Latest News- Orthopedic Device Market: Knee is expected to lead the Application segment during 2025-2029

The Orthopedic Device Market is being driven by Continuous advancements in orthopedic technology

The Orthopedic Device Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15348.8 million. The global orthopedic device market is characterized by intense competition, with key players requiring proficiency across various product segments to maintain a strong market presence. Notably, each major player's market share in a specific product category showcases their expertise and dominance in that sub-segment. For instance, Stryker holds the leading position in the overall orthopedic device market, while Medtronic reigns supreme in the spine device segment. This diversified presence and continued market leadership in one product category have fortified the market, increasing competition among these prominent players. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Knee
  • Spine
  • Hip
  • Extremities
  • Others
• Product
  • Orthopedic implants and support devices
  • Orthobiologics
• End-user
  • Hospitals
  • ASCs
  • Orthopedic clinics
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Continuous advancements in orthopedic technology
• Increase in prevalence of orthopedic disorders, trauma, and sports injuries
• Growing need for minimally invasive and robot-assisted techniques

However, the market also witnesses some limitations, which are as follows:

• Rising orthopedic device product recalls by companies
• Complications associated with orthopedic implants and surgery
• Stringent regulations for development and distribution of orthopedic devices

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Market Scope in Orthopedic Device Market Research Report

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Research Analysis Overview

The Orthopedic Devices market is experiencing significant growth due to the rising prevalence of orthopedic disorders such as degenerative bone diseases and musculoskeletal disorders. Aging population and road accidents are major contributors to this trend. Advanced orthopedic devices, implant materials, and surgical techniques are driving innovation in elective orthopedic surgeries. Sedentary routines and non-urgent procedures also contribute to the market's expansion. Infection control and patient safety are key concerns, while minimally invasive surgery and computer-aided surgical equipment are advancing the field. Age-related bone disorders and traffic accidents are other factors fueling demand for medical assistance and orthopedic treatments.

Market Research Overview

The Orthopedic Device Market is a significant segment of the global Healthcare Equipment Market, encompassing companies specializing in the research, development, production, and distribution of orthopedic implants, instruments, accessories, and consumables. This market caters to the growing demand for solutions in addressing orthopedic disorders, driven by an aging population, degenerative bone diseases, and road accidents. Technavio's market analysis calculates the market size based on the combined revenue of manufacturers of orthopedic devices, contributing to the broader Healthcare Equipment Market, which covers capital equipment, instruments, implants, and consumables used for disease diagnosis, monitoring, and treatment across various therapy areas.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/