Orthopedic Devices Market (Product - Accessories, and Surgical Device; Application - Hip, Knee, Spine, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the orthopedic devices market provides an in-depth analysis of segments and sub-segments in the global as well as regional orthopedic devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional orthopedic devices market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global orthopedic devices market. According to the report, the global orthopedic devices market is projected to grow at a significant CAGR over the forecast period of 2022-2028. 

Market Insight

Orthopedic devices are designed to work on musculoskeletal problems, while orthotics support or straighten weak joints or limbs. These devices help to correct the problem faced by muscles and restore the function of the human skeletal system and associated structures. These devices are custom-fitted or custom-fabricated medical device, so they are easy to use and perfectly fits the human body to correct a deformity, improve function, or remove symptoms of a disease. Orthopedic devices are continually evolving, in terms of musculoskeletal disorders such as degenerative conditions, trauma, and deformities including a broad range such as osteoarthritis, bone fracture, joint dislocation, and scoliosis. The development of new technologies, the discovery of new data, and ever-changing patient needs create an environment that is suitable for the growth of the orthopedic device market. 

The increasingly sedentary lifestyles and rising incidence of obesity are leading to the growing population facing orthopedic problems which ultimately supports the growth of the orthopedic device market. A developing country like India is also witnessing a resultant rise in orthopedic problems as a natural corollary. In such countries, a large number of people continue to live with joint pain and fail to seek timely medical treatment. Knee pain is the most common form of joint pain experienced by people, shoulder and hip pain are possessed second and third position in orthopedic disorders. The increasing number of people suffering from orthopedic problems is providing growth to the orthopedic devices market. Additionally, raising awareness about orthopedic conditions and joint pain in people due to health camps, doctors, and education is providing growth to the orthopedic device market. Rising life expectancy is also playing a huge part in the expansion of the orthopedic device market. The lack of exercise and hectic lifestyles are making bones softer and more prone to deformities causing awkward loading of joints highly in the aged population. Therefore, the growing aged population and unawareness of people about maintaining or strengthening muscles leads to the growth of the orthopedic devices market. Moreover, the high cost of surgeries that are required for implantation and the lack of established test methods that evaluate the preclinical performance of innovative orthopedic solutions are hampering the growth of the orthopedic market. The rise in R&D activity and the high investment of manufacturers in research and development to make efficient equipment is expected to support the growth of the market and result in the rapid expansion of the device market in the projected period. 

Asia-pacific generated a significant share of revenue in the orthopedic devices market in 2021 and is expected to continue its dominance over the forecast years. The market is anticipated to be dominated by Asia-Pacific. The region includes densely populated countries like India, China, and Japan are among the world's top countries considering its population. The regular seating, walking, and eating habit of people living in Asian countries are favorable for different orthopedic disorders. So due to this, many people are suffering from orthopedic diseases in the Asia Pacific region orthopedic devices are playing an important role in the treatment or recovery from these disorders. Additionally, North America and Europe are also highly populated countries and contain large old-age populations. Due to technological advancement, there is a rise in life expectancy which helps in the expansion of the orthopedic device market. As a result, the need for orthopedic devices is anticipated to persist in considerable growth in the region. 

Segment Covered

The report on the global orthopedic devices market covers segments such as product, and application. On the basis of product, the sub-markets include accessories, and surgical devices. On the basis of application, the sub-markets include hip, knee, spine, and others. 

Companies Profiled:

The report provides profiles of the companies in the market such as Stryker Corporation, DePuy Synthes, Zimmer Biomet, Smith & Nephew plc, Medtronic, DJO, Arthrex, Inc., NuVasive, Inc., Globus Medical, Inc., and Others. 

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the orthopedic devices market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.