Global technology research and advisory company Technavio says the market size for orthopedic devices size is set to grow by USD 12.11 billion from 2022 to 2027. This represents a CAGR of 3.85% during the forecast period. Furthermore North America will account for 37% of this market growth.
In a newly-released report, Technavio report offers an up-to-date analysis of the current global orthopaedic device market scenario. This includes coverage of the latest trends and drivers, and the overall market environment.
The twin drivers of growth of the regional market are the high adoption of orthopedic devices and an increase in the number of surgical procedures. In North America growth factors have a distinctly spinal component, says the company’s press release. It points to an increasing volume of spinal non-fusion procedures coupled with fast and easier acceptance of technologically updated spinal implants. In addition growing investments by vendors in clinical trials are also driving the growth of the orthopedic devices market.
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Orthopedic Device Market 2023-2027 – Highlighted Market Dynamics
Unsurprisingly the report predicts orthopaedic market growth as the reach of orthopaedic technology increases to more people and more clinical conditions. Indeed already the procedure base is increasingly including osteoporosis, arthritis, trauma, back pain, and other emergency procedures. All the while procedure numbers in orthopedic, trauma, sports injuries, spinal and craniomaxillofacial surgeries continue to grow apace.
The competitive environment will see continued striving for market share between the major players. As a result the report predicts continued R & D to develop innovative products and gain market share. This will be accompanied by technology-driven reductions in manufacturing cost and greater ability to individualise/customise for individuals.
The orthopedic industry is not without its challenges however. Highlighted are heightened regulation and increased sensitivity to device-related risks. The increased burden on manufacturers to generate more data from bigger studies is an inevitable brake on product launches and an increase in cost of getting to market.
Read the full press release here.
published: December 5, 2023 in: Market Research, Orthopaedics, Spine, Technology
