Orthopedic Device Market to grow by USD 12.11 billion from 2022 to 2027, North America to account for 37% of market growth - Technavio

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- The orthopedic device market is expected to grow by USD 12.11 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 3.85% during the forecast period, according to Technavio Research. The market has been segmented by application (spine, knee, hip, extremities, and others), product (orthopedic implants and support devices and orthobiologics), and geography (North America, Europe, Asia, and Rest of the World (ROW)).  To gain access to more company profiles available with Technavio, buy the report!

North America is estimated to contribute 37% to the growth of the orthopedic devices market during the forecast period. The growth in the region is due to the high adoption of orthopedic devices and the increased number of surgical procedures. The growth in this market is also driven by the increasing volume of spinal nonsurgical procedures, rapid and faster acceptance of technologically advanced spinal implants as well as increased investment made by clinical trial providers. In addition, the growth of the market in this region is being driven by technological advances in orthopedics, such as product design, application upgrades, and the availability of reimbursement under health insurance programs. Hence, these factors are expected to drive market growth during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

aap Implantate AG, Alphatec Holdings Inc., B. Braun SE, Boston Scientific Corp., Colfax Corp., Conmed Corp., CTL Amedica Corp., Exactech Inc., Johnson and Johnson, Medacta International SA, Medtronic Plc, MicroPort Scientific Corp., Ossur hf, Smith and Nephew plc, Stryker Corp., TriMed Inc., Zimmer Biomet Holdings Inc., Arthrex Inc., Integra Lifesciences Holdings Corp., and Nuvasive Inc.

Medacta International SA - The company offers orthopedic devices such as Integra Salto Talaris Total Ankle prosthesis, and Titan Modular Shoulder system.

Orthopedic Device Market: Segmentation Analysis

The market share growth of the spine segment will be significant during the forecast period.  The rise in spine surgery among the elderly population and a growing number of studies were the main drivers for this market. In addition, one of the most significant drivers for this market is a rise in spine-related disorders.

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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Orthopedic Device Market: Market Dynamics

Key Drivers

• Increase in target population with orthopedic disorders, trauma, and sports injuries
• Continuous advancements in orthopedic technology
• Growing need for minimally invasive and robot-assisted techniques

The increase in the target population with orthopedic disorders, trauma, and sports injuries is a key factor driving market growth. Growth can be attributed to an increase in hip and knee replacement procedures, cranial fusion surgery, sports, and maxillofacial injuries. Orthopedic devices have been successfully used to treat a range of orthopedic conditions, including osteoporosis, arthritis, trauma, back pain, and emergency procedures. Furthermore, the CDC estimates that approximately 78.4 million adults in the age group of 18 years and over will be identified as having arthritis by 2040. Additionally, by 2040, an estimated 34.6 million adults will have limited activity due to arthritis. Hence, these factors are expected to drive market growth during the forecast period.

Major Trend

New product launches coupled with R&D activities are the major trends in the market. 

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio