Orthopedic Devices Market Expected to Reach US$59.6 Billion by 2025, Fueled by Rising Prevalence of Orthopedic Conditions and Advancements in Medical Technology
The global orthopedic devices market is poised for significant growth, with a projected value of US$59.6 billion by the end of 2025, compared to approximately US$44 billion in 2020. Key drivers for this growth include the high incidence of musculoskeletal conditions, a growing aging population, and lifestyle factors such as obesity. Additionally, advancements in medical technology, despite setbacks from the COVID-19 pandemic, are expected to play a crucial role in driving market expansion.
Key Findings from the Report:
- The global orthopedic devices market is anticipated to exhibit a steady Compound Annual Growth Rate (CAGR) of 3% from 2021 to 2025, despite challenges posed by the COVID-19 pandemic.
- An increasing rate of diagnosis contributes to the markets growth.
- Sports medicine and orthobiologics are identified as high-growth segments, with joint reconstruction being the largest product category.
- The Asia Pacific region, driven by medical tourism and rising trauma injuries, is expected to experience the highest market growth.
- The top 15 players in the orthopedic devices market collectively capture more than 65% of the total market revenue.
Market Insights:
The global orthopedic devices market is on a growth trajectory due to several key factors. Musculoskeletal conditions are becoming increasingly prevalent worldwide, with up to 33% of the global population estimated to live with painful musculoskeletal conditions. The International Osteoporosis Foundation reported an estimated 9 million cases of osteoporosis fractures globally in 2000, with significant numbers in Europe, the Americas, and the Western Pacific region. This high prevalence of orthopedic conditions is driving the demand for orthopedic procedures and devices.
Growth Drivers:
- High Incidence of Musculoskeletal Conditions and Improved Diagnostics: Rising rates of musculoskeletal diagnoses and the high prevalence of osteoporosis fractures are boosting the number of orthopedic procedures globally. The World Health Organization estimates that musculoskeletal conditions affect a significant portion of the worlds population, indicating a positive growth outlook for the orthopedic devices market.
- Patient Acceptance of Implants with Enhanced Precision and Reduced Risk: Advancements in orthopedic surgical interventions, including autonomous surgical robots, 3D printed surgical planning models and instruments, and augmented reality-assisted surgeries, have led to greater patient acceptance of orthopedic implants. Technological innovations are transforming orthopedic interventions, promising precision and risk reduction.
Overview of Key Segments:
- Joint Reconstruction Remains the Largest Product Category: Joint reconstruction implants, including hip, knee, and extremities, accounted for a significant share of the orthopedic devices market in 2020. The number of joint arthroplasty procedures is expected to quadruple in the U.S. by 2030, according to the Centers for Disease Control and Prevention.
- Sports Medicine and Orthobiologics Show High Growth: Sports medicine and orthobiologics are projected to be high-growth segments in the orthopedic devices market. Increasing sports injuries and a rise in the number of athletes globally are driving demand for sports medicine devices.
Growth Opportunities Across Regions:
- Asia Pacific Gains from Medical Tourism: The Asia Pacific region is expected to register the highest growth in the orthopedic devices market, primarily due to growing trauma injuries. Medical tourism is also contributing to the increased utilization of orthopedic devices in this region, with countries like India and Thailand offering cost-effective healthcare services.
Orthopedic Devices Market Competition:
Major players in the orthopedic devices market are making substantial investments to expand organically and through acquisitions. For example, Stryker Corporations acquisition of Wright Medical for US$4.7 billion has positioned the company as a market leader. The top 15 players in the market collectively account for a significant portion of the global orthopedic devices market.
Key Market Players:
Leading companies in the orthopedic devices market include Acumed LLC (Colson Associates, Inc.), Arthrex, Inc., Aesculap, Inc. (B. Braun company), CONMED Corporation, DePuy Synthes (J&J), DJO, LLC (Colfax Corporation), Exactech, Inc., Globus Medical, Medtronic (Spine Division), NuVasive, Inc., Orthofix Medical Inc., ?ssur, Smith+Nephew, Stryker Corporation, Wright Medical (Stryker), and Zimmer Biomet.
Browse Global Orthopedic Devices Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage(Joint Reconstruction,Spine,Trauma,Sports Medicine,Orthobiologics,Others), End User Coverage, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/orthopedic-devices-market
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Orthopedic Implants Market: https://www.fairfieldmarketresearch.com/report/orthopedic-implants-market
Orthopaedic Joint Replacement Market: https://www.fairfieldmarketresearch.com/report/orthopaedic-joint-replacement-market
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COMTEX_440951588/2840/2023-09-26T03:04:58
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