The size of the North American Orthopedic Devices Market in North America is estimated to be worth USD 14.88 billion in 2023. This value is further expected to be growing at a CAGR of 4.94% and reach a value of USD 18.93 billion by 2028. North America Orthopedic Devices Market expands with the aging population, and the number of people undergoing joint replacement surgery, such as hip and knee replacement, is steadily increasing and continues to grow. In addition, the rise in osteoporosis-related fractures and musculoskeletal diagnostics is driving the demand for orthopedic implants in the population over the age of 65 years. Several people have the musculoskeletal disease in recent years in countries like the US, UK, and others. As a result, statistics show that the number of orthopedic surgeries is increasing, driving increased demand for orthopedic implants.
Other factors include an increase in the number of major joint reconstruction surgeries, an increase in the elderly population, an increased prevalence of plastic surgery, and the development of bioabsorbable and titanium implants. However, factors such as stringent regulatory reforms are hindering market growth.
North America Orthopedic Devices Market is likely to expand with increasing awareness of the availability of innovative products in nations like Canada and the USA, leading hospitals to upgrade their equipment and services continually. Besides, the scope of reimbursement of orthopedic treatment is promoting the use of orthopedic surgery. These factors will allow customers to choose sophisticated and expensive equipment and increase total revenue.
The primary limitation in North America Orthopedic Devices Market is the demand for minimally invasive orthopedic devices that do not require repeated surgery, which is expected to increase the number of operations in and around the development area. For example, in March 2017, Integra Life Sciences announced the commercial expansion of the Cadence Complete Ankle System, a new ankle prosthesis developed in collaboration with four of the world's leading ankle surgeons, Rotation Medical Corporation.
This research report on the North American Orthopedic Devices Market has been segmented and sub-segmented into the following categories.
By Anatomical Location:
By Type Of Consumable:
Geographically, North America accounted for the largest share in the global Orthopedic Devices market in 2022, with the United States spending nearly 20% of its GDP on health. The North American market leads the global market, is very modern, and focuses on innovating cost-effective devices. In addition, companies are committed to research, sourcing, and quality, factors that are central to the industry's success.
The North American orthopedic devices market is very fragmented. Market participants focus on continuous product development and offer orthopedic devices at competitive prices, especially in developing countries.
KEY MARKET PLAYERS:
Companies playing a leading role in the North American orthopedic devices market profiled in the report are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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