The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s orthopedic devices market report forecasts the orthopedic devices market size to grow to $55.75 Billion by 2027, with a CAGR (compound annual growth rate) of 5%.

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Orthopedic Devices Market Size Forecast
The global orthopedic devices market is expected to grow from $43 billion in 2022 to $45.79 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The orthopedic devices market is expected to grow to $55.75 billion in 2027 at a CAGR of 5.0%.

North America held the largest orthopedic devices market share.

Key Orthopedic Devices Market Driver ­– Increase In The Patient Pool Due To The Rising Geriatric Population Globally
According to the World Health Organization, the number of people aged 60 years and above was 1 billion in 2020 and the number will rise to 1.4 billion by 2030 and it will reach 2.1 billion by 2050. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. These factors increased the demand for these products and drove the market during the historic period.

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Key Orthopedic Devices Market Trend – Adopting Biodegradable Implants
Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and polylactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws, which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for the second surgery, and are highly useful in fracture fixation in children; and result in less implant-related infections. For instance, Stryker Corporation offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration, and muscle connection to bone.

Orthopedic Devices Market Segment
1) By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables

Orthopedic Devices Market Major Players and Strategies
Major players in the orthopedic devices market are Johnson & Johnson, Zimmer Biomet Holdings, STRYKER CORPORATION, Medtronic Inc., Smith & Nephew plc, Colfax Corporation, NuVasive, Inc., Wright Medical Group, Inc., Globus Medical Inc., and B. Braun Group.

The Orthopedic Devices Global Market Report 2023 covers regional data on orthopedic devices market size, orthopedic devices market trends and drivers, opportunities, strategies, and orthopedic devices market competitor analysis. The countries covered in the orthopedic devices market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Orthopedic devices are used to stabilize the body posture by correcting deformities, restoring the function of the human skeletal system, articulations, and associated structures either by replacing or reinforcing the damaged part.

View More Reports Related To The Orthopedic Devices Market –
Orthopedic Prosthetics Global Market Report 2023
Orthopedic Braces And Support Devices And Equipment Global Market Report 2023
Orthobiologics Devices And Equipment Global Market Report 2023

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