The Orthopedic Devices Market Is Expected To Grow At A CAGR Of 5% With Rising Geriatric Population As Per The Business Research Company's Orthopedic Devices Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

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LONDON, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Orthopedic Devices Global Market Report 2023, the global orthopedic devices market has demonstrated remarkable growth, increasing from $43 billion in 2022 to $45.79 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 6.5%. Projections indicate sustained growth, with the market expected to reach $55.75 billion by 2027 at a CAGR of 5.0%.

Rising Geriatric Population Fuels Market Growth

A significant contributor to the expansion of the orthopedic devices market has been the escalating global geriatric population. According to the World Health Organization, the number of individuals aged 60 years and above exceeded 1 billion in 2020, a figure expected to surge to 1.4 billion by 2030 and reach a staggering 2.1 billion by 2050. This demographic shift has led to increased demand for medical care, resulting in higher healthcare expenditures and a consequent surge in demand for orthopedic devices.

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Leading Companies In The Market

Prominent players in the orthopedic devices market include industry giants such as Johnson & Johnson, Zimmer Biomet Holdings, STRYKER CORPORATION, Medtronic Inc., Smith & Nephew plc, Colfax Corporation, NuVasive, Inc., Wright Medical Group, Inc., Globus Medical Inc., and B. Braun Group.

Rise Of Biodegradable Implants In Orthopedic Surgeries

One notable trend in the orthopedic devices market is the increasing use of biodegradable implants in trauma orthopedic surgeries. These implants are employed to replace or support biological structures and enhance existing bone structures. Biodegradable products, including reabsorbable polymers made from polyglycolic acid and polylactic acid, in the form of plates, screws, and pins, are becoming preferred over traditional devices due to their cost-effectiveness. Surgeons favor biodegradable implants for their ability to provide temporary support for bone fractures, degrade at a rate matching new tissue formation, eliminate the need for a second surgery, and prove highly effective in fracture fixation, particularly in children. Notably, Stryker Corporation offers orthobiologics, including bone repair biodegradable products used in bone and soft tissue regeneration and muscle connection to bone.

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Regional Dominance In The Market

In 2022, North America emerged as the largest region in the global orthopedic devices market, with Western Europe following closely as the second-largest region. The market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Segmentation Of The Market

The global orthopedic devices market is categorized based on various parameters, including:

  1. Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics
  2. End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
  3. Type of Expenditure: Public, Private
  4. Product: Instruments/Equipment, Disposables

The global orthopedic devices market continues to evolve, driven by demographic shifts, technological advancements, and innovative solutions offered by leading industry players. This growth trend is expected to persist in the coming years, shaping the future of healthcare and orthopedics.

Orthopedic Devices Global Market Report 2023 by The Business Research Company provides insights on the orthopedic devices market size, orthopedic devices market segments, orthopedic devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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