Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2023 -- Orthopedic Devices Market in terms of revenue was estimated to be worth $36.3 billion in 2022 and is poised to reach $48.1 billion by 2028, growing at a CAGR of 4.8% from 2022 to 2028 according to a new report by MarketsandMarkets™. Growth in elderly population worldwide, increasing number of osteoarthritis cases, growing participation in sports, rising awareness about the presence of orthopedic treatment, technological advancements and growth strategies adopted by the players in the orthopedic devices such as product launches, agreements, partnerships, and acquisitions are expected to propel the growth of the market.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=280

Browse in-depth TOC on "Orthopedic Devices Market"

278 - Tables
41 - Figures
386 – Pages

Key Players:

The orthopedic devices market includes major Tier I and II suppliers of orthopedic products are Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), Zimmer Biomet (US), B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), MicroPort (China), Nippon Sigmax Co., Ltd. (Japan), TriMed Inc. (US), Altis Biologics (South Africa), Isto Biologics (US), ITS (Austria), Meril Life Sciences Pvt. Ltd. (India), Mueller Sports Medicine, Inc. (US), RCH Orthopaedics (India), and FLA Orthopedics (US).

Orthopedic Devices Market Dynamics:

Drivers:
1. Increasing prevalence of orthopedic diseases and disorders
2. Growing demand for minimally invasive orthopedic surgical procedures
3. Rising number of sports and accident-related orthopedic injuries
4. Increasing geriatric population
5. Increasing research funding and initiatives adopted by orthopedic manufacturers to promote brand awareness

Restraints:
1. Risks and complications associated with orthopedic surgical procedures
2. High costs associated with orthopedic treatments

Opportunities:
1. Growth opportunities offered by emerging markets
2. Rising number of hospitals and shift toward outpatient care
3. Increasing use of robotics and 3D printing in orthopedics

Challenges:
1. Dearth of orthopedic surgeons

Increasing aging population with degenerative spine diseases are anticipated to accelerate the demand for spinal implants and surgical devices

The incidence of degenerative lumbar spine disease is currently increasing among older generation, and this has led to an increased demand for spinal surgeries. Acceptance of minimally invasive procedures in treatment of spinal cord disorders involve lesser muscle damage, blood loss, shorter hospital stays; quicker recovery; and preservation of spinal mobility post-surgery are contributing towards the growth of the segment. Moreover, rising cases of road accidents and sports related spinal injuries and growing advancements in spinal implants are anticipated to enhance the growth of segment.

Orthopedic devices market is anticipated to grow at the fastest pace in Asia Pacific

The Asia Pacific orthopedic devices market is projected to grow at the highest CAGR of 5.8% from 2022 to 2028. The presence of a large patient population, improved healthcare infrastructure, the rising number of hospitals, and the rapidly growing aging population (especially in Japan and China) are likely to contribute towards the rapid growth of orthopedic devices market in Asia Pacific Additionally, grants offered by the government to promote the awareness and research on orthopedic diseases, expansion of geographical footprints of key players in Asian Countries by setting up orthopedic devices manufacturing units and increasing local manufacturers in the region are anticipated to support the significant growth orthopedic devices market in Asia Pacific.

Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=280

Key Market Players:

Prominent players in this market are Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), Zimmer Biomet (US), B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), among others

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=280

Recent Developments

- In January 2023, Zimmer Biomet acquired Embody, Inc. with a focus on strengthening its brand presence in the orthopedic devices market.

- In November 2022, Enovis announced the launch of a new DynaNail Helix fixation system used for the treatment of bone fractures, joint fusion, and bone reconstruction.

- In September 2022, Stryker Corporation introduced New Gamma4 Hip fracture nailing system to expand its orthopedic fixation devices product portfolio.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com