According to a report by The Brainy Insights, the global orthopaedic devices market was valued at USD 52.16 billion in 2023 and is projected to reach USD 78.71 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2024-2033.
Market Introduction: Orthopaedic devices are essential tools used to diagnose and treat musculoskeletal disorders and injuries. These devices encompass a range of products, including arthroscopic devices, spinal devices, joint reconstruction devices, trauma fixation devices, accessories, braces, and orthobiologics. They play a crucial role in addressing conditions such as osteoporosis, arthritis, and other musculoskeletal disorders, particularly prevalent among the aging population.
Recent Developments:
- February 2022: 4WEB Medical introduced a broad selection of hyperlordotic lateral implants, aiming to provide more affordable treatment alternatives and reduce the need for extensive posterior corrective surgeries.
- February 2022: Spire Orthopedic Partners announced collaborations with Orthopaedic Surgical Associates (OSA) and Middlesex Orthopedic Surgeons, PC (MOS), both dedicated to providing comprehensive orthopaedic and spine care.
Drivers:
- High Prevalence of Bone Disorders: The increasing incidence of age-related bone conditions, such as osteoarthritis and osteoporosis, is a significant driver of market growth. According to the Global Arthritis Network, 350 million people worldwide have arthritis, with osteoarthritis causing about 25 out of every 1,000 persons to need orthopaedic surgery.
Restraints:
- Stringent Regulations: Government-imposed stringent regulations on the use of orthopaedic devices, due to concerns over the use of low-quality materials by some hospitals and clinics, may hinder market growth.
Opportunities:
- Technological Advancements: The market is being propelled by an increase in outpatient operations and the introduction of innovative product ideas. Rapid developments in spine, hip, and knee replacement devices, including smart implants with built-in sensors for real-time data processing, are expected to drive market growth.
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Regional Segmentation Analysis:
- North America: In 2023, North America emerged as the largest market, accounting for 37% of the market revenue. This dominance is attributed to a well-developed healthcare infrastructure, the presence of key industry players, and comprehensive payment coverage. The growing aging population and an increase in traffic accidents further boost the number of orthopaedic surgeries performed in the region.
- Asia Pacific: Expected to be the fastest-growing region during the forecast period, driven by a large elderly population in countries like China and India. The expanding medical tourism sector, offering advanced medical treatments at affordable costs, is also anticipated to contribute to regional market growth.
The orthopaedic devices market is poised for significant growth, driven by technological advancements and an increasing prevalence of musculoskeletal disorders globally.
The Product segment is divided into accessories and surgical devices. The accessories segment dominated, with a market share of around 55% in 2023. The accessories segment covers products such as arthroscopes, braces, and other consumables, which propels the segment’s growth. Furthermore, this segment also includes other devices, such as plaster materials, sutures, and screws, adding impetus to the segment’s growth.