Orthopedic Devices Market size worth $ 8.43 Billion, Globally, by 2028 at 6.23% CAGR: Verified Market Research®
A few of the major factors that will drive the growth of the market are rising cases of accidents and sports related injuries, growing instance of the orthopedic surgeries, expanding joint replacement surgeries along with the rising elder populations
JERSEY CITY, N.J., Oct. 25, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Orthopedic Devices Market" By Applications (Hip Orthopedic Devices, Knee Orthopedic Devices), By Product (Drill Guide, Guide Tubes, Implant Holder, Custom Clamps), and By Geography. According to Verified Market Research, the Global Orthopedic Devices Market size was valued at USD 5.21 Billion in 2020 and is projected to reach USD 8.43 Billion by 2028, growing at a CAGR of 6.23% from 2021 to 2028.
The rise in demand for orthopedic devices is growing on account of factors such as rising elder populations, innovation in surgeries, rising incidences of the orthopedic diseases, among others. Growing obesity and the expanding average weight of the populations is increasingly related to the orthopedic and overall bone health.
Obesity has been linked to the pathophysiology of some orthopedic conditions such as osteoporosis, fractures, osteoarthritis, and many soft tissue ailments, according to studies. Obesity affects about one-third of adults in the United States. It is estimated that by 2030, one out of every two people in the United States would be obese. Obesity raises the risk of a number of co-morbidities, including hypertension, type 2 diabetes, coronary artery disease, stroke, sleep apnea, and osteoarthritis, to name a few.
Obesity has been linked to a decrease in bone mass as well as the production of proinflammatory cytokines, which has been linked to the pathophysiology of osteoporosis, fractures, osteoarthritis, and many soft tissue ailments. Obese patients are more likely to have musculoskeletal co-morbidities as a result of these factors. Increased cardiovascular risks, challenges with special equipment, instrumentation, surgical approach, patient positioning, and medication modifications are all critical peri-operative issues. Keeping in view these trends, hospitals are also increasing vying to update their surgical devices, integrating the digital technologies as a more interactive role of the patients is also growing proportionally, expected to provide a greater growth for the Orthopedic Devices Market across the forecast timeline.
Key Developments inOrthopedic Devices Market
In May 2019, Kyocera Fineceramics GmbH, Kyocera Corporation's Germany-based European headquarters, successfully completed the acquisition of Friatec's advanced ceramics business operations.
In June 2020, Morgan Advanced Materials announced acquisition of Carbo San Luis, a producer of the insulating, unshaped-basic, and non-basic-preshaped and pressed refractory products and ceramic fibers.
The major players in the market are Medtronic, Stryker Corporation, Zimmer Biomet, Depuy Synthes, Smith And Nephew, Aesculap Implant Systems, LLC, Conmed Corporation, DJO Global, Nuvasive, Inc., and Others.
Verified Market Research has segmented the Global Orthopedic Devices Market On the basis of Applications, Product, and Geography.
Orthopedic Devices Market, By Applications
Hip Orthopedic Devices
Knee Orthopedic Devices
Spine Orthopedic Devices
Orthopedic Devices Market, By Product
Orthopedic Devices Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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