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Orthopedic Devices Market Size

Report ID: GMI1501
Published Date: Dec 2022
Report Format: PDF

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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.

Orthopedic Devices Market Report Attributes
Report Attribute	Details
Base Year:	2022
Orthopedic Devices Market Size in 2022:	USD 49.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	3.5%
2032 Value Projection:	USD 73 Billion
Historical Data for:	2018 to 2022
No. of Pages:	180
Tables, Charts & Figures:	154
Segments covered:	Product and Region
Growth Drivers:	Growing geriatric population base Augmented incidences of orthopedic diseases Technological advancements Escalating rate of orthopedic surgeries in developed nations
Pitfalls & Challenges:	Excessive cost of orthopedic devices Stringent FDA regulations and biocompatibility issues Post-surgery complication

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Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for orthopedic devices was worth more than USD 49.5 billion in 2022 and is set to progress at over 3.5% CAGR from 2023 to 2032 owing to the escalating number of people suffering from orthopedic conditions.

Spinal devices segment is estimated to progress at more than 2.5% CAGR between 2023 and 2032 as a result of increasing cases of spinal disorders, a growing obese population base, expanding aged population pool, and the introduction of advanced cost-effective devices.

Asia Pacific orthopedic devices market valuation is slated to reach over USD 15 billion by 2032 on account of the surging incidences of orthopedic injuries, traumatic fractures, and road accidents, among others, in the APAC region.

Stryker Corporation, AAP Implantate AG, B. Braun Melsungen AG, Arthrex, ConforMIS, Inc., DePuy Synthes (Johnson and Johnson) are some of the well-established manufacturers operating in the industry.