Orthopedic Devices Market will value to USD 54.87 billion by 2029 : GreyViews

Orthopedic Devices Market Size By Application (Spine, Cranio-Maxillofacial, Dental, Hip, Knee, and SET), By End-User (Hospital and Orthopedic Clinic), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 21, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Orthopdeic devices market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the orthopedic devices market is present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the application, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global orthopedic devices market are Medtronic PLC, Aesculap Implant Systems, LLC, Conmed Corporation, Zimmer-Biomet Holdings, Inc., DePuy Synthes, Smith and Nephew PLC, MicroPort Scientific Corporation, Stryker Corporation, Donjoy, Inc., NuVasive, Inc. among others. To achieve a substantial market share in the worldwide Orthopdeic devices market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Orthopedic devices are used to support damaged bones, replace missing joints, or repair joints that have been lost. The implants are made of titanium alloys and stainless steel for strength, and the plastic coating acts as synthetic cartilage. Internal fixation is an orthopaedic surgery that uses implants to repair fractured bones. The most common orthopaedic medical devices used to stabilise fractured bones while they heal are rods, pins, plates, and screws. The field of orthopaedics is ever-changing. A few instances of musculoskeletal ailments are osteoarthritis, bone fractures, joint dislocations, and scoliosis. Without limiting the list, common medical devices used in orthopaedic applications include joint replacement implants such as total hip arthroplasty and finger joint replacement, spinal stabilisation devices such as fixation plates, screws, and rods, and reparative and/or regenerative implants such as cartilage scaffolds and bone morphogenetic proteins. Drivers, inserters, and surgical instruments are examples of instruments used in combination with implants. The FDA evaluates applications for orthopaedic medical devices using a variety of characterisation methodologies. However, because new technologies and data are always being discovered, and patient demands are constantly changing, regulatory knowledge gaps are quickly developed.

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Scope of Orthopedic Devices Market Report

Report Metric Information
Study Period 2021-2029
Base Year              2021
Forecast Period 2022-2029
Market Share Unit USD Billion
Segments Covered Application, End-User and Regions
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players Medtronic PLC, Aesculap Implant Systems, LLC, Conmed Corporation, Zimmer-Biomet Holdings, Inc., DePuy Synthes, Smith and Nephew PLC, MicroPort Scientific Corporation, Stryker Corporation, Donjoy, Inc., NuVasive, Inc. among others.

Segmentation Analysis

The knee segment is expected to be the fastest-growing segment in 2021. 

The application segment is the spine, Cranio maxilla facial, dental, hip, knee, and SET. The knee segment is expected to witness the highest growth rate during the forecast period. The section is expanding as more knee surgeries are being performed. However, two major obstacles to segment expansion are expensive costs and protracted follow-up timeframes. Furthermore, stringent regulatory procedures are delaying the clearance of class III medical equipment.

The hospital segment is expected to be the fastest-growing segment in 2021. 

The end-user segment includes hospitals and orthopedic clinics. The hospital segment is expected to witness the highest growth rate during the forecast period. In hospitals, orthopedic patients are often treated. In addition to effective therapy, hospitals’ effective reimbursement procedures are essential in driving up the number of people obtaining care there. However, it is projected that as the popularity of minimally invasive procedures rises, so will the use of outpatient surgical centers.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the orthopedic devices include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

  • The North America region witnessed a major share. The local market is expected to have a strong demand for sophisticated healthcare services due to the presence of industry heavyweights, a well-developed healthcare infrastructure, and payment coverage. Due to ageing and a growth in traffic accidents, the target patient population is always expanding, which is further increasing the number of orthopaedic surgery carried out in the region. In the United States, market expansion is anticipated to be fueled by the increasing frequency of orthopaedic illnesses and widespread usage of innovative treatment techniques.

Country Analysis

  • Germany

Germany’s Orthopedic devices market size was valued at USD 3.29 billion in 2021 and is expected to reach USD 3.91 billion by 2029, at a CAGR of 2.2% from 2022 to 2029. Germany is considered as a leader in the acceptance and development of medical technologies. Additionally, the national government allocated €3 billion in its 2020 budget to help with hospital digitization. The SMR subsequently entered a potentially lucrative market in 2021 through the installation of Versius at Klinikum Chemnitz, a cutting-edge teaching and public hospital recognised for its digitally integrated healthcare solutions. Therefore, it is anticipated that these factors will support the expansion of the German market during the future years.

  • China

China Orthopedic devices’s market size was valued at USD 4.8 billion in 2021 and is expected to reach USD 6.08 billion by 2029, at a CAGR of 3% from 2022 to 2029. Demand is anticipated to be stimulated by the region’s healthcare infrastructure and strong collaborations amongst key industry participants. The rising prevalence of chronic diseases brought on by the ageing population, the development of surgery devices, particularly for lung cancer and thymus-thymoma, and the growing acceptance of orthopaedic devices are some of the main factors boosting the growth of the country’s orthopaedic devices market.

  • India

India’s Orthopedic devices market size was valued at USD 4 billion in 2021 and is expected to reach USD 4.98 billion by 2029, at a CAGR of 2.8% from 2022 to 2029. Due to rising R&D spending and the presence of a strong healthcare infrastructure, the market in the region is expanding. In emerging countries, orthopaedic devices are being used increasingly regularly. Over the coming years, market expansion is also predicted to be fueled by rising surgery rates and healthcare expenses in developing countries.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising population of patients.

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