India orthopedic devices market to grow at 5% CAGR through 2033: GlobalData

financialexpress.com:

India faces a significant burden from increasing cases of orthopedic disorders due to an aging population, rising obesity rates, and high incidences of road accidents. This combination significantly elevates the demand for orthopedic devices, with joint replacements being particularly in demand. Against this backdrop, India’s orthopedic devices market is set to grow at a compound annual growth rate (CAGR) of around 5% through 2033, forecasts GlobalData, a data and analytics company.

GlobalData’s research reveals that India accounted for around 13% of the Asia-Pacific (APAC) orthopedic devices market in 2024, driven by the rising incidence of musculoskeletal conditions. Additionally, increasing healthcare awareness and growing medical tourism are further fueling the market expansion.

“Despite its rapid expansion, India’s orthopedic sector remains underserved, unable to keep pace with the growing need for services, and access to advanced orthopedic care and high-quality devices remains limited in many regions. This gap presents a substantial opportunity for international collaborations to expand access to top-tier orthopedic care across the country and address the growing needs of India’s orthopedic patient population,” Shreya Jain, Medical Devices Analyst at GlobalData, said.

In a major development, Alkem MedTech has recently signed an agreement with Exactech to manufacture and market Exactech’s large joint replacement implants in India. The collaboration grants Alkem MedTech marketing rights for Exactech’s brands, including Truliant, Optetrak, Logic Fit, Alteon, AcuMatch, Novation, and Novation CFS, in India.

Under the new partnership, Alkem MedTech will manufacture and market Exactech’s globally recognized knee and hip