Orthopedic Devices Market Size Expected to Reach USD 66.3 Billion by 2030; Increase in outpatient surgery and degenerative bone disease to fuel growth: The Brainy Insights

The clever insights

The clever insights

The global orthopedic devices market is expected to grow due to technological developments and the prevalence of other bone-related diseases. The growth of the industry is aided by advances in tissue engineering and gene editing technologies. North America emerged as the largest market for the global orthopedic device market with a 37% share of market revenue in 2022.

NEWARK, Nov. 20, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that $50.4 billion will be reached in 2022 Orthopedic Devices Market will reach $66.3 billion by 2030. The growing proliferation of orthopedic device manufacturers and the increasing prevalence of orthopedic problems in the general population are expected to fuel the orthopedic power tool market growth in eight years. Additionally, in internal fixation surgery, which uses implants to heal damaged bone, orthopedic devices are often used to support fractured bones.

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Key insights into the Orthopedic Devices market

North America is projected to account for the largest market size during the forecast period.

North America is expected to have the largest market share for orthopedic devices. Key factors fueling the growth of the orthopedic device market in North America include a robust orthopedic device distribution network, a growing number of amputations and accidents, and a well-established healthcare infrastructure. According to the Highway Loss Data Institute (HLDI) and the Insurance Institute for Highway Safety (IIHS), there were 36,096 fatal auto accidents in the United States in 2019.

The accessories segment is expected to expand the orthopedic devices market over the forecast period.

The accessories segment is expected to dominate the market during the forecast period. The growth of the accessories segment includes devices such as drill guides, screwdrivers, guide tubes, custom clamps and distractors, among others, which are driving the growth of the segment.

The market size of joint reconstruction segment is 8.5 billion in 2022

The joint reconstruction segment had the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing volume of knee surgeries. Additionally, there is a growing demand for knee replacement surgeries as the geriatric population increases.

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progress in the market

In September 2020, Smith & Nephew acquired Integra LifeSciences’ Limb Orthopedics business for $240 million. This acquisition helped the company strengthen and diversify its product line.
In June 2019, MicroPort issued a statement introducing the Evolution NitrX Medial-Pivot Knee System. This approach makes it easier to use, ensures a speedy recovery and less pain. This product launch helped the company bring innovative products to the market, giving it a competitive edge.

market dynamics

Drivers: Growing geriatric population

The growing geriatric population and increase in orthopedic diseases are driving the growth of the market. The United Nations World Population Aging Report estimates that 727 million people worldwide are aged 65 or older. By the end of 2050, the population is expected to double and reach 1.5 billion. The proportion of older people in the world population is projected to increase from around 9.3% in 2020 to 16% in 2050. Most orthopedic diseases are age-related and are expected to increase as the population ages.

Restraint: Postoperative complications

Most people prefer not to have surgery because they are afraid of postoperative complications. The postoperative complications are expected to hamper the growth of the market. Orthopedic devices, when used in surgeries, can cause excessive bleeding and infection in the affected area, which hampers the growth of the market.

Opportunity: Technological advances

The increasing technological advancements in orthopedic devices contribute to the improvement of numerous surgical procedures, which presents opportunities for the growth of the market over the forecast period. These developments include tissue-guided surgery, movement preservation techniques, and minimally invasive surgery.

Challenge: Strict government regulations

Several strict government laws regulate orthopedic devices. Orthopedic devices are subject to various FDA regulations that will challenge the growth of the market over the forecast period. The orthopedic device is a class III medical device that must be subject to strict restrictions. As a result, the US FDA oversees the regulation of these devices. A Premarket Authorization (PMA) is required before commercial distribution of Class III devices.

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Some of the Major Players in the Orthopedic Devices Market are:

● Medtronic PLC
● Stryker Corporation
● Zimmer-Biomet Holdings, Inc.
● DePuy Synthes
● Smith and Nephew PLC
● Aesculap Implant Systems, LLC
● Conmed Corporation
● Donjoy, Inc.
● NuVasive, Inc.

Key segments cover in the market:

By product:

● Accessories
● Surgical devices

After application:

● Hip orthopedic devices
● Joint reconstruction
● Knee orthopedic devices
● Spinal orthopedic devices
● Trauma Fixation Devices
● Dental orthopedic appliances
● Other

By region

● North America (USA, Canada, Mexico)
● Europe (Germany, France, Great Britain, Italy, Spain, rest of Europe)
● Asia Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and the rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (Billion USD). All segments were analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to provide a critical insight into the market. The study includes Porter’s five forces model, attractiveness analyses, product analyses, supply and demand analyses, competitor position grid analyses, sales and marketing channel analyses.

About the Brainy Insights:

The Brainy Insights is a market research company that aims to provide companies with actionable insights through data analysis to improve their business acumen. We have a robust forecasting and estimation model to achieve clients’ goals in terms of high quality results within a short period of time. We offer both customized (custom) and syndicated reports. Our repository of syndicate reports is diverse across all categories and subcategories across all domains. Our bespoke solutions are tailored to the needs of customers, whether they are expanding or planning to launch a new product on the global market.

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