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Orthopedic Instruments Market Surges to USD 58.63 Billion in 2032, Anticipated 3.3% Revenue Growth in Forecast Period

Reports And Data

Reports And Data

The global orthopedic instruments market size was USD 42.43 Billion in 2022 and is expected to register a revenue CAGR of 3.3% during the forecast period.

NEW YORK CITY, NY, UNITED STATES, July 12, 2023/ -- The global Orthopedic Instruments Market had a valuation of USD 42.43 billion in 2022 and is projected to achieve a compound annual growth rate (CAGR) of 3.3% during the forecast period. The growth in market revenue is primarily fueled by factors such as increasing trust in wearable technology, growing health-awareness campaigns led by government authorities, and the integration of advanced technologies in the production of orthopedic equipment and instruments.

In the manufacturing of orthopedic devices and equipment, various technologies are being utilized. These include Augmented Reality (AR), data science, Computer-Assisted Surgery (CAS), and Digital Templating, which are extensively incorporated into new products. An example of this is the Caduceus S AR Spine Navigation System developed by Taiwan Main Orthopaedic Biotechnology (Surglasses), which received approval from the U.S. Food and Drug Administration (FDA) 510(k) on December 21, 2022. This spine navigation system employs AR to reduce the number of C-arm images required for pre-operative planning and provides surgeons with precise trajectories for spine surgery.

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Key players in the Medical Coding Market:

• 3M Health Information Systems
• Aviacode Inc.
• Cerner Corporation
• Oracle Corporation
• Medical Information Technology Inc.
• Maxim Health Information Services
• Medical Record Associates LLC
• Cognizant Technology Solutions Corporation
• Verisk Analytics, Inc.
• nThrive Inc.
• Optum, Inc.

Furthermore, companies are actively engaged in launching new products and innovating their existing product lines, contributing to the market's revenue growth. For instance, on November 3, 2022, Intelivation Technologies introduced the Inlet System, a comprehensive solution offering a wide range of plating and fixation options for both upper and lower extremities. The Inlet System includes options for hand plating, cannulated screws, distal radius plates with sizes ranging from 2.3-6 millimeters and varying lengths, as well as plates for clavicle, ulnar, calcaneal, foot, and distal tibia and fibula. These initiatives are anticipated to propel the market's revenue growth and fibula. These initiatives are anticipated to propel the market's revenue growth.

Segments Covered in the Report –

Type Outlook -

• Joint Reconstruction Devices
• Trauma Devices
• Spinal Devices
• Arthroscopy Devices
• Orthobiologics
• Others

Application Outlook -

• Knee Orthopedic Surgery
• Craniomaxillofacial Orthopedic Surgery
• Hip Orthopedic Surgery
• Spine Orthopedic Surgery
• Dental Orthopedic Surgery
• Sports Injuries Extremities and Trauma (SET) Orthopedic Surgery

Product Outlook -

• Guide Tubes
• Custom Clamps
• Drill Guide
• Implant Holder
• Distracters
• Screwdrivers

End-use Outlook -

• Hospital
• Orthopedic Centers and Clinics
• Ambulatory Surgical Centers
• Others

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Strategic development:

1. Technological Advancements: The market is witnessing significant progress in orthopedic instrument technologies. Companies are integrating robotics, artificial intelligence (AI), augmented reality (AR), and data analytics into their instruments. These advancements aim to enhance surgical precision, patient outcomes, and procedural efficiency.

2. Product Innovations: Companies are prioritizing the development of innovative orthopedic instruments to meet evolving needs. This includes the creation of minimally invasive instruments, advanced imaging systems, patient-specific implants, and smart implants with embedded sensors for real-time monitoring.

3. Collaborations and Partnerships: To drive innovation and expand their product portfolios, orthopedic instrument manufacturers are forging collaborations and partnerships. These collaborations often involve research institutions, healthcare providers, and technology firms. By combining resources and expertise, companies can accelerate product development and introduce novel solutions to the market.

4. Mergers and Acquisitions: The orthopedic instruments market has experienced several mergers and acquisitions, as companies seek to strengthen their market presence and gain a competitive advantage. Strategic acquisitions provide access to new technologies, broaden customer bases, and enhance product offerings.

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