The primary driver of the market is the increasing prevalence of orthopedic disorders, especially in the geriatric population. The growth is also propelled by efforts by the market leaders in terms of new product launches for orthopedic devices.
The report “Orthopedic Devices Market by Product (Fixation, Replacement, Prosthetics, Spinal Implant, Brace, Orthobiologics (DBM), Bone Graft), Procedures Volume (Knee, Hip, Ankle, Shoulder) Site, Application, End User (Hospital, ASC, Trauma) – Global Forecast to 2030”, is estimated to reach USD 68.51 billion in 2030 from USD 51.61 billion in 2024, growing at a CAGR of 4.8% from 2024 to 2030.
Download PDF Brochure
The market is anticipated to be propelled by the growing emphasis on minimally invasive surgical techniques and the rising occurrence of different orthopedic conditions. The main factors driving growth in this market are the rise in the number of revision and primary joint replacement device procedures.
Minimally invasive surgical techniques provide various advantages, including less postoperative pain, shorter recovery time, reduced hospital stays, and lower complication risks compared to traditional surgery. These benefits are anticipated to drive market growth during the forecast period.
The foot & ankle segment is to register a significant growth rate over the forecast period of 2024-2030.
Based on the site, the global orthopedic devices market is segmented , the orthopedic devices market is divided into hand and wrist, spine, foot and ankle, arms and elbow, knee and thigh, hip and pelvis, shoulder, and craniomaxillofacial. The foot & ankle segment to register significant growth over the forecast period.
The growing incidence of ankle injuries, increasing incidence of osteoarthritis, rising awareness about the advantages associated with ankle replacement surgeries, and the presence of advanced ankle prosthetic implants are likely to drive the growth of this market segment in the coming years.
Rhematoid arthritis and osteoarthritis in application to register a significant growth over the forecast period of 2024-2029
By application, the global orthopedic devices devices market is segmented into spinal fusion, fixation, and decompression, fracture treatment and recovery, rheumatoid arthritis and osteoarthritis, ligament injuries, diabetic foot diseases, and neurological disorders.
According to the CDC, in the US, around 319,000 older people (aged 65 and over) are hospitalized owing to hip fractures.
Fixation devices are attached to the fractured bones, preventing movement and also providing a shield to the fractured bone, allowing it to heal. Orthobiologics are becoming an integral part of orthopedic surgical procedures as they aid in the rapid healing.
Thus, the rising prevalence of rheumatoid arthristis and osteoarthritis cases and increasing geriatric population is are anticipated to boost the adoption of orthopedic devices.
The hospitals and surgical centers segment accounted for the major share of the orthopedic devices market by end users in 2023.
The end user segment of the joint replacement devices market includes hospitals & surgical centers, ambulatory care centers & trauma units, orthopedic clincs, home care, and other end users. In 2024, hospitals & surgical centers dominated the global joint replacement devices market by end user.
Recent developments in surgical technology, anesthesia protocols, and changes to Medicare reimbursement have increased the demand for orthopedic devices procedures in outpatient settings, such as ASCs. This is likely to augment the growth of the ambulatory and trauma care centers market.
All these factors are anticipated to increase the number of joint replacement surgeries performed in ASCs, further augmenting the growth of the ambulatory care centers and trauma segment in the coming years.
As of 2024, prominent players in the orthopedic devices market are Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US), Smith+Nephew (UK), B.
Braun (Germany).
News From
MarketsandMarkets™
Category: Industry Reports & Market Analysis Profile: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, w …
This email address is being protected from spambots. You need JavaScript enabled to view it.
