The global Orthopedic Products market worth USD 95.79 Billion by 2029, growing at a CAGR of 6.7%
Increase in the occurrence of road accidents and the orthopedic conditions like degenerative bone disease are expected to boost the global orthopedic products market. In addition, early start of the conditions related to musculoskeletal conditions occurring because of sedentary lifestyle and obesity are projected to drive the orthopedic products market. Growth in the awareness for the innovative products is allowing hospitals to continuously update the services and devices.
Moreover, covering the reimbursement in the orthopedic treatments has increased the demand for the orthopedic surgeries. These factors are allowing the consumers to choose the high-prices and advanced devices, on the basis of the revenue produced. Growth in the demand for the devices are supporting the instant cure is projected to activate the development of the innovative products in the global orthopedic products market. On the other hand, organizations of sports are working to drive the spirits of sportspersons inactivated by the injuries of sports are anticipated to fuel the activities of R&D in the sports market.
Developments in the tools and devices are projected to increase the demand for the orthopedic products market globally in the coming years. Types of various implants and technologies used in the surgery are propelled to compel the global orthopedic products market growth during the forecast period. Upgrades and the decreased prices of older versions due to the fast pace of invention are projected to offer various opportunities for business, specifically in the developing regions. Strict procedures of the government are expected to hamper the orthopedic products market growth over the forecast period. Moreover, expensive surgeries and the devices are the factors that are expected to hinder the orthopedic products market growth.
Another factors that are driving the global orthopedics products market growth are increase in the surgeries of joint reconstruction, development of the titanium and bio-absorbable implants and occurrences of the orthopedic disorders in the geriatric population. Growth in the awareness for the treatment of the complex orthopedic problems, presence of the patients in large amount and the rise in the occurrence of the orthopedic diseases are the factors that are responsible for the orthopedic products market growth. Rise in the spending of government on the healthcare department, research centers, infrastructure and the facilities of manufacturing by the manufacturers are motivating the growth of orthopedic products market growth.
Global orthopedic products market is segmented into product, application and region. On the basis of product, market is divided into surgical devices and accessories. Surgical devices are further divided into screw drivers, distracters, custom clamps, implant holder, guide tubes, drill guide and more whereas accessories are further divided into consumables, braces and more. Based on application, market is divided into sports injuries, extremities and trauma, dental, cranio-maxillofacial (CMF), spine, knee and hip.
Geographically, regions involved in the global orthopedic products market analysis are Europe, North America, Latin America, Asia Pacific and Middle East & Africa. North America holds the largest orthopedic products market share. Asia Pacific is anticipated to show the rapid growth in the coming future.
Key players involved in the orthopedic products market analysis are DePuy Systhes, Medtronic Spinal, Zimmer Biomet Holdings, Globus Medical and Stryker.
Key Segments in the “Global Orthopedic Products Market” are-
By Products, market is segmented into:
- Surgical Devices
- Screw drivers
- Custom clamps
- Implant holder
- Guide tubes
- Drill guide
By Application, market is segmented into:
- Sports injuries, extremities and trauma
- Cranio-maxillofacial (CMF)
By Regions, market is segmented into:
- North America
- Latin America
- Middle East & Africa