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Orthopedic Devices Market Size, Share, Growth – By Product, By End Use – Global Forecast, 2024 – 2032
Report ID: GMI1501
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Published Date: November 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 19
Tables & Figures: 110
Countries covered: 19
Pages: 135
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Orthopedic Devices Market Size
The global orthopedic devices market was valued at USD 52.3 billion in 2023 and is expected to exhibit growth at a CAGR of 3.8% from 2024 to 2032. The market is expanding due to a range of factors, from the aging population to technological advancements.
As populations age globally, the prevalence of musculoskeletal conditions, such as osteoarthritis, osteoporosis, and degenerative disc disease, is rising, especially in countries with a significant elderly demographic. This increases demand for orthopedic solutions, including joint reconstruction devices, trauma fixation devices, and spine implants, to manage age-related mobility issues. Alongside aging, lifestyle changes and the rise in sports and physical activities have led to an increase in sports-related injuries, which drives the need for specialized orthopedic devices, particularly in younger and middle-aged populations.
Technological advancements are further propelling the market, with innovations like 3D-printed implants, custom-fit devices, and robotic-assisted surgical tools offering improved outcomes and greater precision. Robotics and computer-assisted surgeries enable orthopedic surgeons to perform complex procedures with enhanced accuracy, reducing recovery times and improving patient satisfaction. Additionally, minimally invasive surgical techniques are gaining popularity due to shorter hospital stays, lower risk of complications, and faster recovery times, further driving the adoption of advanced orthopedic devices.
Orthopedic devices are medical instruments and implants designed to prevent, diagnose, and treat musculoskeletal issues, including conditions affecting bones, joints, ligaments, tendons, and muscles. These devices encompass a wide range of products, such as joint replacement implants, bone plates, screws, pins, spinal devices, and braces, each tailored to support and restore function in damaged or degenerative areas.
Orthopedic Devices Market Trends
The expanding geriatric population is a significant driver of the market, as aging is closely linked with a higher incidence of musculoskeletal disorders. Conditions such as osteoarthritis, osteoporosis, degenerative disc disease, and other age-related mobility issues are far more prevalent in older adults, leading to increased demand for orthopedic interventions like joint replacements, fracture repair devices, and spinal implants.
Orthopedic Devices Market Analysis
Based on product, the market is segmented into joint reconstruction devices, spinal devices, trauma fixation devices, orthobiologics, arthroscopic devices, and other products. The joint reconstruction devices segment is expected to expand at a CAGR of 4.5%, reaching over USD 29.1 billion by 2032.
Based on end use, the orthopedic devices market is segmented into hospitals & clinics, ambulatory surgical centers, and other end users. The hospitals & clinics segment dominated the market in 2023 and is anticipated to reach USD 40.2 billion by 2032.
North America orthopedic devices market accounted for USD 29.3 billion market revenue in 2023 and is anticipated to grow at a CAGR of 3% between 2024 and 2032 period.
U.S. orthopedic devices market was valued at USD 27.5 billion in 2023 and is projected to grow substantially in the coming years.
U.K. orthopedic devices market is projected to grow remarkably in the coming years.
Japan holds a dominant position in the Asia Pacific orthopedic devices market.
Orthopedic Devices Market Share
The market is dominated by several key players, with companies like Medtronic, Stryker, Johnson & Johnson, and Zimmer Biomet holding significant market shares. Medtronic leads the market, especially in spinal devices and trauma fixation products, while Stryker is renowned for its joint replacement solutions and innovative surgical technologies. Johnson & Johnson's DePuy Synthes division also contributes substantially to the market with a wide range of orthopedic devices. Zimmer Biomet, focusing on orthopedic reconstruction and surgical products, further solidifies its presence. These companies leverage their strong brand recognition, extensive distribution networks, and continuous innovation to maintain their competitive edge in the growing market.
Orthopedic Devices Market Companies
Prominent players operating in the orthopedic devices industry include:
Orthopedic Devices Industry News:
The orthopedic devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Product
Market, By End Use
The above information is provided for the following regions and countries: