Orthopedic Devices Market Size Worth $53.8 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, May 4, 2022 /PRNewswire/ -- The global orthopedic devices market size is anticipated to reach USD 53.8 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a notable CAGR of 3.1% from 2022 to 2030. Major factors expected to drive the market include high demand for orthopedic surgeries owing to the growing prevalence of road accident injuries and orthopedic diseases. The increasing geriatric population, which is prone to orthopedic conditions, is primarily boosting the demand for orthopedic solutions globally. Effects of aging, such as lowering of bone density and weakening of bones due to excessive loss of bone mass, are prominent in people aged 25 years to 54 years and become more noticeable after 55 years.

Key Insights & Findings from the report:

• Knee orthopedic devices captured the largest market share in 2021, attributed to the growing number of knee surgeries, including common knee injuries and total knee replacements.
• North America captured the largest market share in 2021 and is expected to continue leading over the forecast period. The local presence of a large number of major market players and high adoption of advanced technologies are the major driving factors.
• Asia Pacific is expected to exhibit a lucrative CAGR during the forecast period. The presence of a largely untapped market and supportive government regulations are expected to attract the attention of global market players.
• Market players are focusing on strategic initiatives, including product launches, R&D investments, and expansion of distribution networks through collaborations, to gain competitive advantages. For instance, in January 2021, OrthoSensor, Inc., a private company that specializes in musculoskeletal care, was acquired by Stryker.

Read 150 page market research report, "Orthopedic Devices Market Size, Share & Trends Analysis Report By Application (Hip, Knee, Spine, Cranio-Maxillofacial, Dental, SET), By Product (Accessories, Surgical Devices), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Orthopedic Device Market Growth & Trends

The rapid adoption of minimally invasive surgeries and an increasing number of sports & road traffic accidents are expected to fuel the market during the forecast period. Arthroscopy, total joint replacement procedures, and spine surgeries are some of the newly adopted minimally invasive surgeries. The implementation of stringent regulatory approval procedures is anticipated to hinder market growth in the near future. In addition, the high cost of devices and surgeries is likely to impede growth.

The COVID-19 pandemic considerably slowed industry growth, with a fall in demand for orthopedic devices in the initial phases of the pandemic in early 2020. Governments imposed restrictions or bans on nonessential medical procedures and elective surgeries. Due to nationwide lockdowns, private and public transportation were paused, resulting in fewer road accidents & injuries. In addition, orthopedic clinics & hospitals in some countries were shut down or had reduced operations.

As per data published by CovidSurg Collaborative, orthopedic procedures were the most commonly canceled ones in 2020, with around 6.3 million surgeries canceled globally. This negatively impacted the orthopedic device market. Furthermore, supply chain disruptions amid lockdowns impacted the uptake of surgical procedures globally. In addition, a decrease in the revenues of key players is likely to hamper the overall market.

Orthopedic Device Market Segmentation

Grand View Research has segmented the global orthopedic devices market based on product, application, and region:

Orthopedic Devices Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Hip
• Knee
• Spine
• Cranio-Maxillofacial (CMF)
• Dental
• Sports Injuries, Extremities and Trauma (SET)

Orthopedic Devices Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Accessories
• Braces
• Consumables
• Others
• Surgical Devices
• Drill Guide
• Guide Tubes
• Implant Holder
• Custom Clamps
• Distracters
• Screw Drivers
• Others

Orthopedic Devices Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players in Orthopedic Devices Market

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

Check out more related studies published by Grand View Research:

• Orthopedic Splints Market - The global orthopedic splints market size is anticipated to reach USD 2.76 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 8.9% from 2021 to 2028. The key factors driving the market growth include growing technological advancements, rising prevalence of arthritis and other musculoskeletal conditions, bone fractures, and R&D activities. Furthermore, the increasing geriatric population is expected to fuel market growth.
• Orthopedic Navigation Systems Market- The global orthopedic navigation systems market size is expected to reach USD 6.05 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.4% from 2021 to 2028. The increasing geriatric population prone to orthopedic diseases is a key contributing factor propelling the demand for orthopedic navigation systems. Osteoarthritis and osteoporosis are the most common disorders in the population aged 70 years and above. The growing prevalence of these disorders results in an increased economic burden on many countries.
• Orthopedic Braces And Supports Market - The global orthopedic braces and supports market size is anticipated to reach USD 8.26 billion by 2030, expanding at a lucrative CAGR of 7.6% during this period, as per a new report by Grand View Research, Inc. The key factors driving the market growth include rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, incidences of trauma & injury, and technological advancements. In December 2021, Nanyang Technological University, Singapore, and an engineering firm developed the X-Brace a knee brace that is 30% lighter than conventional ones. It is distributed by Wearable Kinetics, a subsidiary of Delsson.

Browse through Grand View Research's  Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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