Orthopedic Device Market size is set to grow by USD 13.91 bn from 2024-2028, continuous advancements in orthopedic technology to boost the market growth, Technavio

NEW YORK, May 20, 2024 /PRNewswire/ -- The global orthopedic device market  size is estimated to grow by USD 13.91 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.23%  during the forecast period. 

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Key Market Trends Fueling Growth

The orthopedic device market is intensely competitive, with manufacturers requiring proficiency in various product categories to maintain leading positions. Orthopedic disorders, an aging population, degenerative bone diseases, road accidents, and musculoskeletal disorders drive market growth. Elective surgeries, implant materials, surgical techniques, telemedicine, sports injuries, and regulatory framework are key market trends. Orthopedic devices include joint replacement implants, osteosynthesis implants, and advanced orthopedic devices. Market leaders, such as Medtronic and Stryker, excel in spine and total joint replacement implants, respectively. The market is influenced by factors like sedentary routines, obesity, non-urgent procedures, infection control, patient safety, and stringent regulatory frameworks. 

Market Challenges

•         The orthopedic device market is subject to manufacturing errors, leading to recalls of susceptible implants and devices. In 2022, 17 orthopedic products were recalled, including Medtronic's Synergy Cranial and SteadthStation S7 Cranial software and Exactech hip implants. These recalls affected numerous individuals, with tens of thousands receiving problematic devices before issues were identified. Sedentary lifestyles, obesity, and non-urgent procedures increase the demand for advanced orthopedic devices. Strict regulatory frameworks oversee 286 joint replacement implants and 315 osteosynthesis implants, addressing infection control, patient safety, and advanced surgical applications. Key orthopedic ailments include osteoarthritis, rickets, osteomalacia, and age-related bone disorders. Minimally invasive surgeries, robots, and computer-aided surgical equipment facilitate orthopedic procedures for knee, hip, and spine issues. Geriatric individuals with osteoporosis, brittle bones, and low bone-to-mass ratio are particularly vulnerable to physical weakening and bone tissue damage.

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Segment Overview 

This orthopedic device market report extensively covers market segmentation by

1. Application
• 1.1 Knee
• 1.2 Spine
• 1.3 Hip
• 1.4 Extremities
• 1.5 Others
2. Product
• 2.1 Orthopedic implants
• 2.2 support devices
• 2.3 Orthobiologics
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Knee-  The Orthopedic Device Market segmented by application showcases robust growth in orthopedic surgical applications, particularly in the knee segment. This expansion is attributed to the increasing prevalence of bone disorders among geriatric individuals, including osteoporosis and brittle bone, as well as physical weakening and degenerative bone diseases. The aging population, with its higher bone-to-mass ratio and increased susceptibility to orthopedic disorders, is a significant contributor to this trend. Additionally, road accidents and sports injuries lead to a high demand for knee replacement implants and osteosynthesis implants. The market is driven by elective orthopedic surgeries, advanced implant materials, and surgical techniques, such as tendon-friendly spiral threads. Telemedicine and medical assistance are also playing a crucial role in the market's expansion. The regulatory framework, including stringent product recalls and infection control measures, ensures patient safety. The market comprises 286 joint replacement implants and 315 osteosynthesis implants from leading manufacturers like Medtronic and Stryker. The market growth is further fueled by the increasing number of non-urgent orthopedic procedures and sedentary routines, as well as the rising obesity rates.

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Research Analysis

The Orthopedic Device Market is experiencing significant growth due to the increasing prevalence of orthopedic disorders in the aging population. Degenerative bone diseases, such as osteoarthritis, and road accidents leading to musculoskeletal disorders are major drivers for this market. The demand for elective orthopedic surgeries, including minimally invasive procedures, is increasing, leading to advancements in implant materials and surgical techniques. However, sedentary routines and obesity pose challenges to patient safety and infection control. Robots and computer-aided surgical equipment are revolutionizing orthopedic surgeries, offering precision and accuracy. The market for non-urgent orthopedic procedures is also expanding, providing medical assistance to those in need. The focus on advanced orthopedic devices continues to prioritize patient safety and infection control, ensuring optimal outcomes for patients.

Market Research Overview

The Orthopedic Device Market encompasses a range of innovative solutions designed to diagnose, treat, and manage various orthopedic conditions. These devices cater to diverse segments, including joint replacements, spine devices, trauma devices, and sports medicine equipment. The market is driven by demographic trends, increasing prevalence of orthopedic disorders, and technological advancements. Stryker, Zimmer Biomet, and Smith & Nephew are some of the major players in this industry. However, this response does not include specific company names. The market is segmented geographically, with North America and Europe leading the market due to advanced healthcare infrastructure and a large aging population. The Asia Pacific region is expected to witness significant growth due to increasing healthcare expenditure and a large patient pool. The use of 3D printing technology and robotics in orthopedic devices is revolutionizing the industry, offering benefits such as customized solutions and improved accuracy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Knee
• Spine
• Hip
• Extremities
• Others
• Product
• Orthopedic Implants
• Support Devices
• Orthobiologics
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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