Orthopedic Devices Market Size

Orthopedic Devices Market Size

Orthopedic Devices Market size valuation exceeded USD 49.5 billion in 2022. Driven by the significant upsurge in the number of people suffering from orthopedic diseases, the industry is anticipated to progress at more than 3.5% CAGR from 2023 to 2032.

The escalating rate of orthopedic surgeries in developed nations is expected to foster market growth. The proliferating geriatric population, especially in Australia, is responsible for the increase in surgical procedures, particularly for knee and hip replacements. According to the Australian Institute of Health and Welfare, musculoskeletal procedures increased by 18%, and the most common age range for these surgeries was between 55 and 64. The demand for revision implants is also rising with an increase in the number of orthopedic surgeries conducted in recent years.

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Likewise, mounting occurrences of orthopedic diseases are propelling product adoption on account of high incidence rates of osteoarthritis (degenerative bone disease) and osteoporosis caused by extreme obesity. Obesity is a key factor raising concerns regarding osteoarthritis due to unhealthy body weight combined with a lack of exercise among people. Osteoarthritis inhibits over 25% of people from performing their regular activities and causes concerns about movement in over 80% of patients in emerging countries, which is providing lucrative opportunities for the orthopedic devices market expansion.