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The orthopaedic devices global market is expected to reach $53,607.2 million by 2027 growing at a high single digit CAGR.
Over the decade, due to the technological advancements with emerging and innovative technologies used under minimally invasive conditions has led to the rapid development of orthopaedic device. As a result of rapid advances, there is great expansion in the potential therapeutic application for musculoskeletal injuries, deformities and diseases.
The market is primarily driven by the increase in incidence and prevalence of musculoskeletal diseases such as osteoarthritis, osteoporosis, spinal degenerative diseases, spondylitis, lower back pain, herniated spinal discs, and injuries due to trauma and sports activities, increase in the aging population, technological advancement, acquisitions and factors such as product recall, complications associated with implanted devices, lack of skilled
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The foot and ankle devices market is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period.
Growth of the market is mainly attributed to the technological advancements; increasing incidences of orthopedic diseases, and growing public and private investments, funding, and grants are driving the global foot and ankle devices market. However, complex regulatory frameworks that delay the approval of new foot and ankle devices is expected to challenge market growth to a certain extent.
In terms of products, orthopedic implants and devices segment to register significant growth during the forecast period.