Orthopedic Devices Market Update: Recent Mergers And Acquisitions

By Author: Grand View Research
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The global orthopedic devices market size is anticipated to reach USD 80.8 billion by 2030 and is projected to grow at a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for orthopedic surgeries are mostly due to road accidents and orthopedic diseases is driving the market growth. The annual report on road accidents by the Indian Ministry of Road Transport and Highways reveals that in 2022, the states and Union Territories (UTs) reported a total of 461,312 accidents resulting in injuries to 443,366 individuals. The figures show a rise of 11.9% in accidents, 9.4% in fatalities, and 15.3% in injuries as compared to the 2021.

The increase in the obese population is another important factor likely to boost market growth. Obesity in the aging population is directly reported to increase the risk of degenerative bone disorders, such as osteoarthritis & osteoporosis, resulting in fracture ...
... & target injury owing to extra pressure exerted on the joints. According to the 2023 World Obesity Atlas report, over 50% of the global population will suffer from obesity and overweight unless there are improvements in treatment, prevention, and support.

Gather more insights about the market drivers, restrains and growth of the Global Orthopedic Devices Market

The expansion of reimbursement coverage plays a vital role in providing patients access to orthopedic surgeries and contributes positively to the availability of orthopedic workforce resources. The Patient Protection and Affordable Care Act (PPACA) has played a crucial role in the development of reimbursement coverage. This has led to increased insurance coverage for orthopedic devices, resulting in a larger pool of patients who can now afford orthopedic surgeries, including procedures involving orthopedic devices. In recent years, the Centers for Medicare and Medicaid Services (CMS) and private payers have been extending their coverage for prosthetics and orthotics. This increased coverage has made orthopedic surgeries more accessible and affordable for many patients. As a result, individuals who were previously unable to afford orthopedic procedures can now undergo necessary surgeries with the help of insurance.

Bones & connecting tissues, such as tendons, ligaments, and cartilage, weaken with age, which increases the risk of injuries, especially in knees & shoulders.According to data from the United Health Foundation in 2022, the elderly population in the U.S. is estimated to be around 58 million individuals, which makes up approximately 17.3% of the total population. This number is expected to rise to 22% by 2040, indicating a significant increase in the number of older individuals. As a result, the demand for orthopedic devices is expected to rise in the forecast period.

The major companies operating in the market are adopting strategies such as collaborations, supply agreements, and partnerships with a major focus on enhancing product formation and reach. For instance, in June 2023,Johnson & Johnson's orthopedics company, DePuy Synthes, partnered with GE Healthcare to establish a distribution agreement. Through this collaboration, the two companies aim to make GE Healthcare's OEC 3D Imaging System, in addition to DePuy Synthes' extensive product portfolio, more accessible to surgeons and patients across the U.S.

Orthopedic Devices Market Segments Highlights:

• Based on product, the joint replacement/ orthopedic implants segment held the market with the largest revenue share of 41.7% in 2023, owing to the rapidly rising number of knee surgeries, hip replacement surgeries, and spinal implant surgeries

• Based on end-use, the hospitals segment led the market with the largest revenue share of 64.5% in 2023. This can be attributed to significant infrastructure and a growing patient population

• North America dominated the market with the revenue share of 45% in 2023, due to the presence of a large number of major market players and the high adoption of advanced technologies

• Asia Pacific region is expected to witness the fastest CAGR over the forecast period, owing to the growing geriatric population, obesity rate and increasing number of sports injuries in the region

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Segments Covered in the Report

Grand View Research has segmented the global orthopedic devices market report based on product, end-use, and region:

Orthopedic Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
• Joint Replacement/ Orthopedic Implants
o Lower Extremity Implants
o Knee Implants
o Hip Implants
o Foot & Ankle Implants
o Spinal Implants
o Dental
o Dental Implants
o Craniomaxillofacial Implants
o Upper Extremity Implants
o Elbow Implants
o Hand & Wrist Implants
o Shoulder Implants
• Trauma
o Implants
o Accessories (Plates, Screws, Nails, Pins, Wires)
o Instruments
• Sports Medicine
o Body Reconstruction & Repair
o Accessories
o Body Monitoring & Evaluation
o Body Support & Recovery
• Orthobiologics
o Viscosupplementation
o Demineralized Bone Matrix
o Synthetic Bone Substitutes
o Bone Morphogenetic Protein (BMP)
o Stem Cell Therapy
o Allograft
• Others

Orthopedic Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Hospitals
• Outpatient Facilities

Orthopedic Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o Spain
o Italy
o France
o Denmark
o Norway
o Sweden
• Asia Pacific
o Japan
o China
o India
o Australia
o Thailand
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Kuwait

Order a free sample PDF of the Orthopedic Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.