3 Trends Boosting Industry Growth in the North America Orthopedics Device Market

According to a recent study from market research firm Graphical Research, the North America Orthopedic Devices Market size is projected to reach a valuation of $29.2 billion by 2027.
 
North America orthopedic devices market share will gain traction from investments in technological advancements and the presence of advanced surgical devices. Nearly one million individuals undergo knee replacement surgical procedures, mainly due to the availability of painless surgeries. Moreover, the demand for better-quality and durable implants will boost the penetration of orthopedic devices.
 
Lately, an unprecedented rise in the geriatric population and prevalence of adults suffering from arthritis have fueled the trend for orthopedic devices. According to the U.S. CDC, 71 million adults could be 65 years or older by 2030. Furthermore, 22 million American adults aged 65 years or older have arthritis. The trends suggest manufacturers could up the production of knee replacement and hip replacement devices.
 
Some of the trends that would have a notable impact on the business outlook in the U.S. and Canada are elucidated below:

1. Spinal Devices Gain Traction

A notable surge in spinal injuries and prevalence of lumbar spinal stenosis has fueled the penetration of orthopedic devices. Not to mention, soaring cases of degenerative disc and the emergence of novel products for spinal ailment treatment will augur well for the industry size expansion.
 
According to the America Chiropractic Association, around 31 million people witness lower back pain in the U.S. The National Center for Biotechnology Information projected 2.4 million people in the U.S. experienced symptomatic lumbar spinal stenosis by 2021. Spinal orthopedic devices captured more than 19% share of North America market in 2020 and will witness a similar trend by 2027.

2. Manufacturers Bank on Joint Reconstruction Devices

Joint reconstruction devices are likely to be sought-after to provide primary fixation to the bone of replacement of articulating surface, reduce stiffness and pain from arthritis and treat damaged bone joints. Leading companies, such as Stryker and Zimmer Biomet have spurred investments to boost the footfall of joint reconstruction devices. North America market share from joint reconstruction orthopedic devices could witness around 4.4% CAGR up to 2027.

3. Canada to Provide Lucrative Growth Potentials

Leading companies are likely to inject funds into Canada owing to rising cases of orthopedic disorders and the availability of skilled surgeons. It is pertinent to mention that arthritis has become one of the gravest health concerns in Canada. According to Arthritis Society, 9 million Canadians could live with arthritis by 2040.
 
A study conducted in 2020 claims that around 1.4 million people, including 1 in 8 men and one in four women over the age of 50 were grappling with osteoporosis in Canada. Trends indicate a rise in orthopedic disorders will encourage leading companies to invest in the region. Canada orthopedic devices market is likely to witness more than 4.8% CAGR through 2027, partly due to a rise in healthcare budgets and cases of osteoporosis.
 
While the COVID-19 outbreak disrupted the supply chain of orthopedic devices, bullish government policies could augur well. The National Association for Advanced of Orthotics & Prosthetics issued an alert during the COVID-19 national emergency asserting that local and state health authorities consider prosthetic and orthotic practices as essential providers. It should remain accessible to patients needing prosthetic and orthotic cases during the pandemic. With technological advancements taking the center stage, orthopedic devices market outlook will be strong across North America.