The global Orthopedic Devices market size is expected to be worth around US$ 57.7 billion by 2030, according to a new report by Vision Research Reports.
The global Orthopedic Devices market size was valued at US$ 46.1 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2030.
Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and the prevalence of orthopedic diseases.
The rise in geriatric population prone to orthopedic conditions is primarily pushing the demand for orthopedic solutions globally. Effects of aging such as lowering of bone density and weakening of bones due to excessive loss of bone mass are prominent in people from 25 to 54 years age group that become more noticeable after 55 years.
High adoption of minimally invasive surgeries and an increasing number of sports and road traffic accidents are expected to fuel the growth of the orthopedic devices market growth during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
The knee orthopedic devices segment captured the largest market share in 2020. This segment is anticipated to maintain its leading position owing to the rising volume of knee surgeries. However, high costs and a longer follow-up period are the major factors challenging the growth. Moreover, stringent regulatory guidelines for approval of class III medical devices are slowing down the approval of these devices.
Sports medical, Extremities and Trauma (SET) segment is expected to register the fastest CAGR during the forecast period. Rise in sports and road injuries coupled with high awareness regarding the availability of treatments is anticipated fuel the demand for orthopedic devices in foot and ankle applications.
High demand for devices that support immediate cure is anticipated to trigger the entry of innovative products in the orthopedic devices market. In addition, sports organizations working to boost the morale of sportspersons disabled by sports injuries are expected to boost R&D activities in the sports industry.
On the basis of products, the market is categorized into accessories and surgical devices. The surgical device segment is further divided into drill guide, custom clamps, guide tubes, screwdrivers, and distracters, among others. The accessories segment covers products such as braces, arthroscopes, and other consumables. This segment also includes other devices such as sutures, plaster materials, and screws. The accessories segment is expected to expand at the fastest CAGR over the forecast period.
Advancements in these devices and tools are anticipated to further propel the demand in the near future. Technologies and types of implants used in surgical procedures are expected to further impel the market growth over the forecast period. Reduced prices of older versions owing to the rapid pace of innovation and upgrades are anticipated to create business opportunities, especially in emerging regions.
North America led the global market for orthopedic devices in 2020. High demand for advanced healthcare services owing to the presence of well-developed healthcare infrastructure, industry giants, and reimbursement coverage are some of the factors driving regional growth. Constantly rising target patient population owing to aging coupled with rising car accidents are fueling the number of orthopedic surgeries in the region. High prevalence of orthopedic conditions coupled with the adoption of advanced treatment procedures is anticipated to fuel market growth in the U.S.
Medtronic PLC; Stryker Corporation; Zimmer-Biomet Holdings, Inc.; DePuy Synthes; Smith and Nephew PLC; Aesculap Implant Systems, LLC; Conmed Corporation; Donjoy, Inc.; and NuVasive, Inc.
Sports Injuries, Extremities and Trauma (SET)
Middle East & Africa
The Orthopedic Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Orthopedic Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Orthopedic Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Orthopedic Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Orthopedic Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Orthopedic Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Orthopedic Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Orthopedic Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Orthopedic Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Orthopedic Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Orthopedic Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Orthopedic Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Orthopedic Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Orthopedic Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Orthopedic Devices market. These factors have benefited the growth of the global market for Orthopedic Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Orthopedic Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Orthopedic Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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