India Orthopedic Devices Market Size Booming to Touch USD 2.24 Billion by 2030

Published | 18 April 2024

India Orthopedic Devices Market is flourishing due to the rising burden of musculoskeletal disorders, growing geriatric population, and government support for healthcare infrastructure.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Orthopedic Devices Market size at USD 1.54 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Orthopedic Devices Market size to expand at a CAGR of 14.28% reaching a value of USD 2.24 billion by 2030. The Orthopedic Devices Market in India is propelled by the increasingly aging population, who are more prone to orthopedic ailments, such as osteoporosis and arthritis. Notably, the rise in sports-related injuries and road accidents has contributed substantially to the demand for orthopedic devices. Also, advancements in technology and the introduction of innovative implants and prosthetics have played a crucial role in driving market expansion. Other driving factors are the government initiatives aimed at enhancing healthcare infrastructure, coupled with the increasing prevalence of lifestyle diseases, have led to a notable uptick in orthopedic surgeries, thereby boosting the demand for orthpedic devices.

Opportunity – Growing medical tourism for orthopedic treatments

Over the past decade, the healthcare delivery sector has undergone a vast transformation, witnessing the establishment of several large multispecialty hospital chains offering world-class treatment options and facilities. These hospitals have thrived with the emergence of a more prosperous middle class demanding better quality healthcare. Additionally, a more recent trend has been the establishment of single-specialty chains in areas such as oncology, nephrology, and obstetrics, which offer focused, specialized care. These centers have also been instrumental in driving the growth in medical tourism to India. As a result, India Orthopedic Devices Market experiences growth from increasing medical tourism, driven by cost-effective procedures, skilled medical professionals, and quality healthcare facilities. International patients favor India for orthopedic treatments, bolstering market expansion. The country's top-notch healthcare infrastructure and proficient healthcare workforce elevate its attractiveness as a medical tourism hub.

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Impact of Escalating Geopolitical Tensions on India Orthopedic Devices Market

Geopolitical tensions can have a multifaceted impact on the India Orthopedic Devices Market. Uncertainty stemming from geopolitical conflicts may disrupt supply chains, leading to shortages of critical medical supplies and materials for orthopedic devices. Additionally, economic instability resulting from geopolitical unrest can affect healthcare spending and investment, potentially hindering market growth. Moreover, heightened geopolitical tensions may deter foreign investments and collaborations, limiting technological advancements and innovation in the orthopedic sector. Overall, the India Orthopedic Devices Market may face challenges in maintaining stability and growth amidst escalating geopolitical tensions.

India Orthopedic Devices Market

Segmental Information 

India Orthopedic Devices Market – By End User

On the basis of end user, the India Orthopedic Devices Market is divided into Hospitals & Surgical Centers, Orthopedic Clinics, and Ambulatory & Trauma Care Centers segments. The hospitals & surgical centers segment holds the highest share in the India Orthopedic Devices Market by end user. Orthopedic devices are predominantly utilized within hospital settings, where they are typically implanted via surgical procedures. This preference is largely due to the high volume of patients with orthopedic injuries seeking treatment in hospitals, facilitated by favorable reimbursement policies. Meanwhile, the ambulatory & trauma care centers segment is expected to witness the fastest growth rate during the forecast period. It is primarily due to the rising popularity of minimally invasive techniques that offer patients alternatives to traditional hospital-based care.

India Orthopedic Devices Market – By Region

Geographically, the India Orthopedic Devices Market is divided into North India, South India, East India, and West India regions. The South India region holds the highest share in the India Orthopedic Devices Market and is expected to maintain its dominance during the forecast period. It is primarily due to its advanced healthcare infrastructure, featuring modern hospitals and clinics equipped with cutting-edge orthopedic devices. The southern region of the country benefits from widespread health insurance coverage, encouraging individuals to seek orthopedic treatments and invest in the latest devices. Public awareness of medical technologies further drives South India's dominance, with a well-informed population actively seeking advanced treatment options. Additionally, the region's significant portion of aging population fuels demand for orthopedic procedures, including joint replacements and implants. These factors collectively position South India as a key player in meeting the demand for high-quality orthopedic devices and ensuring comprehensive healthcare for its population.

Competitive Landscape

The India Orthopedic Devices Market is fragmented, with numerous players serving the market. The key players dominating the India Orthopedic Devices Market include Stryker Corporation, Smith & Nephew, Zimmer Biomet, Medtronic, DePuy Synthes, Globus Medical, Narang Medical, Atlas Surgical, Auxein Medical, Integra LifeSciences, NuVasive, Sharma Orthopedic (India) Pvt Ltd, CONMED Corporation, DJO Global, GPC Medical, TriMed Inc., Hcm Orthocare, Matrix Meditec Pvt Ltd, NRV OrthoTech Pvt Ltd, and Orthofix. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Orthopedic Devices Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Orthopedic Devices Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Orthopedic Devices Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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