The orthopedic devices market will see lucrative growth in the coming years backed by rising innovations and technological advancements in the healthcare sector. Orthopedic medical devices are known to be tremendously efficacious in reducing pain, restoring mobility, and improving the quality of life for many individuals each year.
Rising number of orthopedic surgeries conducted worldwide have amplified the demand for such devices across healthcare settings. Surge in geriatric population and cases of orthopedic disorders such as osteoarthritis and osteoporosis will contribute towards an increase in number of orthopedic surgeries, thereby expanding the adoption of orthopedic devices.
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It is projected that the industry will exponential growth ascribed to gaining prevalence of sports injuries among individuals. Inclination towards physical activities among adults and children could potentially cause a surge in cases of sports injuries. The U.S. Bureau of Labor Statistics specifies that more than 19% of Americans aged 15 years or above took part in sports-related physical activities in 2015, as compared to 15.9% in the last decade.
Based on product, the orthopedic devices market for orthopedic devices is segmented into spinal devices, joint reconstruction devices, orthobiologics, trauma fixation devices, arthroscopic devices, and others. Of these, the trauma fixation devices segment held for more than USD 5.1 billion in the year 2020 and is projected to showcase a strong growth at 5.1% in the coming years.
Trauma fixation orthopedic devices market share was valued at USD 5.1 billion in 2020 and will grow at a rate of more than 5.1% through the analysis timeframe. These devices are witnessing higher adoption in fixing and stabilizing severe bone dislocations given the increasing prevalence of orthopedic disorders.
Brazil was the largest shareholder of the Latin American orthopedic devices market and is anticipated to expand at a rate of 7% up to 2027. The growth can be attributed to the higher disposable incomes and the proliferating medical infrastructure and healthcare expenses.
The ongoing COVID-19 pandemic has also positively influenced the industry outlook in terms of innovations for competitive advantages. For example, Orthofix Medical Inc., a leading orthopedic device company, in May 2021, introduced OSCAR PRO™, an ultrasonic arthroplasty revision system for all the U.S. and European markets.
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Partial Chapter of the Table of Content
Chapter 4. Orthopedic Devices Market, By Product
4.1. Key segment trends
4.2. Joint reconstruction
4.2.1. Market size, by region, 2014 – 2025 (USD Million)
4.2.2. Hip replacement
220.127.116.11. Market size, by region, 2014 – 2025 (USD Million)
4.2.3. Knee replacement
18.104.22.168. Orthopedic Devices Market size, by region, 2014 – 2025 (USD Million)
4.2.4. Ankle replacement
22.214.171.124. Market size, by region, 2014 – 2025 (USD Million)
4.2.5. Shoulder replacement
126.96.36.199. Market size, by region, 2014 – 2025 (USD Million)
188.8.131.52. Market size, by region, 2014 – 2025 (USD Million)
4.3. Spinal devices
4.3.1. Market size, by region, 2014 – 2025 (USD Million)
4.4. Trauma fixation
4.4.1. Orthopedic Devices Market size, by region, 2014 – 2025 (USD Million)
4.5.1. Market size, by region, 2014 – 2025 (USD Million)
4.6. Arthroscopic devices
4.6.1. Market size, by region, 2014 – 2025 (USD Million)
4.7.1. Market size, by region, 2014 – 2025 (USD Million)
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