According to a report by TechSci Research titled “Global Orthopedic Devices Market By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Ortho-biologics, Others), By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, Competition Forecast & Opportunities, 2028,” the global orthopedic devices market is poised for significant growth in the period of 2022-2028. The market has exhibited consistent growth with a noteworthy CAGR in the past five years until 2019. Factors such as the increasing prevalence of bone injuries and orthopedic conditions among the elderly population are expected to drive market growth in the forecast period. Furthermore, the development of advanced technologies and government investments in these devices will ensure effective and painless treatment for orthopedic issues, thereby fueling the global orthopedic devices market.
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Additionally, the rising number of traumatic injuries necessitates early diagnosis and non-surgical treatments to alleviate patient suffering. The increasing incidence of traumatic injuries is anticipated to drive market growth for orthopedic devices in the forecast period.
The outbreak of COVID-19 and subsequent lockdown measures have resulted in the shutdown of many manufacturing units and disruptions in the supply chain, leading to interrupted production and limited supply of orthopedic devices worldwide. Furthermore, the global economy has been adversely affected in numerous countries, posing challenges to the growth of the orthopedic devices market. However, as lockdown restrictions ease, the market is expected to regain momentum and grow significantly.
The global orthopedic devices market is segmented by type, application, end user, and regional distribution. Based on application, the market is further divided into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, and others. The increasing cases of knee and hip replacements will have a significant impact on the growing market share of knee orthopedic devices and hip orthopedic devices, thereby driving the growth of the global orthopedic devices market.
Furthermore, governments are actively promoting awareness regarding the availability of orthopedic devices, and continuous technological advancements in these devices are compelling end users to upgrade continuously, thereby driving market growth. Government reimbursements for orthopedic treatment plans will also foster the adoption of these devices for painless treatment, driving the forecasted growth of the global orthopedic devices market.
Major competitors in the market include Medtronic Plc., Stryker Corporation, B. Braun Melsungen AG, Conmed Corporation, Smith & Nephew plc, Johnson & Johnson Private Limited, NuVasive, Inc., Zimmer Biomet Holdings, Inc., Arthrex, Inc., DJO Global, Inc., Aesculap Implant Systems, LLC, Globus Medical Inc, Wright Medical Group N.V., DJO, LLC., Integra Lifesciences Corporation, among others. These companies are focused on extensive research and development activities to maintain competitiveness in the market. Other competitive strategies include forming alliances and partnerships.
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“Technological advanced devices are readily sold in the developed countries, that reduces the cost of older versions of these devices that can be introduced in the developing countries. North America has the highest demand of technologically advanced products whereas Asia-Pacific region can be a big market for the older versions of the product thus introducing the idea of better healthcare. Moreover, booming medical tourism is also effective toward the growth of the global orthopedic devices market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Orthopedic Devices Market By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Ortho-biologics, Others) By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of Global Orthopedic Devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Orthopedic Devices.
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