The global market for orthopedic devices is expected to see a 6.3 percent increase from 2021 to 2025, according to market research from Fairfield Consultancy.
Five things to know:
1. The value of the orthopedic devices market was about $44 billion in 2020 and is expected to be nearly $59.6 billion by the end of 2025, according to an Oct. 10 news release.
2. Joint reconstruction, which saw about $21.6 billion in global revenue, continues to be the leading product segment in the market.North America remains the dominant market and has a 45 percent share in global valuation.
3. One key factor behind projected growth is the estimated rise in joint replacements performed in the U.S., Fairfield Consultancy said. By 2030, the CDC projects a fourfold increase in the number of joint replacements done in the U.S.
4. Other factors include a growing inclination for active lifestyles and athletic events worldwide, which will drive demand for sports medicine devices.
5. Fairfield Consultancy named Medtronic's spine division, Conmed, Smith+Nephew, Zimmer Biomet and Stryker as major players in the orthopedic devices market.