Global Orthopedic Devices Market Size, Share, Growth Analysis, By Product type(Accessories, and Surgical devices), By Application(Hip; Knee; Spine; Sports injuries, Extremities & Trauma (SET); and others) - Industry Forecast 2024-2031

Global Orthopedic Devices Market size was valued at USD 42.17 billion in 2022 and is poised to grow from USD 43.48 billion in 2023 to USD 55.5 billion by 2031, growing at a CAGR of 3.10% during the forecast period (2024-2031).

Orthopedic devices play a crucial role in alleviating pain, enhancing quality of life, and restoring mobility for individuals with musculoskeletal issues. The emergence of new orthopedic technologies holds promise for reducing costs, particularly in regions like Asia Pacific and the Middle East where medical coverage is limited, thereby fostering greater adoption of these devices. This trend is expected to drive market growth in the orthopedic devices sector. However, the global market faced setbacks during the COVID-19 pandemic, with diminished demand and sales. Companies encountered operational hurdles stemming from disruptions in the supply chain, business shutdowns, travel constraints, and health protocols. In response to the crisis, healthcare facilities postponed elective surgeries in efforts to mitigate infection risks and prioritize resources for COVID-19 management.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Orthopedic Devices Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Orthopedic Devices Market Segmental Analysis

Global orthopedic devices market is segmented based on the product type, application, and region. Based on product type, the market is segmented into Accessories, and Surgical devices. Based on application, the market is segmented into Hip; Knee; Spine; Sports injuries, Extremities & Trauma (SET); and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Orthopedic Devices Market

The growth of the orthopedic devices market is primarily fueled by several key factors. These include the escalating prevalence of orthopedic disorders such as degenerative bone diseases, a growing aging population, and a surge in road accidents. Additionally, there's a rapid uptick in musculoskeletal diseases stemming from obesity and sedentary lifestyles. The rising prominence of osteoporosis further contributes to the market's expansion.

Restraints in the Global Orthopedic Devices Market

The expansion of the Orthopedic Devices market faces significant challenges due to the considerable costs associated with procedures and the prevalence of post-surgical complications. These complications encompass a range of issues, including postoperative infections, neuroparalysis, and restrictions in range of motion, which not only affect patient outcomes but also add to the overall financial burden of treatment. Consequently, healthcare providers and medical device manufacturers are increasingly focusing on innovative strategies to mitigate these obstacles and improve both the affordability and effectiveness of orthopedic interventions.

Market Trends of the Global Orthopedic Devices Market

The growing inclination towards technologically advanced solutions, such as robotics and computer-assisted surgery, is evident in the realm of minimally invasive orthopedic procedures due to their cost-effectiveness and clarity, facilitating swift patient recovery. Numerous companies are embracing robotic assistance to augment surgeons' capabilities in various orthopedic surgeries, including those involving the knee, hip, and spine.