Orthopedic Device Market: Trends, Opportunities and Competitive Analysis

Orthopedic Device Market: Trends, Opportunities and Competitive Analysis

Orthopedic Device Industry Trends and Forecast

The future of the global orthopedic device industry looks attractive with opportunities in public and private hospitals. The global orthopedic device industry is expected to reach an estimated $76.1 billion by 2027 and it is forecast to grow at a CAGR of 4.9% from 2022 to 2027. The major drivers for the growth of this market are the increasing aging population, increasing adoption of advancements in medical technologies, and growing healthcare expenditure and awareness.


Emerging Trends in Orthopedic Device Industry

Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing demand for smart implants, the widening use of nanotechnologies, and the adoption of robotic surgery to increase mechanical performance and accuracy.

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Orthopedic Device Market by Segment

In this market, orthopedic reconstruction is expected to remain the largest segment by device type. Growth in various segments of the orthopedic device market are given below:

The study includes trends and forecast for the orthopedic device market by device type and region as follows:

Orthopedic Device Market by Device Type [Value ($ Million) from 2016 – 2027]:

• Orthopedic Reconstruction
• Hip
• Knee
• Shoulder
• Others
• Spinal Devices
• Trauma Fixation Devices
• Craniomaxillofacial Devices
• Dental Implants
• Soft Tissue Repair
• Braces and Accessories
• Orthobiologics and Others

Orthopedic Device Market by Region[Value ($ Million) from 2016 – 2027]:

• North America
• United States
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• United Kingdom
• Spain
• Asia Pacific
• China
• India
• Japan
• The Rest of the World
• Brazil
• UAE

List of Orthopedic Device Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, orthopedic device companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the orthopedic device companies profiled in this report include-

• DePuy Synthes
• Zimmer Biomet Holding Inc.
• Stryker Corporation
• Smith and Nephew PLC
• Medtronic

Orthopedic Device Market Insights

• Lucintel forecasts that the orthopedic reconstruction, trauma fixation device, and orthobiologics segments are expected to show above average growth during the forecast period due to an increasing geriatric population, the rising prevalence of osteoporosis and osteoarthritis, and the increasing incidence of road accidents.
• Within the global orthopedic device industry, orthopedic reconstruction is expected to remain the largest segment by device type over the forecast period. The rise of orthopedic disorders and increasing aging population are the major driving forces that will spur growth for this segment over the forecast period.
• North America is expected to remain the largest region due to increasing awareness of minimally invasive procedures for orthopedic surgeries, continuous innovation in implant technologies, and advanced healthcare facilities.
• APAC is expected to witness the highest growth rate over the forecast period due to increasing road accidents, advancement in treatment technologies, and increasing awareness of healthcare options.

Features of the Orthopedic Device Market

• Market Size Estimates: Orthopedic device market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2016-2021) and forecast (2022-2027) by various segments and regions.
• Segmentation Analysis:Orthopedic device market size by various segments, such as device type use.
• Regional Analysis: Orthopedic device market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different device types and regions for orthopedic device market.
• Strategic Analysis: This includes M&A and competitive landscape for the orthopedic device market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the orthopedic device market size?

Answer:The global orthopedic device market is expected to reach an estimated $76.1 billion by 2027.

Q2. What is the growth forecast for orthopedic device market?

Answer:The orthopedic device market is expected to grow at a CAGR of ~4.9% from 2022 to 2027.

Q3. What are the major drivers influencing the growth of the orthopedic device market?

Answer: The major drivers for this market are increasing aging population, increasing adoption of advancements in medical technologies, and growing healthcare expenditure and awareness.

Q4. What are the major device types for orthopedic devices?

Answer:Orthopedic reconstruction, spinal devices, trauma fixation devices, craniomaxillofacial devices, dental implants, soft tissue repair, braces and accessories, and orthobiologics are the major end use for orthopedic devices.

Q5. What are the emerging trends in orthopedic device market?

Answer:Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing demand for smart implants, widening use of nanotechnologies, and the adoption of robotic surgery to increase mechanical performance and accuracy.

Q6. Who are the key orthopedic device companies?

Answer:Some of the key orthopedic device companies are as follows:

• DePuy Synthes
• Zimmer Biomet Holding Inc.
• Stryker Corporation
• Smith and Nephew PLC
• Medtronic

Q7. Which will be the largest orthopedic device product segment in the forecast period?

Answer: Lucintel forecasts that orthopedic reconstruction is expected to remain the largest segment by device type over the forecast period. The rise of orthopedic disorders and increasing aging population are the major driving forces that will spur growth for this segment over the forecast period.

Q8. In orthopedic device market, which region is expected to be the largest in the forecast period?

Answer:North America will remain the largest region and Asia Pacific expected to witness the highest growth over the forecast period.

Q9. Do we receive customization in this report?

Answer:Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

Q.1 What are some of the most promising potential, high-growth opportunities for the orthopedic device market by device type (orthopedic reconstruction (hip, knee, shoulder, and others), spinal devices, trauma fixation devices, craniomaxillofacial devices, dental implants, soft tissue repair, braces and accessories, orthobiologics, and others) and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2 Which segments will grow at a faster pace and why?

Q.3 Which regions will grow at a faster pace and why?

Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the orthopedic device market?

Q.5 What are the business risks and threats to the orthopedic device market?

Q.6 What are the emerging trends in the orthopedic device market and the reasons behind them?

Q.7 What are some changing demands of customers in the orthopedic device market?

Q.8 What are the new developments in the orthopedic device market? Which companies are leading these developments?

Q.9 Who are the major players in the orthopedic device market? What strategic initiatives are being implemented by key players for business growth?

Q.10 What are some of the competitive products and processes in the orthopedic device market, and how big of a threat do they pose for loss of market share via material or product substitution?

Q.11 What M&A activities did take place in the last five years in the orthopedic device market?

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