Orthopedic Device Market Size to grow by USD 13.91 billion between 2024-2028
According to a research report “ Orthopedic Device Market” by Application (Knee, Spine, Hip, Extremities, Others) Product (Orthopedic implants, support devices, Orthobiologics) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 13.91 billion, at a CAGR of 4.23% during the forecast period. The orthopedic device market has experienced significant progression over the past three decades, driven primarily by intensive research and development initiatives from key industry players. Notably, the integration of robotics-assisted smart surgery for hip, knee, shoulder, and spine implants represents a recent and significant advancement. Additionally, minimally invasive surgical (MIS) procedures have gained increasing attention from surgeons due to their benefits, including improved accuracy, precision, and patient outcomes. Furthermore, the adoption of advanced technologies, such as three-dimensional (3D) printing and customized orthopedic implants, as well as the expanding use of various biocompatible materials, are expected to fuel market expansion..
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By Application, the Knee segment is projected to dominate the market size in 2024
The global orthopedic device market's knee segment is experiencing robust growth due to several key drivers. The aging population demographic, which increases the prevalence of knee disorders such as osteoarthritis and rheumatoid arthritis, is a significant factor. Furthermore, advancements in minimally invasive surgical procedures for knee replacement have led to increased procedural volumes. These factors collectively fuel the demand for knee implants on a global scale. The rising incidence of knee-related disorders, coupled with the growing number of accidents, significantly contributes to the expanding market for knee replacement devices. The global knee device market is currently in a growth phase, driven by these compelling factors.
By Product, Orthopedic implants segment is expected to hold the largest market size for the year 2024
The global orthopedic implants and support devices market is experiencing robust growth due to the escalating prevalence of orthopedic disorders and the increasing demand for Minimally Invasive (MI) surgical procedures. Innovative product offerings, such as robotic-assisted surgeries, which provide smaller incisions and reduced postoperative care, are fueling market expansion. Moreover, the burgeoning requirement for orthopedic surgeries will directly correlate with the demand for these systems. For instance, the da Vinci Surgical System, approved by the US Food and Drug Administration (FDA) in 2000, paved the way for numerous vendors to enter and capitalize on the untapped opportunities within the market's robotics sector.
North America is forecasted to hold the largest market size by region in 2024
The North American orthopedic device market is experiencing robust growth due to the increasing adoption of orthopedic devices and a surge in surgical procedures. Key factors driving market expansion include the rising prevalence of spinal non-fusion procedures, the swift acceptance of technologically advanced spinal implants, and substantial investments by vendors in clinical trials. Moreover, the joint reconstruction product segment holds over a quarter of the global market share, fueled by the significant number of sports-related injuries in North America, with approximately 1.35 million youths suffering from such injuries annually, of which around 451,000 are sprains or strains.
The Orthopedic Device Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Orthopedic Devices market is witnessing significant growth due to the increasing number of orthopedic surgeries performed worldwide. Orthopedic surgeries, including those for osteoarthritis, age-related bone disorders, and injuries from traffic accidents, are on the rise. Computer-aided surgical equipment and robots are transforming surgical techniques, making procedures more precise and minimally invasive. Companies like Stryker and Medtronic lead the market with their advanced orthopedic devices. Patient safety and infection control are top priorities in the Orthopedic Devices market. The trend towards elective orthopedic surgeries and non-urgent procedures is increasing due to obesity and sedentary routines. The aging population and the prevalence of musculoskeletal disorders, including degenerative bone diseases and road accidents, further fuel market growth. Advanced implant materials and surgical techniques are also driving innovation in the Orthopedic Devices market. The use of biocompatible materials and minimally invasive procedures reduces recovery time and improves patient outcomes. As the demand for orthopedic solutions continues to grow, the market for Orthopedic Devices is expected to expand significantly in the coming years.
Market Research Overview
The Orthopedic Devices market is witnessing significant growth due to the increasing prevalence of bone disorders such as osteoporosis, osteomalacia, rickets, and osteoarthritis, particularly among geriatric individuals. Physical weakening of bone tissues due to age-related bone disorders, traffic accidents, and sedentary routines leading to obesity are major factors driving the market. Advanced orthopedic devices, such as those with tendon-friendly spiral threads, are increasingly being used in orthopedic surgical applications, including spine, hip, and knee surgeries. Robotic surgery assistants and computer-aided surgical equipment are revolutionizing orthopedic surgeries, making them more precise and minimally invasive. Leading orthopedic manufacturers like Stryker and Medtronic are investing in research and development to produce innovative implant materials and surgical techniques. However, the market faces challenges such as stringent regulatory frameworks, product recalls, and infection control concerns. The market for orthopedic devices includes 315 osteosynthesis implants and 286 joint replacement implants. Musculoskeletal disorders, sports injuries, and degenerative bone diseases are other factors contributing to the market's growth. Telemedicine and surgical techniques are also expected to play a significant role in the future of orthopedic care.
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