Orthopedic Devices Market Size to Surpass USD 80.28 Billion by 2030, exhibiting a CAGR of 4.5%

As per the report by Fortune Business Insights, the global Orthopedic Devices Market size is projected to reach USD 80.28 billion in 2030, at a CAGR of 4.5% during the forecast period, 2023-2030

Orthopedic Devices Market

Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) — Global Orthopedic Devices Market Size was valued at USD 56.84 billion in 2022 and is projected to grow USD 80.28 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period. The expansion can be credited to the growing elderly population, which is expected to increase the surgical volume.

This information is provided by Fortune Business Insights™ in its research report titled Orthopedic Devices Market, 2023-2030.

Key Industry Development-

• January 2023: Orthofix US LLC, a medical device company, and SeaSpine announced the completion of the merger to create a leading global spine and orthopedics company.

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Key Takeaways –

• Orthopedic Devices Market size in North America was USD 24.32 billion in 2022
• Increasing Prevalence of Traumatic Injuries and Orthopedic Disorders Driving Market Expansion
• Growing Elderly Demographic Enhancing Surgical Procedure Numbers, Propelling Market Expansion
• The joint reconstruction devices segment is expected to hold a major market share during the projected period.

Discover the Leading Players Featured in the Report-

Stryker (U.S.), Johnson & Johnson Services, Inc. (U.S), Zimmer Biomet (U.S.), Smith & Nephew (U.S.), Medtronic (Ireland), NuVasive, Inc. (U.S.), Arthrex Inc. (U.S.), Globus Medical (U.S.), Össur Corporate (Iceland), Integra LifeSciences (U.S.)

Report Scope & Segmentation:

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Drivers & Restraints:

Surging Incidence of Traumatic Injuries and Orthopedic Disorders to Impel the Market Growth

One of the major factors driving the orthopedic devices market growth is the increasing prevalence of orthopedic disorders and traumatic injuries. The demand for orthopedic devices is poised to rise due to growing cases of orthopedic injuries and musculoskeletal disorders that result in agonizing physical pain and limited mobility. As per a 2019 report by the American Academy of Orthopedic Surgeons, medical attention is required by around 6.8 million people diagnosed with orthopedic injuries annually in the U.S.

Despite such an expanding scope for product adoption, the high cost associated with surgical implantation may impede market growth.

Segmentation:

By Type

Joint Reconstruction Devices

• Knee
• Hip
• Extremities

Spinal Devices

• Spinal Fusion Devices
• Spinal Non- Fusion Devices

Trauma Devices

• Arthroscopy Devices
• Orthobiologic Devices
• Others

By End User

• Hospitals
• Orthopedic Clinic
• Ambulatory Surgical Centers
• Others

Regional Insights:

North America Dominated due to Growing Number of Orthopedic Surgeries

North America held the dominating orthopedic devices market share and is estimated to witness significant growth over the forecast period. The number of orthopedic surgeries is increasing in the region. This factor is driving the regional growth.

The Europe market for orthopedic devices is slated to expand significantly during the forecast period. The rising healthcare expenditure is escalating the regional expansion.

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Competitive Landscape:

Leading Companies Focus on Mergers and Acquisition Strategies to Capture the Largest Market Share

Prominent companies of orthopedic devices are deploying different competitive strategies to extend their industry footing. Some of these strategies include collaborations, joint ventures, product innovations, and others. Several companies are also focusing on mergers and acquisitions to gain a competitive edge.

FAQs

How big is the Orthopedic Devices Market?

Orthopedic Devices Market size was USD 56.84 billion in 2022. It is expected to reach USD 80.28 billion in 2030.

How fast is the Orthopedic Devices Market growing?

The Orthopedic Devices Market will exhibit a CAGR of 4.5% during the forecast period, 2023-2030.

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