printed implants have been launched to the market as a result of extensive research and development in the equipment used for hip, spinal, and knee replacement. In business operations, novel automation technologies combined with robotics are being introduced, further assisting in the delivery of high-quality products.

The worldwide orthopedic devices market is predicted to develop as the incidence of sports injuries rises. The increasing number of women participating in sports, the growing number of major sporting events, and an active lifestyle are all predicted to result in injuries that will necessitate the use of orthopedic devices for joint repair.

Elective surgeries are being prioritized as the global healthcare system recovers from the pressures of COVID-19. This is projected to increase demand for orthopedic devices during the forecast period. Improved diagnostics that aid in the detection of osteoporosis fractures and musculoskeletal problems would also assist the orthopedic devices market growth.

However, the high cost of procedures requiring orthopedic implants therapy, as well as stringent government policies, are impeding the orthopedic devices market growth.

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ORTHOPEDIC DEVICES MARKET SHARE ANALYSIS

Based on region, North America is expected to be the most lucrative region. This is due to the presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure.

Based on type, the Joint reconstruction devices segment is expected to be the most lucrative, due to the rising prevalence of orthopedic conditions along with the increasing geriatric population.

Based on application, the Knee Orthopedic Devices segment is expected to be the most lucrative during the forecast period. 

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Orthopedic Devices Market By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Orthopedic Devices Market By Company

• Zimmer Biomet Holdings
• Medtronic
• Wright Medical Group
• Smith & Nephew
• Stryker Corporation
• RTI Surgical
• Arthrex

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