Orthopedic Devices Market Size Worth $57.76 Billion By 2032| CAGR: 4.47%

Orthopedic Devices Market Size Worth $57.76 Billion By 2032| CAGR: 4.47%

The global orthopedic devices market size is expected to reach USD 57.76 billion by 2032, according to a new study by Polaris Market Research. The report “Orthopedic Devices Market Size, Share & Trends Analysis Report By Application (Hip, Knee, Spine, Cranio-Maxillofacial, Dental, SET), By Product (Accessories, Surgical Devices), By Region, And Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

A number of factors contribute to the market's development, including the high prevalence of orthopaedic conditions like degenerative bone disease, the ageing population's growth, and the rise in traffic accidents. The early onset of musculoskeletal diseases, which are primarily brought on by obesity and a sedentary lifestyle, is another factor that is anticipated to cause the market to grow. According to data from the Global Burden of Disease report from 2021, 1.71 billion people globally experience musculoskeletal conditions.

Currently available trauma management techniques cannot completely restore body parts due to a lack of efficient surgical tools. Producers are spending a lot of money on research and development to make new, useful products. This increase in R&D efforts is expected to ensure rapid market growth in the near future. Technology advances and an increase in the prevalence of other bone-related diseases are expected to cause the market to expand even more. Obesity is one of the major factors that can cause arthritis.

The public's knowledge of the availability of cutting-edge products is forcing hospitals to constantly upgrade their facilities and services. Reimbursement for orthopaedic treatments has also contributed to the acceptance of orthopaedic surgeries. These components give patients the option to choose more expensive and complex treatments, boosting total revenue.

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Due to the cancellation of elective procedures, low demand, and low sales, the COVID-19 pandemic had a detrimental impact on the market. Supply chain disruptions, business closures, travel restrictions, employee quarantines or illnesses, stay-at-home policies, and other protracted interruptions also caused businesses to experience practical difficulties. To stop the spread of disease and to meet the demand for treating COVID-19 patients, for instance, several public health groups in the United States recommended delaying elective procedures.

Orthopedic Devices Market Report Highlights

  • In 2021, the knee orthopaedic equipment segment held a major market share. From 2022 to 2030, this market is anticipated to continue to rule due to the rise in knee operations. However, two major obstacles to segment growth are high costs and protracted follow-up times.
  • Based on the products, the market is segmented into surgical instruments and accessories. The accessories market is expected to experience the highest CAGR. The accessories category also contains supplies and items like braces and arthroscopy equipment. This area also contains additional things like sutures, fasteners, and plaster supplies
  • North America led the global market for orthopaedic devices in 2021. The regional market's high demand for advanced healthcare services is anticipated to be fueled by the existence of industry heavyweights, a well-developed healthcare infrastructure, and reimbursement coverage. Due to ageing and an increase in traffic accidents, the target patient community is constantly expanding, which is further increasing the quantity of orthopaedic operations carried out nearby.
  • Medtronic PLC; Stryker Corporation; Zimmer-Biomet Holdings, Inc.; DePuy Synthes; Smith and Nephew PLC; Aesculap Implant Systems, LLC; Conmed Corporation; Donjoy, Inc.; NuVasive, Inc. are a few of the main companies active in the international market.

Polaris Market Research has segmented the Orthopedic Devices Market report based on application product type and region:

Orthopedic Devices, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hip
  • Knee
  • Spine
  • Cranio-Maxillofacial (CMF)
  • Dental

Orthopaedic Devices, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Accessories
  • Surgical Devices

Orthopedic Devices, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa