by According to Precedence Research, during the forecast period of 2020 to 2027, the global orthopedic devices market is estimated to develop at a compound annual growth rate (CAGR) of 2.87%. The global orthopedic devices market was valued at USD 48.5 billion in 2019, and it is predicted to exceed USD 56.23 billion by 2027. The study investigates several elements and their consequences on the growth of the orthopedic devices market.
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The Major factors expected to drive the market include high demand for orthopedic surgeries owing to the growing prevalence of road accident injuries and orthopedic diseases. The increasing geriatric population, which is prone to orthopedic conditions, is primarily boosting the demand for orthopedic solutions globally. Effects of aging, such as lowering of bone density and weakening of bones due to excessive loss of bone mass, are prominent in people aged 25 years to 54 years and become more noticeable after 55 years.
Report Scope of the Orthopedic Devices Market
| Report Highlights | Details |
| Market Size | USD 56.23 Billion by 2027 |
| Growth Rate | CAGR of 2.87% from 2021 to 2027 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2027 |
| Segments Covered | Product, End User, Region Type |
| Companies Mentioned | Medacta, DePuySynthes, Smith & Nephew, Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, NuVasive, Globus Medical |
The rapid adoption of minimally invasive surgeries and an increasing number of sports & road traffic accidents are expected to fuel the market during the forecast period. Arthroscopy, total joint replacement procedures, and spine surgeries are some of the newly adopted minimally invasive surgeries. The implementation of stringent regulatory approval procedures is anticipated to hinder market growth in the near future. In addition, the high cost of devices and surgeries is likely to impede growth.
The COVID-19 pandemic considerably slowed industry growth, with a fall in demand for orthopedic devices in the initial phases of the pandemic in early 2020. Governments imposed restrictions or bans on nonessential medical procedures and elective surgeries. Due to nationwide lockdowns, private and public transportation were paused, resulting in fewer road accidents & injuries. In addition, orthopedic clinics & hospitals in some countries were shut down or had reduced operations.
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This report focuses on orthopedic devices market volume and value at the global level, regional level and company level. From a global perspective, this report represents overall orthopedic devices market size by analysing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, Middle East & Africa, Latin America, etc.
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2027. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
In-Depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of orthopedic devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of orthopedic devices has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio, key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting market status and predicting the competition level in the orthopedic devices market.
Some of the prominent players in the orthopedic devices market include:
- Medacta
- DePuySynthes
- Smith & Nephew
- Stryker
- Medtronic
- Zimmer Biomet
- MicroPort Scientific Corporation (Wright Medical Group)
- DJO Global
- ConforMIS
- NuVasive
- Globus Medical
Segments Covered in the Report
By Product Type
- Joint Reconstruction
- Knee Replacement
- Revision Knee Replacement Implants
- Total Knee Replacement Implant
- Partial Knee Replacement Implant
- Elbow & Shoulder Replacement
- Hip Replacement
- Hip Resurfacing Implant
- Total Hip Replacement Implant
- Partial Hip Replacement Implant
- Revision Hip Replacement Implant
- Others
- Knee Replacement
- Orthopedic Prosthetics
- Upper Extremity Orthopedic Prosthetics
- Lower Extremity Orthopedic Prosthetics
- Spinal Devices
- Spinal Non-fusion Devices
- Spinal Fusion Devices
- Trauma Fixation
- Nails and Rods
- Metal Plates & Screws
- Pins/Wires
- Others
- Arthroscopy Devices
- Orthopedic Accessories
- Removal systems
- Bone cement
- Casting system
- Orthopedic Braces and Supports
- Upper Extremity Braces and Supports
- Low Extremity Braces and Supports
- Others
By End-user
- Ambulatory Surgical Centers
- Hospitals
- Orthopedic Clinics
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Some of the important ones are:
- What can be the best investment choices for venturing into new product and service lines?
- What value propositions should businesses aim at while making new research and development funding?
- Which regulations will be most helpful for stakeholders to boost their supply chain network?
- Which regions might see the demand maturing in certain segments in near future?
- What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
- Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
- Which government regulations might challenge the status of key regional markets?
- How will the emerging political and economic scenario affect opportunities in key growth areas?
- What are some of the value-grab opportunities in various segments?
- What will be the barrier to entry for new players in the market?
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