Orthopedic Devices Market Update 2023: Predicted to Surpass USD 47.7 Billion by 2026, Report

Orthopedic device is a device that is used for preventing and treating of deformities and injuries in a musculoskeletal system of the body. In addition, orthopedic devices include bandages, splints, prostheses, and special apparatus. In recent years, the orthopedic devices have evolved much over the past few decades, due to its larger prevalence and which high focus on the research and development of hip and knee devices across the globe. The orthopedic devices market is expected to grow at a higher rate owing to surge in prevalence of orthopedic injuries or diseases and rapid increase in the aging population. However, high cost associated with procedures involving orthopedic devices treatment and stringent government policies hamper the orthopedic devices market growth. On the contrary, the emerging economies present lucrative opportunities to the market.

Orthopedic devices market size was valued at $37.2 billion in 2018 and is projected to reach $47.7 billion by 2026, registering a CAGR of 3.1% from 2019 to 2026.

Some of the key players involved in the Market are:

CONMED CORPORATION, WRIGHT MEDICAL GROUP N.V., ZIMMER BIOMET HOLDINGS, INC., DJO Global, Inc., GLOBUS MEDICAL INC., B. BRAUN MELSUNGEN AG, Stryker Corporation, SMITH & NEPHEW PLC., Medtronic Plc, ARTHREX, INC.

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The orthopedic devices market can be segmented based on various factors. Here are some common segments used in the industry:

1. Product Type: a. Joint Reconstruction Devices: Includes implants and instruments used in procedures such as hip, knee, shoulder, and ankle replacements. b. Spinal Devices: Includes implants, plates, rods, screws, and cages used in spinal surgeries for conditions like degenerative disc disease, spinal deformities, and herniated discs. c. Trauma Fixation Devices: Includes implants like screws, plates, and nails used to stabilize fractures and treat traumatic injuries. d. Orthobiologics: Includes biological materials such as bone grafts, synthetic bone substitutes, and stem cell therapy used in orthopedic procedures for bone healing and tissue regeneration. e. Arthroscopy Devices: Includes instruments and equipment used for minimally invasive procedures to diagnose and treat joint-related conditions. f. Orthopedic Braces and Supports: Includes devices such as knee braces, ankle supports, back braces, and wrist supports used for immobilization, stabilization, and pain relief.
2. End User: a. Hospitals: Large medical facilities where orthopedic surgeries and treatments are performed. b. Ambulatory Surgical Centers (ASCs): Outpatient facilities where orthopedic procedures are performed, providing a more cost-effective and convenient alternative to hospitals. c. Orthopedic Clinics: Specialized clinics focused on diagnosing and treating orthopedic conditions. d. Homecare Settings: Devices designed for use at home, such as braces, supports, and mobility aids.
3. Application: a. Hip Orthopedic Devices: Devices used in hip replacement surgeries and hip-related conditions. b. Knee Orthopedic Devices: Devices used in knee replacement surgeries and knee-related conditions. c. Spine Orthopedic Devices: Devices used in spinal surgeries and spinal-related conditions. d. Shoulder Orthopedic Devices: Devices used in shoulder surgeries and shoulder-related conditions. e. Foot and Ankle Orthopedic Devices: Devices used in foot and ankle surgeries and foot/ankle-related conditions. f. Other Orthopedic Devices: Includes devices for hand and wrist, trauma, sports medicine, and other orthopedic subspecialties.
4. Geography: The orthopedic devices market can also be segmented based on geographic regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, as market dynamics and demand can vary across different regions.

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