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Orthopedic Devices Market Size US$ 56.23 Bn By 2030

The global orthopedic devices market size accounted for USD 48.47 billion in 2022 and is projected to hit around USD 56.23 billion by 2030, growing at a CAGR of 2.31% from 2022 to 2030.

By the end of 2022, the market for orthopedic devices is expected to develop at a faster rate than that of cardiology and in vitro diagnostics. This industry will continue to be a strong one for medical technology worldwide. Growing senior populations, a high prevalence of orthopedic disorders such degenerative bone disease, and the number of traffic mishaps are all predicted to fuel the expansion of the worldwide orthopedic devices market.

In addition, it is anticipated that the market would rise due to the early development of musculoskeletal disorders brought on by obesity and a sedentary lifestyle. Hospitals are being pushed to constantly improve their services and equipment due to a growing knowledge of how accessible cutting-edge products are.

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Orthopedic Devices Market Growth

The high prevalence of orthopedic conditions, including degenerative bone disease, as well as the ageing population’s increase in mobility and the rise in traffic accidents, all contribute to the market’s expansion. In addition, the early onset of musculoskeletal problems, mostly brought on by obesity and a sedentary lifestyle, is anticipated to fuel market expansion. Because there are currently no effective surgical tools, trauma care techniques cannot fully restore bodily components.

Manufacturers are putting a lot of money into research and development to create cutting-edge and effective equipment as a result. In the near future, it is projected that this rise in R&D activity will guarantee strong market growth. Technology advances and an increase in the prevalence of various bone-related illnesses are predicted to further expand the market.

Orthopedic Devices Market Report Scope

Report Highlights Details
Market Size USD 58.2 Billion by 2030
Growth Rate CAGR of 2.31% from 2022 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Product, End User, Region Type

Report Highlights

Regional Analysis

Due to its advanced healthcare system and rising orthopedic surgery rates, the United States dominated the North American orthopedic devices market in 2020, accounting for over 94% of total revenue. The amount of amputations and traffic accidents in the United States are expected to rise, which will expand the market for these devices there.

In 2020, Germany accounted for around USD 1.9 billion and held the greatest revenue share in the European market, thanks to rising healthcare costs and initiatives to reduce significant health risks. Europe’s highest healthcare spending is accounted for by Germany. Its healthcare spending per person increased noticeably from USD 4,612 in 2010 to USD 5,472 in 2018.

Orthopedic Devices Market Dynamics

Drivers

The orthopedic device market has grown into a multi-billion-dollar business with steady growth in both developed and developing countries as a result of extensive R&D successes and various advancements. The government’s increased focus on the declining disease cost burden brought on by the ageing population is driving the worldwide orthopedic device industry.

It is anticipated that in the near future, spectacular growth will be fueled by the rising prevalence of osteoporosis and arthritis. As a result of rising acceptability in emerging markets and market saturation in developed countries, developing economies are expected to grow faster than those in developed ones.

Also Read: Portable Medical Devices Market Sales to Hit USD 85.05 Bn By 2027

Restraints

Due to the cancellation of elective treatments, low demand, and weak sales, the COVID-19 pandemic had a negative effect on the market. Due to supply chain interruptions, company closures, travel limitations, staff illness or quarantines, stay-at-home policies, and other prolonged interruptions, businesses also had to deal with operational issues. To avoid cross-infection and to accommodate the demand for treating COVID-19 patients, numerous public health organizations in the U.S., for example, suggested delaying elective procedures.

Opportunities

Growing elderly population and increase in orthopedic illnesses will increase market value. The study on the ageing of the world population by the United Nations 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 would increase from about 9.3% in 2020 to 16% by 2050. The majority of orthopedic disorders are caused by ageing and are expected to rise as the population ages.

Challenges

The rate at which these devices are used by surgeons and patients is impacted by product recalls as a result of inadequate design or manufacturing, which lowers sales for the producers.

Recent Development

Orthopedic Devices Market Key Players:

Market Segmentation

By Product Type

By End-user

Regional Segmentation

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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