Orthopedic Devices Global Market To Reach Value Of About $61.08 Billion In 2025
29 Jan, 2021
The orthopedic devices market consists of sales of orthopedic devices and related services by entities (organizations, sole traders and partnerships) that produce orthopedic devices used in treating bone abnormalities.
Global Orthopedic Devices Market Size And Drivers:
The global orthopedic devices market is expected to grow from $42.7 billion in 2020 to $49.59 billion in 2021 at a compound annual growth rate (CAGR) of 16.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $61.08 billion in 2025 at a CAGR of 5%. The increase in patient pool due to rising geriatric population globally, contributed significantly to the growth of the orthopedic devices market during the historic period.
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Trends In The Global Orthopedic Devices Market
Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as absorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures, can degrade at a rate matching new tissue formation, can eliminate the need for second surgery, are highly useful in fracture fixation in children, and result in less implant related infections.
Global Orthopedic Devices Market Segments:
The global orthopedic devices market is further segmented based on type, end user, type of expenditure, product and geography.
By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global orthopedic devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global orthopedic devices market, accounting for 44% of the total market.
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Orthopedic Devices Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides orthopedic devices market overviews, analyzes and forecasts market size and growth for the global orthopedic devices market, orthopedic devices market share, orthopedic devices market players, orthopedic devices market segments and geographies, orthopedic devices market’s leading competitors’ revenues, profiles and market shares. The orthopedic devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.