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Orthopedic Devices Market Size to Reach US$ 56.23 Bn, Globally, by 2027

The global orthopedic devices market size is likely to reach USD 56.23 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 2.87% during the forecast period 2020 to 2027.

The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.

Orthopedic devices are intended to inhibit or manage musculoskeletal harms, while straighten fragile limbs or joints. They are employed to substitute missing bone or joints or to offer support to the injured bone. Orthopedic surgeries that integrate robotics are less invasive and provide reproducible precision, subsequent in less hospital stays and quicker recovery times. In Switzerland, La Source clinics tasted a reduction in average hospitalization from 10 to 6 days by means of surgical robots. However, this technology is still costly to obtain, and robust, evidence-based studies are desirable to validate that robotic technology front-runners to improved outcomes.

Orthopedic devices are manufactured with the help of stainless steel and titanium alloys for strength, and plastic coating works as synthetic cartilage. In orthopedics, internal fixation is a surgery that involves incorporation of implants to heal the injured bone. Most general orthopedic medical devices are the pins, rods, screws, and plates that are utilized for fastening of fractured bones while they heal. At present, several biotechnology firms are employing stem cells for orthopedic treatment. For instance, BioTime emphases on stem cell therapies for age-linked degenerative ailments, Bio-Tissue on orthobiological solutions for cartilage flaws and IntelliCellBioSciences on adipose-derived stem cells for orthopedic diseases.

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Growth Factors

The global orthopedic devices market is expected to grow at a noteworthy rate during the estimate period on account of the increasing elderly population across the world. Aged people are highly prone to progress bone associated disorders which is estimated to upsurge demand for countless orthopedic devices and implants from this population. Further, escalating frequency of obesity and diabetes, absence of physical activity, poor diet, and intensifying trend of alcohol consumption and smoking are some more factors that can lead injury to bone health. This will offer alluring prospects for orthopedic devices market in the near future.

The number of people undertaking joint replacement surgeries like total knee and hip replacement has augmented gradually and endures to upsurge, owing to a growth in the aging population. The upsurge in the musculoskeletal diagnoses and osteoporosis-related fractures is motivating the demand for orthopedic implants amongst the populace aged 65 years or older. The global orthopedic device market is compelled by the rising government focus on plummeting disease charge burden due to rising incidence of aged population.

Report Highlights

Key Market Players and Strategies

Companies financing significantly in robotics include Stryker, Zimmer Biomet, Smith & Nephew, Mazor Robotics, OMNlife Science Inc., Think Surgical, Verb Surgical and Intuitive Surgical. For illustration, Zimmer Biomet incorporated the ROSA robotic device utilized for spine and brain surgeries to its product selection via its acquisition of Medtech. Stryker acquired Mako Surgical Corp. in order to construct total knee and total hip replacement robotic products. Further, Smith & Nephew acquired Blue Belt Holdings for partial knee replacements for a robotic-assisted surgery product.

Some of the significant players in the orthopedic devices market include:

Market Segmentation

By Product Type

By End-user

Regional Segmentation

Regional Snapshots

North America dominated global orthopedic devices market in 2019 due to high demand for progressive healthcare services and existence of well-built healthcare infrastructure. Further, presence of market giants and repayment coverage are some of the factors motivating the regional growth of the market.

As per Arthritis Research report (UK), on “The State of Musculoskeletal Health 2018”, approximately 17.8 million people are projected to live with a musculoskeletal disorder in the UK, which is about 28.9% of the total population. These statistics demonstrate that the number of orthopedic surgeries is growing progressively, which may lead to surge in the demand for orthopedic implants in this region.

Demand for orthopedic surgeries in India and China is also anticipated to grow extremely in the nearby future. Moreover, growing medical tourism, due to the obtainability of cost efficient and cutting-edge healthcare treatment selections, than other regions, and cumulative implementation of innovative technologies are boosting the demand for the orthopedic devices t in Asia Pacific.

Why should you invest in this report?

If you are aiming to enter the global orthopedic devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for orthopedic devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Data points covered under orthopedic devices market research study:

Key Questions Answered by the Report:

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