Report Ocean recently released a research report on the Orthopedic Devices Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global orthopedic devices market was valued at US$ 43.68 billion in 2020 and would reach US$ 66.13 by 2028; registering a CAGR of 5.3% from 2021 to 2028.
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An orthopedic device is specialized equipment that is designed to correct musculoskeletal deformities and provide support by eliminating the motion in the deformed organ. As we get older, we begin to feel pain in our joints and bones, such types of pain may be acute in case of injury or long term because of a chronic condition. In such a case, the patient must consult a surgeon for the treatment. If medicines fail to work, the surgeon advises opting for implants. Orthopedics devices are widely used in fixation surgeries that aim to anchor damaged bones by the usage of implants like in the treatment of fractures, reconstructive surgery, and soft-tissue injuries. The orthopedic devices are made of stainless steel and titanium alloys, which are very strong and durable for the treatment of bone and muscles. In every 1000 people, 25 people go for orthopedic surgeries due to osteoarthritis. Research by the United Health Foundation states that every year, approx. 300,000 patients above 65 years were hospitalized for hip fractures caused by falling. The increasing number of musculoskeletal diseases and orthopedic injuries is giving rise to limited mobility henceforth, marking a hike in the global orthopedics devices market. In addition, increasing accidents and injuries in sports are boosting the global market growth. The orthopedic devices market ranks third in medical technology after cardiology and in-vitro diagnostics. Furthermore, MicroPort launched its Evolution NitrX Medial-Pivot Knee System which is highly efficient in reducing pain, very easy to use, and facilitates speedy recovery further boosting the global market.
Market Dynamics
The key factors such as the increasing number of orthopedic diseases, the rising geriatric population, growth in the number of musculoskeletal deformities, increasing aging population, accidents causing injuries, and increasing awareness among the people are certain factors that are responsible for the market growth of orthopedic devices globally. In addition, technological advancements of orthopedic devices and the introduction of innovative design along with increased efficiency of the devices further drive the global orthopedics devices market.
High costs of the implants, limited availability of specialty hospitals, stringent government policies, costly surgeries, low investments in the healthcare industry, and associated risks of side effects post-surgery hinder the global orthopedic devices market growth. However, the limited availability of skilled surgeons along with sky-high costs of the surgeries is the major factor that produces a hurdle in the growth of the global orthopedics market, especially in developing economies.
Extensive R&D is going on to extemporize the current technologies in orthopedic devices and to provide a better & innovative way of treatment. Furthermore, extensive investments and strategies like partnerships, collaborations, expansions, and product developments by the market players provide lucrative opportunities to the global orthopedic devices market growth.
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Market Segmentation
The global orthopedic devices market is bifurcated on the basis of Product, Anatomical Location, Type of Consumables, and Region. The Product segment is classified into Implant holders, Guide tubes, Drill guides, Distracters, Custom clamps, and Screwdrivers. The Drill segment holds the largest market share among the other Product segments. The Anatomical Location segment is further sub-segmented into Knee, Shoulder, Foot, Ankle, Spine, Elbow, and Hip. The knee & hip segment is highly boosting the global market among all the segments due to an increase in the number of surgeries globally. Based on the Type of Consumables, the global orthopedic devices market is fragmented into Orthopedic Staples and Orthopedic Suture Anchors. The Orthopedic Suture sub-segment is further classified into Resorbable suture anchors & Metallic suture anchors. In the Type of Consumables segment, the Orthopedic suture anchors segment dominates the global market.
Geography Analysis
Based on region, the global orthopedic devices market is fragmented into North America, Europe, Asia-Pacific (APAC), and RoW. North America is further classified into U.S. & Canada. Europe is further segmented into Germany, the U.K., France, rest of Europe. Asia-Pacific is segmented into China, Japan, India, rest of APAC. RoW covers Southern America and MEA. Currently, North America dominates the global orthopedic devices market due to specific reasons like extensive investments in the healthcare industry, improved infrastructure, accelerated R&D, and advanced healthcare systems. Europe ranks second in the global orthopedic devices market. However, APAC is expected to register the highest number of CAGR in the forecast period 2021 – 2028 due to the growing geriatric population along with the increasing obesity in developing countries like China & India respectively.
Medtronic, Zimmer Biomet, Stryker, ConforMIS, DJO Global, NuVasive, Globus Medical, Medacta, DePuy Synthes, MicroPort Scientific Corporation (Wright Medical Group), Smith & Nephew, and Biome are the prominent players of the global orthopedic devices market.
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Market Segmentation and Scope of the Global Orthopedic Devices Market
By Product
Implant holders
Guide tubes
Drill guides
Distracters
Custom clamps
Screwdrivers
By Anatomical Location
Knee
Shoulder
Foot
Ankle
Spine
Elbow
Hip
By Type of Consumables
Orthopedic Staples
Orthopedic Suture Anchors
Resorbable suture anchors
Metallic suture anchors
Based on Region
North America
US
Canada
Europe
Germany
UK
France
Rest of Europe
Asia-Pacific
Japan
China
India
Rest of Asia Pacific
Rest of the World
South & Central America
Middle East
Africa
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Prominent Players of the Global Orthopedic devices market
Medtronic.
Zimmer.
Biomet.
Stryker.
MicroPort.
ConforMIS.
DJO Global.
NuVasive.
Globus Medical.
Medacta.
DePuy Synthes.
MicroPort Scientific Corporation (Wright Medical Group).
Smith & Nephew.
Biome
Table of Content
Chapter 1: Global Orthopedic Devices Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Orthopedic Devices market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Orthopedic Devices Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Orthopedic Devices market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Orthopedic Devices market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Orthopedic Devices market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Orthopedic Devices market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Orthopedic Devices business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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