Orthopedic device market size to grow by USD 12.11 billion between 2022 and 2027 | North America will account for 37% of the market growth - Technavio
NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The orthopedic device market size is set to grow by USD 12.11 billion from 2022 to 2027, progressing at a CAGR of 3.85% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. North America will account for 37% of the market growth during the forecast period. The growth of the regional market is driven by the high adoption of orthopedic devices and an increase in the number of surgical procedures. The increasing volume of spinal non-fusion procedures, fast and easier acceptance of technologically updated spinal implants, and growing investments by vendors in clinical trials are other major factors driving the growth of the orthopedic devices market in North America. Here is an exclusive report talking about market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!
Orthopedic Device Market 2023-2027 - Market Dynamics
- Driver -The market is driven by increase in the target population with orthopedic disorders, trauma, and sports injuries. The number of hip and knee replacement surgeries, craniomaxillofacial (CMF) procedures, and sports-related injuries has increased over the years. Orthopedic devices have been successfully implanted to treat various orthopedic conditions, such as osteoporosis, arthritis, trauma, back pain, and other emergency procedures. The use of orthopedic implants has helped in restoring mobility, supporting weak bones, and reducing pain in patients across the world. The prevalence of various orthopedic conditions is increasing worldwide. For instance, two-thirds of the arthritis population are women. By 2040, an estimated 34.6 million adults will report arthritis-attributable activity limitations. All these factors are expected to drive the growth of the market during the forecast period.
- Trend – New product launches coupled with R&D activities will emerge as a key trend in the market. The market is highly competitive with the presence of several key vendors focused on maintaining their leading positions. These vendors are continuously involved in R&D activities to develop innovative products and gain a competitive advantage. They are also focused on reducing manufacturing costs by offering effective and useful tools to provide customized implants for treating various deformities. This is resulting in an increase in the number of product launches by vendors in the market. For instance, in February 2023, OSSIO, Inc., an orthopedic fixation technology company, launched a new OSSIOfiber Compression Staple orthopedic fixation. The new product allows surgeons to manage stronger, bio-integrative compression. The introduction of such innovative products will positively influence the market growth over the forecast period.
- Challenge – Rising product recalls by vendors will challenge the growth of the market. Orthopedic devices and implants can have manufacturing errors. Hence regulatory agencies evaluate all medical devices for potential risks by conducting a health hazard evaluation. This has resulted in the recall of many orthopedic devices in the market. Any adverse effects caused during or after the implantation procedure will force the regulators to put pressure on the vendors to recall their products. This has necessitated vendors to establish enough clinical data regarding the safety and efficacy of their devices before making them commercially available. Such challenges will restrict the growth of the market during the forecast period.
Orthopedic Device Market 2023-2027: Market Segmentation
The orthopedic device market is segmented by application (spine, knee, hip, extremities, and others), product (orthopedic implants and support devices and orthobiologics), and geography (North America, Europe, Asia, and Rest of World (ROW)).
The market growth in the spine segment will be significant during the forecast period. The growth of the segment is driven by factors such as the rising older population, the rise in popularity of MI spinal surgeries, and the increasing number of clinical trials. Additionally, the rise in the number of spinal fusion surgeries, increase in spine care centers, advances in spine technology, and rise in demand for robotic-assisted spine surgery for better clinical outcomes will also drive the segment's growth.
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters - View Sample Report
The orthopedic device market covers the following areas:
Companies Mentioned
- aap Implantate AG - The company offers orthopedic devices under its brand LOQTEQ.
- Alphatec Holdings Inc. - The company offers orthopedic devices such as spineEOS and hipEOS.
- Boston Scientific Corp. - The company offers orthopedic devices through its subsidiary Aesculap Inc.
- Conmed Corp. - The company offers orthopedic devices through its subsidiary DJO Global.
- B. Braun SE
- Colfax Corp.
- CTL Amedica Corp.
- Exactech Inc.
- Johnson and Johnson
- Medacta International SA
- Medtronic Plc
- MicroPort Scientific Corp.
- Ossur hf
- Smith and Nephew plc
- Stryker Corp.
- TriMed Inc.
- Zimmer Biomet Holdings Inc.
- Arthrex Inc.
- Integra Lifesciences Holdings Corp.
- Nuvasive Inc.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- market Segmentation by Product
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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