2024 Orthopedic Devices Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Orthopedic Devices Market from 2024 to 2033?
In recent years, the market for orthopedic devices has seen significant growth. The market, which was worth $47.05 billion in 2023, is anticipated to reach $50.65 billion in 2024, resulting in a compound annual growth rate (CAGR) of 7.6%. The noticeable growth observed in the past is due to factors like the aging population, the prevalent occurrence of osteoarthritis, an increase in orthopedic procedures, stricter regulatory approvals and standards, an emphasis on patient outcomes and quality of life, and heightened awareness surrounding joint health.
The market size for orthopedic devices is projected to experience significant growth in the coming years, with an expected value of $65.8 billion in 2028, growing at a compound annual growth rate (CAGR) of 6.8%. This predicted growth during the forecast period is due to increased emphasis on value-based healthcare models, sustainability, joint preservation regenerative approaches, and improvements in implant coatings and materials. Future trends during this period are likely to involve smart orthopedic devices, robotic involvement in orthopedic surgeries, personalized orthopedic bracing, the application of nanotechnology in orthopedics, and the use of telemedicine in orthopedic care.
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What Are the Primary Growth Drivers for the orthopedic devices Market?
The increasing incidence of arthritis is predicted to trigger the development of the orthopedic device market in the foreseeable future. Arthritis is typically a term used to describe a disease resulting in joint discomfort or inflammation, affecting one or numerous joints. The application of orthopedic devices can be highly advantageous for individuals battling arthritis, as these devices help to relieve pain, boost mobility, and upgrade the overall functioning. For example, as disclosed by the US-based Department of Health and Human Services, the Centers for Disease Control and Prevention in October 2021, it’s expected that by 2040 approximately 78.4 million adults aged 18 years or more (which corresponds to 25.9% of the future total adult population), will have arthritis diagnosed by a medical professional, a considerable climb from 63 million in 2020. Thus, this surge in the rate of prevalence will be a major driver for the advancement of the orthopedic device market.
What Are the Defining Segments of the Orthopedic Devices Market?
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
What Trends Are Revolutionizing Standards in the Orthopedic Devices Market?
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What Regions Are Propelling Growth in the Orthopedic Devices Industry?
North America was the largest region in the global orthopedic devices market in 2023. Western Europe was the second largest region in the global orthopedic devices market. The regions covered in the orthopedic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Orthopedic Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the orthopedic devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Orthopedic Devices Market Include
1. Orthopedic Devices Market Executive Summary
2. Orthopedic Devices Market Segments
3. Orthopedic Devices Market Size And Template Market Growth Rate
4. Key Orthopedic Devices Market Trends
5. Major Orthopedic Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Orthopedic Devices Market
26. Top Orthopedic Devices Companies
27. Orthopedic Devices Market Opportunities And Strategies
28. Orthopedic Devices Market, Conclusions And Recommendations
29. Appendix
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