Restoring Functionality: Advancements in Orthopedic Device Designs and Treatments

Market Overview

The global orthopedic devices market size is expected to reach a strong 6.5% CAGR over the forecast period from 2023 to 2032, according to the latest research report from Market Research Future (MRFR).

The primary drivers of the global orthopedic devices market include increasing demand for technological advancements in orthopedic devices, rising prevalence of conditions necessitating their use (such as osteoporosis), and expanding market opportunities in developing nations. According to the National Osteoporosis Foundation, around 10 million individuals in the United States suffer from osteoporosis, with an additional 44 million having low bone density, putting them at higher risk for osteoporosis and related bone disorders. Growing awareness about these conditions and the effectiveness of orthopedic devices in addressing associated issues are expected to significantly propel market growth in the forecast period.

Orthopaedic implants represent another cornerstone of the orthopedic devices market, offering solutions for restoring mobility, stability, and functionality to patients with musculoskeletal conditions. These implants are meticulously engineered to mimic the structure and function of natural bones and joints, providing long-term support and durability. From joint replacement implants to fracture fixation devices, orthopedic implants cater to diverse patient needs, ensuring personalized treatment approaches. Moreover, ongoing research and development efforts are focused on enhancing the biocompatibility and longevity of implants, further advancing the field of orthopedic surgery.

Competitive Analysis:

Global Orthopedic Devices Market players include

• DePuy Synthes Companies,
• Medtronic,
• Smith & Nephew plc,
• Zimmer Inc.,
• Stryker Corporation,
• NuVasive Inc., and
• Globus Medical Inc.

Industry Updates and Opportunities:

Strong technological advancement is also likely to further the cause of the global orthopedic devices market over the forecast period. Technological advancement in the global orthopedic devices market mainly focuses on making the devices lighter and more easily wearable, apart from bringing about innovations that help manufacture the devices at a cheaper price. 3D printing is likely to become more popular in the global orthopedic devices market over the forecast period, as it allows for precise manufacturing at relatively cheap costs.

Segmentation:

The global orthopedic devices market is segmented on the basis of type, application, end use, and region.

By type, the global orthopedic devices market insights is segmented into spinal devices, bone repair, joint replacement, trauma fixation, consumables and disposables, and others.

By application, the global orthopedic devices market is segmented into spine, knee, foot and ankle, hip, trauma and extremities, and others.

By end use, the global orthopedic devices market is segmented into hospitals, ambulatory surgery centers, and medical research centers. Hospitals are likely to remain the leading revenue generator in the global orthopedic devices market over the forecast period.

Regional Analysis:

North America holds the largest market share in the global orthopedic device market, accounting for 39.6% of the market in 2016. The growing prevalence of osteoporosis and other bone conditions in North America has been a major driver for the orthopedic devices market in the region. The strong presence of the technological framework required to adopt 3D printing on a large scale is also likely to be a major driver for the orthopedic devices market in North America over the forecast period. 3D printing has been pioneered in North America and many major 3D printing manufacturers are located in the region. This is likely to further the cause of the orthopedic devices market in North America over the forecast period.

Europe is also a major regional market for orthopedic devices and is expected to experience strong growth over the forecast period due to the growing number of osteoporosis cases in the region. The Europe market for orthopedic devices is expected to reach a valuation of USD 19,467.6 million by 2023.

Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the rising demand for advanced orthopedic devices to correct spinal and other bone-related conditions. The Asia Pacific market for orthopedic devices is expected to exhibit a strong 6.2% CAGR over the forecast period.