Global Orthopedics Diagnostic Devices Market Size Hit USD 56.84 Billion at a CAGR of 2.8% in 2030
The global orthopedics diagnostic devices market size is expected to reach USD 56.84 Billion in 2030 and is expected to register a revenue CAGR of 2.8% during the forecast period, according to the latest report by Reports and Data. Revenue growth of the orthopedic diagnostic devices market is primarily driven by factors such as increasing prevalence of orthopedic disease and bone injuries, rising demand for 3D medical imaging equipment, reimbursement penalties causing increased adoption of advanced imaging equipment and increasing use of dual modality imaging and hybrid imaging.
Orthopedic device use will increase as the overall population ages and sports injuries become more common as a result of increased activity levels among adults and children. According to the U.S. Centers for Disease Control (CDC), approximately 30 million children and adults participate in sports and athletic activities every year, and the nation suffers from more than 3.5 million sports-related injuries. In addition, every year there are over 8 million sports-related injuries, according to the United States Department of Health and Human Services (HHS).
This has been a major contributing factor to increase in prevalence of musculoskeletal problems. Orthopedic devices are often used in orthopedic procedures and for the treatment of musculoskeletal conditions. Increased use of technologically advanced technologies has also allowed for novel techniques to overcome the constraints of conventional surgical practices. Through improved procedural simplification and equipment, it is now possible to use a variety of different surgical methods, such as the lateral approach in spinal procedures and the anterior approach in hip replacement surgeries.
Orthopedic treatments have experienced significant gains from use of 3D imaging, such as Computed Tomography (CT) or Magnetic Resonance Imaging (MRI), when compared to orthopedic surgery. This innovative technology can turn conventional digital X-rays into a 3D model that can be viewed from any angle, whereas typical digital X-rays can only be viewed in a single plane. This is a significant improvement in the image quality available during operation. 3D imaging has also allowed for a more comprehensive understanding of spinal anatomy. For instance, 3D imaging is superior to Two-dimensional (2D) approaches for identifying spine deformity in children and adults. Particularly useful for spinal malformations, such as severe deformities or congenital anomalies in which vertebrae are congenitally united or missing. doctors can manufacture implants that are entirely patient specific by using 3D printing technology.
Companies profiled in the global market report include Medtronic plc, Stryker Corporation, Zimmer Biomet, Johnson & Johnson Services, Inc., Smith & Nephew plc, Aesculap, Inc., CONMED Corporation, DJO, LLC, NuVasive, Inc., and Integra LifeSciences.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2022-2030. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Orthopedics Diagnostic Devices Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Orthopedics Diagnostic Devices Market.
Further key findings from the report suggest,
- In December 2021, In the U.S. and Europe, Orthofix Medical Inc. introduced the OSCAR PRO Ultrasonic Arthroplasty Revision System. OSCAR PRO is an ultrasonic surgical device that facilitates in the removal of cement during complex joint revision procedures. It is intended to decrease the difficulties involved with modifying failed cemented arthroplasties.
- The accessories segment is expected to account for largest revenue share during the forecast period. Accessories covers products such as arthroscopes and other consumables. One of the most significant advancements in orthopedic surgery during the twentieth century was the invention of arthroscopy, which is a minimally invasive alternative to conventional open surgical techniques, which is now the most often used orthopedic surgical treatment. Minimally invasive techniques induce less postoperative edema and have quicker recovery times than open procedures.
- The knee segment is expected to account for largest revenue share during the forecast period. Factors such as extensive use of mobile devices and their importance in influencing client purchase decisions are driving demand for this category. The success rate of surgery has increased substantially due to technological and methodological developments. A total knee replacement is one of the most effective medical procedures. In 2019, the Agency for Healthcare Research and Quality found that there were over 754,000 knee replacement procedures performed in the U.S. 80% of patients with osteoarthritis have some form of mobility limitation, according to research. As a result of these forecasts, there has been increase in use of orthopedic devices, notably knee replacement systems.
- The surgical device segment accounted for moderately large revenue share in 2021. An orthopedic surgeon uses an ortho drill, which can be powered by air or electricity, to drill holes in patients’ bones in preparation for implanting or attaching hardware such as screws, cables, plates, or prosthetics. The treatment for a fracture will require ensuring that all bone fragments are appropriately set and held in their original location.
- The market in North America accounted for largest revenue share in 2021. Presence of a strong healthcare infrastructure, industry leaders, and generous reimbursement policies, as well as high demand for innovative healthcare services, are expected to drive revenue growth of the orthopedic diagnostic devices market in the region.
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For the purpose of this report, Reports and Data has segmented the global orthopedic diagnostic devices market based on application, product, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
- Surgical Devices
Application Outlook (Revenue, USD Billion; 2019–2030)
- Cranio-maxillofacial (CMF)
- Sports injuries, Extremities, and Trauma (SET)
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Key Advantages of Orthopedics Diagnostic Devices Market Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Orthopedics Diagnostic Devices industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Orthopedics Diagnostic Devices Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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