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.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download
Free sample report in a minutes
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Knee,
Spine, Hip, Extremities, and Others), Product (Orthopedic implants,
support devices, and Orthobiologics), and Geography (North America,
Europe, Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
aap Implantate AG,
Alphatec Holdings Inc., Arthrex Inc., B.Braun SE, Boston Scientific
Corp., Conformis Inc., Conmed Corp., CTL Amedica Corp., Enovis
Corp., Exactech Inc., Globus Medical Inc., Integra Lifesciences
Corp., Johnson and Johnson Services Inc., Medacta International SA,
Medtronic, MicroPort Scientific Corp., OrthAlign Corp., Ossur hf,
Smith and Nephew plc, Stryker Corp., TriMed Inc., Zimmer Biomet
Holdings Inc., and CurvaFix Inc.
|
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.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This orthopedic device market report extensively covers market
segmentation by
- Application
- 1.1 Knee
- 1.2 Spine
- 1.3 Hip
- 1.4 Extremities
- 1.5 Others
- Product
- 2.1 Orthopedic implants
- 2.2 support devices
- 2.3 Orthobiologics
- 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.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/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-302149646.html
SOURCE Technavio