Rising Technological Advancements Push Orthopedic Devices Market Growth

As people age, they may start having pain in their bones and joints. This pain can be severe, mostly if someone undergoes a traumatic injury in an accident or if a persistent illness is causing their joints or bones to deteriorate. In such conditions, they may need orthopedic replacement or insertion of implants. Let's explore what orthopedic implants are and how they differ from one another.  Also, market insights are given in this blog.

What Are Orthopedic Devices?

Orthopedic devices are medical devices designed to replace a missing joint, bone, muscles, and cartilage. Implants are inserted into the body using various surgical methods by the orthopedic surgeon. These devices help to improve the function of applied body parts or relieve symptoms of a disease. These devices are commonly used in the management of various orthopedic conditions, including fractures, osteoarthritis, sports injuries, spinal disorders, and deformities.

The orthopedic devices market was valued at USD 38 billion in 2022, and it is anticipated to rise to USD 57.76 billion with a CAGR of 4.47% during the forecast period.

Industry Dynamics:

• Early onset of musculoskeletal disorders: According to data from the Global Burden of Disease report from 2021, 1.71 billion people worldwide experience musculoskeletal disorders. A growth in musculoskeletal problems is therefore anticipated to drive the market between 2022 and 2030.
• Rising prevalence of obesity: Being overweight or obese raised the risk of developing knee osteoarthritis (OA) by 2.5 to 4.6 times compared to those of normal weight, according to studies published in the BMJ Journal in 2020.
• Increase in orthopedic diseases: The CDC estimates that 54 million people in the US are affected by arthritis which has led to increased demand for and uptake of orthopedic treatment goods.

Advancements in Orthopedic Device Technology

Orthopedic devices market continues to grow with technological developments in the sector. The development of invasive techniques, biodegradable materials, smart implants, and 3D printing are fueling market growth. Also, advances in electronics and sensor technologies have resulted in the development of smart implants, also called implantable medical devices.

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Largest Share to Hold by North America

The presence of leading business figures, an advanced healthcare system, and reimbursement coverage are contributing to the market growth in North America. The increasing prevalence of orthopedic diseases and the extensive application of innovative treatment techniques are anticipated to fuel orthopedic devices market growth in the US.

Moreover, Asia Pacific is expected to register the fastest CAGR from 2023 to 2032. China and India are predicted to have the largest geriatric population pools in the world. Consequently, it is projected that these countries' demand will rapidly rise.

Competitive Insight

Some of the orthopedic devices market key players include Medtronic PLC; Stryker Corporation; Zimmer-Biomet Holdings, Inc.; DePuy Synthes; Smith and Nephew PLC; Aesculap Implant Systems, LLC; Conmed Corporation; Donjoy, Inc.; NuVasive, Inc.

Recent Development

In November 2022, Intelivation Technologies debuted the Inlet System, which provides a variety of plating and fastening options for use on the upper and lower extremities. The Inlet System offers solutions for distal radius plating, hand plating, cannulated screws with sizes ranging from 2.3-6 mm and different lengths, clavicle, ulnar, calcaneal, foot, distal tibia, and fibula plates.

Conclusion

The market is witnessing remarkable growth due to the technological advancements that are revolutionizing orthopedic care. The market is majorly driven by rising demand for innovative and effective treatment options.

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