Orthopedic Devices Market Size, Share, Growth Analysis, By Product(Orthopedic Fixation Devices (Internal Fixation Devices, External Fixation Devices), Orthopedic Replacement Devices (Ankle Replacement Devices, Hip Replacement Devices), By Site(Hand And Wrist, Spine, Foot And Ankle, Arm And Elbow), By Application(Spinal Fusion, Fixation, And Decompression, Fracture Treatment And Recovery), By End User(Hospitals And Surgical Centers, Ambulatory And Trauma Care Centers, Orthopedic Clinics, Home Care Settings), By Region - Industry Forecast 2024-2031

Global Orthopedic Devices Market size was valued at USD 42.7 billion in 2022 and is poised to grow from USD 44.47 billion in 2023 to USD 61.24 billion by 2031, growing at a CAGR of 4.08% during the forecast period (2024-2031).

Orthopaedic devices are designed to stabilize posture by treating abnormalities and to replace or reinforce damaged parts in order to restore normal skeletal function. Furthermore, the necessity for intricate orthopaedic surgical treatments has been greatly diminished because of these advancements in conjunction with contemporary diagnostic methods.  Additionally, the World Health Organization (WHO) reported in 2017 that the prevalence of musculoskeletal disorders rises with advancing age. Furthermore, due to regional variations in environmental, racial, and geographic factors, the pattern and prevalence of orthopaedic issues fluctuate from place to place. For example, the WHO reported in 2017 that the East Mediterranean and African regions had an excessive rate of musculoskeletal conditions. 

A few tactics used by major participants in the industry are mergers, acquisitions, and the introduction of new products. The orthopaedic devices market has had growth because of the recent merger agreement between Wright Medical Group, Inc. and Tornier N.V., which strengthened business expansion and expanded the global reach of their upper and lower extremity product range. In a similar vein, businesses like Tecomet Inc. purchased Symmetry Medical to establish one of the biggest global business expansions, with 18 locations spread across 5 nations. Numerous recent product launches and advancements by these major companies have created profitable potential for the expansion of orthopaedic devices over the predicted period.

US Orthopedic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.