Orthopedic Device Market Share, Opportunities, Industry 2031

Report Description

The orthopedic device market size was valued at USD 37.1 billion in 2020 and is projected to reach USD 47.5 billion by 2028, expanding at a CAGR of 3.1% during the forecast period, 2021 – 2028. The growth of the market is attributed to rising number of road accidents, growing ageing population, as well as high frequency of orthopedic problems, such as degenerative bone disease.

Orthopedic devices are medical devices that are used to improve body alignment by treating abnormalities and restoring normal skeletal function by reinforcing or replacing damaged parts. Furthermore, these advancements, when combined with modern diagnostic techniques, have considerably decreased the necessity for complex orthopedic surgical treatments. In addition, in 2017, according to the World Health Organization (WHO), the risk of musculoskeletal diseases rises with age. Furthermore, due to differences in environmental, racial, and geographic factors, the pattern and prevalence of orthopedic issues vary from place to place.

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The COVID-19 pandemic had a negative impact on the market due to the termination of elective surgeries, poor sales, and low demand. Supply chain delays, business closures, travel limitations, staff illness or quarantines, stay-at-home regulations, and other protracted interruptions all posed operational issues for businesses. As the prevalence of COVID-19 has decreased, numerous regulatory agencies have issued guidance to assist in the safe resumption of elective procedures. Due to a growth in the target population, the resumption of elective procedures, and a delay of planned surgeries, the market is expected to gradually recover in the following years.

Market Trends, Drivers, Restraints, and Opportunities

• Increase in the geriatric population worldwide is projected to drive the market.
• The adoption of orthopedic operations has been fueled by reimbursement coverage for orthopedic therapies.
• Rising awareness about the existence of innovative technology is driving hospitals to improve their services and devices, which is estimated to fuel the market.
• Increase in the number of bone-related illnesses and technological developments are projected to boost the market.
• High cost of the procedures is estimated to hamper the market growth.
• Increase in R&D activities is expected to create lucrative opportunities for the market players.

Scope of Orthopedic Device Market Report

The report on the global orthopedic device market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Orthopedic Device Market Segment Insights

The knee segment held major market share in 2020

Based on applications, the market is segregated into hip, sports injuries, extremities and trauma (SET), knee, dental, spine, and cranio-maxillofacial (CMF). The knee segment held major market share of around 28.1% in 2020 and is estimated to continue its dominance during the forecast period, attributed to increasing knee surgeries. Furthermore, the approval of class III therapeutic equipment is being slowed by tight regulatory criteria. The sports injuries, extremities and trauma (SET) segment is estimated to expand at a high CAGR during the forecast period. The market for orthopedic devices in ankle and foot applications is expected to grow as a result of increase in road and sports injuries, as well as increased awareness of treatment options. Increasing demand for equipment’s that allow quick cure is expected to fuel the market. Furthermore, organizations that aim to improve the self-confidence of athletes who have been incapacitated by injuries are likely to enhance R&D in the sports sector.

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The accessories segment is estimated to expand at a high CAGR during the forecast period

On the basis of products, the market is bifurcated into accessories and surgical devices. The accessories segment is further segregated into consumables, braces, and others. The surgical devices segment is further fragmented into drill guide, screw drivers, guide tubes, distracters, implant holder, custom clamps, and others. The accessories segment is estimated to expand at a high CAGR during the forecast period. Advancements in these technologies and tools are expected to boost demand. Advancements in technology and implant types utilized in surgical operations are likely to fuel the market. Due to the rapid speed of innovation and upgrades, low costs for earlier versions are expected to create significant opportunities for the emerging countries.

North America accounted for major market share in 2020

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for major market share in 2020. Growth of the market in the region is attributed to presence of industry giants, reimbursement coverage, well-developed healthcare infrastructure. The number of orthopedic surgeries performed in the region is being fueled by an ever-increasing target patient population as a result of ageing and increased car accidents. Asia Pacific is expected to register a high CAGR during the forecast period. The world's major geriatric population pools are likely to be found in India and China. The growing medical tourism business is likely to draw more patients due to the availability of modern healthcare treatments at affordable prices from the desired patient group.

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