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.
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.
As
the healthcare industry continues to evolve, the orthopedic devices market
remains at the forefront of innovation, driven by the growing demand for
advanced orthopedic instruments and
implants. These devices play a crucial role in enhancing patient outcomes,
facilitating surgical procedures, and improving the quality of life for
individuals suffering from musculoskeletal disorders. With a focus on
precision, durability, and efficiency, orthopedic instruments and implants have
become indispensable tools for orthopedic surgeons worldwide.
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 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.
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