Market Summery
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 Companies 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.
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.
Segmentation:
The orthopedic devices market worldwide is categorized by type,
application, end use, and region. Regarding type, the market comprises spinal
devices, bone repair solutions, joint replacements, trauma fixation products,
consumables and disposables, along with other miscellaneous items. In terms of
application, the market encompasses spine treatments, knee interventions, foot
and ankle procedures, hip replacements, trauma and extremity care, and various
other applications. Regarding end use, the market serves hospitals, ambulatory
surgery centers, and medical research facilities, with hospitals projected to
maintain dominance in revenue generation.
Regional
Analysis: North America commands the largest market share, representing
39.6% in 2016, driven by the increasing prevalence of osteoporosis and related
conditions. The region's robust technological infrastructure, particularly in
3D printing, further propels market growth, with numerous leading 3D printing
manufacturers situated there. Europe stands as another significant market,
expected to witness substantial growth due to rising osteoporosis cases, with
an estimated valuation of USD 19,467.6 million by 2023. Asia Pacific is poised
for the swiftest expansion, driven by escalating demand for advanced orthopedic
solutions, especially for spinal and bone-related issues, projected to achieve
a robust 6.2% CAGR over the forecast period.
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