According to the research report titled ‘Global Orthopedic Devices Market Size study, by Product (Accessories, Surgical Devices), by Application (Hip, Knee, Spine, Cranio-Maxillofacial, Dental, Sports Injuries and Extremities and Trauma) and Regional Forecasts 2020-2027’, available with Market Study Report, global orthopedic devices market was appraised USD 38.3 billion in 2019 and is projected to expand at 3% CAGR during 2020-2027, subsequently accumulating USD 48.5 billion by the end of the forecast period.
 

As per the findings of report, rising pervasiveness of orthopedic disorders owing to booming elderly population is the key factor driving global orthopedic devices market growth.
 

Moreover, favorable initiatives and increasing product launches by major players is positively impacting the industry outlook. For instance, Medtronic Plc, in February 2019, introduced the Grafton (TM) Demineralized Bone Matrix (DBM) bone grafting product in Japan. Similarly, Stryker Corporation launched a new visualization tool in March 2019, which is mainly intended to enhance orthopedic surgical productivity and patient experience. Such innovative products are enhancing the remuneration scope of this industry.
 

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For those unfamiliar, an orthopedic device is a form of medical device used to relieve the posture of the body by repairing deformities and restoring the usual skeletal function either by removal or strengthening the damaged part. The devices are typically manufactured utilizing stainless steel and titanium alloy for robust strength, along with plastic coating acting as artificial cartilage.
 

Rods, screws, plates, and pins are commonly used for repairing broken bones until they are restored, and are the most popular orthopedic medical devices. These advancements in modern diagnostic techniques have greatly reduced the demand for complex orthopedic surgical procedures, which is expected to accelerate worldwide orthopedic devices industry development.
 

Speaking of the restraints, strict FDA regulations, biocompatibility issues, and hefty costs associated with orthopedic implants treatment are likely to hamper the industry remuneration over the forecast period.
 

In addition, outbreak of COVID-19 pandemic has spurred challenges for the industry as the shutdown of highly civilized lives resulted in medical device companies temporarily limiting their manufacturing and supply operation. This is because healthcare facilities and institutions are focusing on the treatment of COVID-19 patients, and all other surgical procedures are more likely to be placed on hold.
 

Considering the geographical reach, North America presently holds a major portion of global orthopedic devices market share, attributable to presence of new technology-based device manufacturers and mounting number of orthopedic surgical needs in the region.
 

On the other hand, Asia Pacific orthopedic devices industry is poised to gain momentum through 2027, on account of developing healthcare infrastructure, growing burden of orthopedic disorder, and booming elderly population.
 

Major contenders in global orthopedic devices market sphere are B. Braun Melsungen AG, NuVasive, Inc., DJO Global, Inc., Conmed Corp., Aesculap Implant Systems, LLC, Smith & Nephew plc, DePuy Synthes, Zimmer Biomet Holdings, Inc., Stryker Corp., and Medtronic plc.