Otrhopedic Procedures Market Size, CAGR, Trends 2024-2030
Otrhopedic Procedures Market Trends, Growth Opportunities, and Forecast Scenarios
The global orthopedic procedures market is experiencing strong growth due to the increasing prevalence of musculoskeletal disorders, rising geriatric population, and advancements in surgical techniques and technology. Orthopedic procedures are performed to treat conditions such as arthritis, trauma, fractures, spinal disorders, and sports injuries.
According to a report by Grand View Research, the global orthopedic procedures market size was valued at $ billion in 2020 and is expected to reach $70.8 billion by 2028, growing at a CAGR of 6.7% from 2021 to 2028. The market is driven by the increasing demand for minimally invasive surgical procedures, the growing adoption of robotics in orthopedic surgeries, and the rise in the number of outpatient procedures.
Key trends in the orthopedic procedures market include the increasing use of 3D printing technology to create customized implants, the rise in telemedicine services for orthopedic consultations, and the growing focus on value-based care and patient outcomes. Additionally, the market is witnessing a shift towards ambulatory surgical centers for orthopedic procedures, as they offer cost-effective and convenient alternatives to traditional hospital-based surgeries.
Some of the growth opportunities in the orthopedic procedures market include the expansion of healthcare infrastructure in emerging markets, the development of innovative orthopedic devices and implants, and the increasing use of data analytics and artificial intelligence in orthopedic care. Overall, the orthopedic procedures market is poised for significant growth in the coming years, driven by technological advancements and the increasing demand for orthopedic surgeries worldwide.
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Otrhopedic Procedures Market Competitive Analysis
The orthopedic procedures market is highly competitive with key players such as NuVasive, Medtronic, Zimmer-Biomet Holdings, DePuy Synthes Companies, Stryker Corporation, Aesculap Implant Systems, DJO Global, among others. These companies offer a wide range of orthopedic products and services to cater to the growing demand for orthopedic procedures. They use innovative technologies, strategic partnerships, and mergers to expand their market presence and drive growth. Sales revenue actual figures for some of these companies include: Stryker Corporation - $ billion, Medtronic - $30.56 billion, Zimmer-Biomet Holdings - $7.93 billion.
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In terms of Product Type, the Otrhopedic Procedures market is segmented into:
Orthopedic procedures commonly involve the use of orthopedic implants, such as screws, plates, and joints, which are inserted into the body to repair fractures or damaged joints. Orthopedic orthotics, on the other hand, are devices like braces and shoe inserts that provide support and realignment for musculoskeletal issues. The increasing prevalence of musculoskeletal disorders and injuries, coupled with advancements in technology leading to more innovative and effective orthopedic implants and orthotics, are driving the demand for orthopedic procedures. As a result, the orthopedic procedures market is experiencing growth as more individuals seek treatment for orthopedic conditions.
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In terms of Product Application, the Otrhopedic Procedures market is segmented into:
Orthopedic procedures such as hip, knee, spine, dental, and others are applied to treat musculoskeletal conditions, injuries, and disorders. These procedures involve surgical interventions to repair or replace damaged bones, joints, ligaments, and muscles to restore function and reduce pain. The fastest growing application segment in terms of revenue is expected to be knee procedures, driven by an increase in knee replacements due to an aging population and rising prevalence of osteoarthritis. Advanced technologies and minimally invasive techniques have also contributed to the growth of orthopedic procedures in these applications.
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Otrhopedic Procedures Industry Growth Analysis, by Geography
The orthopedic procedures market is expected to witness significant growth in North America, Europe, USA, and China due to the increasing prevalence of orthopedic disorders, advancements in technology, and rising healthcare spending. The Asia-Pacific region is also anticipated to witness substantial growth due to the increasing geriatric population and improving healthcare infrastructure. North America and Europe are expected to dominate the market, with a market share of approximately 35% each, followed by the USA and China with a market share of around 20% each. Overall, the global orthopedic procedures market is projected to reach a valuation of $50 billion by 2025.
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