Orthopedic Devices Market size to surpass $73Bn by 2032

Orthopedic Devices Market size is expected to reach USD 73 billion in revenue by 2032, as per a new research report announced by Global Market Insights Inc.
 

Unhealthy lifestyles and increasing cases of orthopedic diseases as the chief drivers of the orthopedic devices industry trends. Moreover, the growing geriatric population base is also positively influencing the market growth. The escalating demand for orthopedic procedures among older people suffering from conditions, including osteoporosis, osteoarthritis, ligament injuries, and bursitis, among others, is promoting the utilization of orthopedic devices.
 

With the majority of patients being over 50 years old, Germany's knee replacement surgery rate of nearly 207 per 100,000 people has substantially fueled corporate growth. Additionally, the upsurge in the demand for technological advancements due to the rising number of falls and fractures among older people has proliferated product adoption.
 

Surging cases of orthopedic disorders to increase joint reconstruction devices industry share

Orthopedic devices market share from joint reconstruction devices segment was valued at more than USD 18.5 billion in 2022. The soaring burden of orthopedic disorders, combined with the expanding aging population, is driving the demand for joint reconstruction devices around the world. Replacement surgeries for joints such as the ankle, hip, shoulder, and knee are becoming more common. These treatments are getting widespread acknowledgment as they are comparatively less expensive, thus benefitting the market outlook.
 

Browse key industry insights spread across 180 pages with 134 market data tables & 20 figures & charts from the report, “Orthopedic Devices Market Size By Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Ortho biologics, Arthroscopic Devices), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/orthopedic-devices-market
 

Rising hospitalization rate for bone diseases to fuel Europe industry growth

Europe orthopedic devices market is estimated to amass over USD 14 billion in revenue by the end of 2032. Mounting instances of chronic illnesses, surging disposable income, and high awareness of modern orthopedic devices are anticipated to significantly accelerate market expansion. Supportive healthcare policies and the rising hospitalization rate due to the increase in occurrences of osteoporosis and rheumatoid arthritis are also primed to impel regional economic expansion. Additionally, several awareness campaigns by various agencies and regulatory bodies are boosting industry development.
 

Product range expansion to remain a major growth strategy

The strategic landscape of the orthopedic devices market is foreseen to witness a series of product range expansions and acquisitions by industry players. Some key players profiled in the report include CONMED Corporation, DJO Global, Integra LifeSciences, Globus Medical, and TriMed Inc., among others.