Orthopedic Device Market to be Worth USD 47.7 Billion by 2026

The global orthopedic device market size is expected to reach USD 47.7 billion by 2026, according to the study performed by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1 percent. Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and prevalence of orthopedic diseases. Rise in geriatric population prone to orthopedic conditions is primarily pushing the demand for orthopedic solutions globally. Effects of aging such as lowering of bone density and weakening of bones due to excessive loss of bone mass is prominent in people from 25 to 54 years age group that become more noticeable after 55 years.

High adoption of minimally invasive surgeries and increasing number of sports and road traffic accidents are expected to fuel growth of the orthopedic devices market growth. 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 near future. In addition, high cost of devices and surgeries are some other factors likely to impede the growth.

Further key findings from the study suggest:

• Knee orthopedic devices captured the largest market share in 2017 attributed to rise in knee surgeries including common knee injuries and total knee replacements.
• North America captured the largest market share in 2017 and is expected to continue to lead. The presence of a large number of major market players and high adoption of advanced technologies are the major driving factors.
• Asia-Pacific is expected to exhibit a lucrative CAGR. The presence of a large untapped market and supportive government regulations are expected to attract attention of the global market players.
• Some of the major players in the orthopedic devices market include NuVasive, Inc.; Medtronic PLC; Zimmer-Biomet Holdings; DePuy Synthes; Stryker; Aesculap Implant Systems, LLC; Donjoy, Inc.; and Conmed Corporation. – Grand View Research