Orthopedic Devices Market worth over $60bn by 2027

Orthopedic Devices Market size is set to surpass USD 60 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing technological advancements in smart implants, 3D printing, and robot-assisted surgical procedures are some of the key factors increasing the penetration of orthopedic devices. The rising geriatric population coupled with high prevalence of degenerative bone disease are some of the factors anticipated to drive the market growth. In the U.S. factors such as improved healthcare services, well-developed healthcare infrastructure, favorable reimbursement policies are enhancing the market expansion.



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Rising incidences of orthopedic disorders will flourish the market value

Increasing incidences of orthopedic disorders such as arthritis, osteoarthritis, and rheumatoid arthritis among others will propel the growth for orthopedic devices market. According to the recently published article, globally, the yearly incidence of rheumatoid arthritis is around 3 cases per 10,000 population, and the incidence rate is around 1%. The incidence of rheumatoid arthritis is increasing with age and peaking between the ages of 35-50 years.

 

According to the World Health Organization (WHO), osteoarthritis is one of the ten most damaging disorders in developed nations with around 80% of individuals with osteoarthritis facing constraints in movement, and over 25% cannot perform their major daily activities. In the condition of advanced shoulder osteoarthritis, a physician typically recommends shoulder replacement. This surgery involves the replacement of the joint with an artificial implant and hence, increase in number of such cases is expected to boost the orthopedic devices market progression. Additionally, spinal disorders comprise of mechanical injury, inflammation, and spinal cord injury that are severe orthopedic conditions affecting the musculoskeletal system.
 

Rising number of orthopedic surgeries in developed nations will fuel the market revenue

Growing awareness regarding treatment options coupled with technological advancements are some of the factors augmenting the rate of orthopedic surgeries in developed nations. Hip and knee replacements are the most common procedures in orthopedic surgery which involves the correction of bone and muscle deformity. The recent and ongoing technological advancements have resulted in young teenagers with juvenile arthritis and elderly people successfully treated with hip replacements.
 

Browse key industry insights spread across 180 pages with 132 market data tables & 12 figures & charts from the report, “Orthopedic Devices Market Size By Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Orthobiologics, Arthroscopic Devices), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/orthopedic-devices-market
 

Increased preference for spinal devices in orthopedic settings will foster the industry progression

The spinal orthopedic devices market is predicted to witness 5% growth rate through 2027 and will reach USD 11.7 billion by 2027 owing to the benefits such as deformity corrections, strengthen & improve the stability of the spine, facilitate the fusion of two vertebrae, etc. Furthermore, factors such as the surging prevalence of degenerative disc disorders among the elderly people along with the development of the innovative products for spinal disorders treatment will impel the market growth.
 

The spinal treatment options are continuously in development with the introduction of novel age spine devices and implants. Moreover, the use of orthopedic devices is one of the recommended and successful options for the treatment of spine misalignments or degenerative changes. For instance, as per the recent research article, around 400 million people are diagnosed with disc degeneration disease across the globe annually. The estimated incidence was highest in Europe and lowest in Africa.  Hence, manufacturers in this market are emphasizing on providing innovative technologies for developing minimally invasive procedures and allowing faster recovery. 
 

Growing demand for advanced products in China is poised to propel the market demand

China held a significant revenue share in the Asia Pacific orthopedic devices market and accounted for over USD 2.4 billion in 2020 led by rise in the incidence of orthopedic injuries, traumatic fractures, and road accidents among others. As per the recent research article, in China, around 1.2 billion individuals are currently suffering from osteoarthritis, with around 55% of them being above 60 years of age. Hence, in China the joint replacement surgery rate is growing at a significant pace, driving the overall industry revenue. Surgical treatment and procedures need the use of orthopedic instruments that are commonly connected with implications that become more prevalent in the population with a rise in age, including osteoarthritis of the ankle, spine, and knee. Additionally, the future of spinal surgery in China is slated to be promising owing to excessive demand, size of its population, and development of Chinese endoscopic spinal surgery technologies among others.
 

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major players operating in the orthopedic devices market are aap Implantate AG, Alphatec Spine Inc., Arthrex, B. Braun Melsungen AG, ConforMIS, Inc., Conmed Corporation, DePuy Synthes Companies, DJO Global, Globus Medical, Integra LifeSciences, Medacta, and Medtronic Spinal. These industry leaders are emphasizing on product developments and strategic partnerships to progress in the market.

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