by The global orthopedic devices market size was estimated at USD 65.79 billion in 2024, and it is projected to cross around USD 96.43 billion by 2034 with a CAGR of 4.34%.
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Market Key insights
- With a 46% market share in 2024, North America dominated the global market.
- Asia Pacific is projected to witness the fastest growth rate (CAGR) between 2025 and 2034.
- The knee orthopedic devices segment held the highest market share by application in 2024.
- The surgical devices segment recorded the largest share among product categories in 2024.
AI’s Role in the Orthopedic Devices Market
The integration of AI in orthopedic devices is revolutionizing patient care by enabling data-driven decision-making and automation. AI-driven surgical robots enhance accuracy during procedures, while machine learning algorithms assist in personalized treatment plans. Additionally, AI-powered diagnostic tools help detect bone-related conditions earlier, leading to better treatment outcomes and cost-effective healthcare solutions.
Market Dynamics
Market Drivers
Increasing cases of bone-related disorders, sports injuries, and road accidents are key factors driving the orthopedic devices market. Additionally, technological advancements, including robotic-assisted surgeries, contribute to market growth
Opportunities
The growing adoption of smart implants, coupled with increasing healthcare spending in developing nations, opens up new opportunities. Rising demand for outpatient surgical procedures also boosts market potential.
Challenges
Limited reimbursement policies, high treatment costs, and a shortage of skilled healthcare professionals present challenges for market expansion. Concerns regarding the biocompatibility of implants also impact growth.
Regional Insights
North America remains the leading market due to favorable reimbursement policies and cutting-edge research. Europe maintains strong growth, while Asia-Pacific is emerging as a lucrative region due to increasing medical tourism and rising healthcare investments.
Orthopedic Devices Market Companies
- Medacta
- DePuySynthes
- Smith & Nephew
- Stryker
- Medtronic
- Zimmer Biomet
- MicroPort Scientific Corporation (Wright Medical Group)
- DJO Global
- ConforMIS
- NuVasive
- Globus Medical
Latest Announcement by Industry Leader
- In November 2024, Auxein showcased its latest innovations in orthopedic products at MEDICA 2024, which took place from November 11 to 14 in Düsseldorf, Germany. A range of innovative orthopedic products introduced by the company include Reusable Suture Passer, Ligament Augmentation Repair Instrument Set, Knee Escorpian Suture Passer, and many more, which received an overwhelming response from thousands of industry professionals, experts, and healthcare providers. Mr. Rahul Luthra, Vice President of Global Sales & Marketing at Auxein, said that the overwhelming interest in these products is a testament to the global recognition of Auxein’s commitment to advancing orthopedic products.
Recent Developments
- In June 2024, Meril launched a surgical robotic technology, MISSO, which will provide assistance to doctors during knee replacement surgeries in real-time.
Segments Covered in the Report
By Product Type
- Joint Reconstruction
- Knee Replacement
- Revision Knee Replacement Implants
- Total Knee Replacement Implant
- Partial Knee Replacement Implant
- Elbow & Shoulder Replacement
- Hip Replacement
- Hip Resurfacing Implant
- Total Hip Replacement Implant
- Partial Hip Replacement Implant
- Revision Hip Replacement Implant
- Others
- Knee Replacement
- Orthopedic Prosthetics
- Upper Extremity Orthopedic Prosthetics
- Lower Extremity Orthopedic Prosthetics
- Spinal Devices
- Spinal Non-fusion Devices
- Spinal Fusion Devices
- Trauma Fixation
- Nails and Rods
- Metal Plates & Screws
- Pins/Wires
- Others
- Arthroscopy Devices
- Orthopedic Accessories
- Removal systems
- Bone cement
- Casting system
- Orthopedic Braces and Supports
- Upper Extremity Braces and Supports
- Low Extremity Braces and Supports
- Others
By End-user
- Ambulatory Surgical Centers
- Hospitals
- Orthopedic Clinics
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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