PUBLISHER: Grand View Research | PRODUCT CODE: 1375849
PUBLISHER: Grand View Research | PRODUCT CODE: 1375849
The global orthopedic devices market size is anticipated to reach USD 103.9 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to grow at a notable CAGR of 5.2% from 2023 to 2030. Major factors driving the market growth include the high demand for orthopedic surgeries due to the rising cases of road accidents and the prevalence of orthopedic diseases. The rise in the geriatric population, which is prone to orthopedic conditions, primarily drives the global demand for orthopedic solutions. Effects of aging, such as lowering bone density and weakening of bones due to excessive loss of bone mass, are prominent in people aged 25 to 54 years and become more noticeable after the age of 55 years.
High adoption of minimally invasive surgeries and an increasing number of sports activities& road traffic accident cases are expected to fuel the growth of the market. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries. Stringent procedures of regulatory approvals are anticipated to hinder market growth in the near future. In addition, the high cost of devices and surgeries are some other factors likely to impede market growth. The COVID-19 pandemic had a significant impact on the market. Elective orthopedic surgeries were postponed to allocate resources for COVID-19 patients, leading to reduced demand.
However, over time, the market adapted, focusing on infection control, remote consultations, and telerehabilitation. The pandemic accelerated digital health adoption, and implant materials evolved for patient safety. Moreover, key players in the market, such as Stryker Corporation and Zimmer Biomet, are engaging in strategic initiatives, such as partnerships, collaborations, new product launches, acquisitions, and expansions to strengthen their market position. In January 2022, Smith+Nephew acquired Engage Surgical, which is involved in manufacturing cementless knee systems in the U.S. This acquisition is anticipated to enhance the company's position in meniscal tear solutions and other knee arthroscopy devices.