Orthopedic Devices Market Size to Reach USD 66.3 Billion By 2030; Increase in Outpatient Operations & Degenerative Bone Disease to Drive Growth: The Brainy Insights

Orthopedic Devices Market Size to Reach USD 66.3 Billion By 2030;  Increase in Outpatient Operations & Degenerative Bone Disease to Drive Growth: The Brainy Insights

The Brainy Insights

The global orthopedic devices market is anticipated to grow due to technological developments and the prevalence of other bone-related ailments. The industry’s growth is supported by advancements in tissue engineering and gene editing technologies. North America emerged as the largest market for the global orthopedic devices market, with a 37% share of the market revenue in 2022.

Newark, Nov. 20, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 50.4 billion in 2022 Orthopedic Devices market will reach USD 66.3 billion by 2030. The growing prevalence of orthopedic device manufacturers and the rising prevalence of orthopedic problems in the general population are anticipated to boost market growth for orthopedic power tools in eight years. Furthermore, in internal fixation surgery, which uses implants to heal damaged bone, orthopedic devices are frequently used to support broken bones.

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Key Insight of the Orthopedic Devices Market

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

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

The accessories segment is expected to augment the orthopedic devices market during the forecast period.

The accessories segment is anticipated to dominate the market over the forecast period. The growth of the accessories segment covers devices such as drill guides, screwdrivers, guide tubes, custom clamps, and distracters, among others which propel the segment’s growth.

The joint reconstruction segment market size is 8.5 billion in 2022

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

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Advancement in market

In September 2020, the extremity orthopedics division of Integra LifeSciences was purchased by Smith & Nephew for USD 240 million. This acquisition helped the business strengthen and diversify its product line.
In June 2019, MicroPort introduced the Evolution NitrX Medial-Pivot Knee System in a statement. This approach makes it easier to use, recover quickly, and experience less pain. This product introduction helped the business offer cutting-edge products in the market, giving it a competitive edge.

Market Dynamics

Driver: Growing geriatric population

The growing geriatric population and increase in orthopedic disorders drive the market’s growth. The United Nations World Population Aging report estimates that 727 million individuals worldwide are 65 or older. By the end of 2050, the population is projected to double and reach 1.5 billion. According to projections, the proportion of older people in the world population will increase from about 9.3% in 2020 to 16% by 2050. Most orthopedic disorders are caused by aging and are expected to rise as the population ages.

Restricted: Post-surgical complications

Most people do not prefer surgeries as there is a fear of post-surgical complications. The post-surgical complications are expected to hinder the market’s growth. Orthopedic Devices, when used in surgeries, might cause excessive bleeding and infection in the affected area restraining the market’s growth.

Opportunity: Technological advancements

The rising technological advancements in orthopedic devices are helping improve numerous surgical procedures, which provides opportunities for the market’s growth over the forecast period. These developments include tissue-guided surgery, motion preservation techniques, and minimally invasive surgery.

Challenge: Stringent government regulations

Several strict governmental laws govern orthopedic devices. Orthopedic Devices are governed by various FDA regulations, which will challenge the market’s growth over the forecast period. The orthopedic device is a class III medical device which must adhere to strict restrictions. As a result, the US FDA oversees the regulation of these devices. Before being distributed commercially, class III devices require premarket authorization (PMA).

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Some of the major players operating 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

By Application:

● Hip Orthopedic Devices
● Gasket Reconstruction
● Knee Orthopedic Devices
● Spine Orthopedic Devices
● Trauma Fixation Devices
● Dental Orthopedic Devices
● Others

By Region

● North America (US, Canada, Mexico)
● Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, 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 for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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