Global Orthopedic Devices Market Report 2023: High Prevalence of Orthopedic Diseases Drives Growth

DUBLIN, July 10, 2023 /PRNewswire/ -- The "Orthopedic Devices Market Size, Share & Trends Analysis Report By Application, By Product, By Region, And Segment Forecasts, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global orthopedic devices market size is expected to reach USD 57.76 billion by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

A number of factors contribute to the market's development, including the high prevalence of orthopaedic conditions like degenerative bone disease, the ageing population's growth, and the rise in traffic accidents. The early onset of musculoskeletal diseases, which are primarily brought on by obesity and a sedentary lifestyle, is another factor that is anticipated to cause the market to grow. According to data from the Global Burden of Disease report from 2021, 1.71 billion people globally experience musculoskeletal conditions.

Currently available trauma management techniques cannot completely restore body parts due to a lack of efficient surgical tools. Producers are spending a lot of money on research and development to make new, useful products. This increase in R&D efforts is expected to ensure rapid market growth in the near future. Technology advances and an increase in the prevalence of other bone-related diseases are expected to cause the market to expand even more. Obesity is one of the major factors that can cause arthritis.

The public's knowledge of the availability of cutting-edge products is forcing hospitals to constantly upgrade their facilities and services. Reimbursement for orthopaedic treatments has also contributed to the acceptance of orthopaedic surgeries. These components give patients the option to choose more expensive and complex treatments, boosting total revenue.

Due to the cancellation of elective procedures, low demand, and low sales, the COVID-19 pandemic had a detrimental impact on the market. Supply chain disruptions, business closures, travel restrictions, employee quarantines or illnesses, stay-at-home policies, and other protracted interruptions also caused businesses to experience practical difficulties. To stop the spread of disease and to meet the demand for treating COVID-19 patients, for instance, several public health groups in the United States recommended delaying elective procedures.

Companies Mentioned

• Medtronic PLC
• Stryker Corporation
• Zimmer-Biomet Holdings Inc.
• DePuy Synthes
• Smith and Nephew PLC
• Aesculap Implant Systems LLC
• Conmed Corporation
• Donjoy Inc.
• NuVasive Inc.

Orthopedic Devices Market Report Highlights

• In 2021, the knee orthopaedic equipment segment held a major market share. From 2022 to 2030, this market is anticipated to continue to rule due to the rise in knee operations. However, two major obstacles to segment growth are high costs and protracted follow-up times.
• Based on the products, the market is segmented into surgical instruments and accessories. The accessories market is expected to experience the highest CAGR. The accessories category also contains supplies and items like braces and arthroscopy equipment. This area also contains additional things like sutures, fasteners, and plaster supplies
• North America led the global market for orthopaedic devices in 2021. The regional market's high demand for advanced healthcare services is anticipated to be fueled by the existence of industry heavyweights, a well-developed healthcare infrastructure, and reimbursement coverage. Due to ageing and an increase in traffic accidents, the target patient community is constantly expanding, which is further increasing the quantity of orthopaedic operations carried out nearby.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Orthopedic Devices Market Insights
4.1. Orthopedic Devices Market - Industry Snapshot
4.2. Orthopedic Devices Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. High prevalence of orthopedic diseases
4.2.1.2. R&D investments in order to create novel and effective devices
4.2.2. Restraints and Challenges
4.2.2.1. High cost
4.3. Porter's Five Forces Analysis
4.4. PESTLE Analysis
4.5. Orthopedic Devices Industry trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Orthopedic Devices Market, by Application

6. Global Orthopedic Devices Market, by Product

7. Global Orthopedic Devices Market, by Geography

8. Competitive Landscape

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/ybab36

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SOURCE Research and Markets