Latest News - Orthopedic Device Market: Knee is expected to lead the Application segment during 2024-2028

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 4.23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.91 billion. The global orthopedic device market is characterized by intense competition, with key players possessing specialized knowledge in various product categories to maintain a competitive edge. Notably, Stryker's leading position in the overall orthopedic device market underscores its expertise across multiple sub-segments. In contrast, Medtronic's dominance in the spine device sector highlights its proficiency in this particular niche. The market share held by these key players in their respective product categories underscores their manufacturing prowess and consolidates the market, thereby escalating competition among them. 

Get more information on Orthopedic Device Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Knee
  • Spine
  • Hip
  • Extremities
  • Others
• Product
  • Orthopedic implants
  • support devices
  • Orthobiologics
• Geography
  • North America
    • US
  • Europe
    • France
    • Germany
  • Asia
  • 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 vendors
• Complications associated with orthopedic implants and surgery
• Stringent regulations for development and distribution of orthopedic devices

Benefits of Buying Global Orthopedic Device Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Orthopedic Device Market Research Report

Find out which segment is leading the market by accessing the free PDF report

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 device market is a significant segment of the global healthcare equipment industry, according to Technavio's market research. This market encompasses manufacturers of orthopedic implants, instruments, accessories, and consumables. These products contribute to the diagnosis, monitoring, and treatment of orthopedic conditions. Technavio calculates the size of the global healthcare equipment market by aggregating the revenues generated by manufacturers of various diagnostic equipment and orthopedic devices. The healthcare equipment sector is divided into several segments, including devices, which includes advanced, differentiated, and clinically tested data-driven orthopedic devices. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/