Orthopedic Devices Market
The global orthopedic devices market in terms of revenue was estimated to be valued at $36.3 billion in 2023 and is poised to reach $48.1 billion by 2030, growing at a CAGR of 4.8% from 2023 to 2030. The new research study consists of an analysis of market industry trends. The new research study includes industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behavior in the market. The newly added segments are expected to provide deeper insights into regional and country markets for various product segments. The growth of the orthopedic devices market is majorly driven by factors such as growing number of patients with orthopedic disorders, rapid rise in geriatric patient population, increasing number of sports-related injuries, advancements in orthopedic surgeries and increasing adoption of minimally invasive surgeries. Additionally, ongoing collaborations and partnerships between stakeholders and research institutes to drive the development of advanced orthopedic implants and government initiatives to strengthen healthcare infrastructure in many emerging countries are likely to play a role. an important role in driving the growth of the orthopedic devices market during the forecast. period.
However, the high costs of orthopaedic therapy, as well as the increased risk and complications associated with orthopaedic surgical operations, are projected to hinder market expansion in the future years.
Orthopedic Devices Market Dynamics
Driver: Growing number of patients with orthopedic diseases and disorders globally
Orthopedic devices are increasingly used in the clinical management of various orthopedic diseases and disorders, such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures and carpal tunnel syndrome. The significant increase in the burden of orthopedic diseases across the world has driven the demand and adoption of orthopedic treatment products among major end users. According to the CDC, approximately 54 million adults in the United States suffer from arthritis.
Opportunity: Growth opportunities offered by emerging markets
Emerging markets such as China, India, and Brazil are likely to present enormous development prospects for orthopaedic device producers. Improving healthcare infrastructure, growing healthcare spending, expanding medical tourism, and reducing the cost of orthopaedic procedures are likely to fuel growth in the orthopaedic devices market in these nations. Furthermore, government attempts to promote the healthcare industry, improve export commerce, and create knowledge among surgeons and patients about the newest orthopaedic therapies are projected to help the orthopaedic devices market's growth.
Restraint: Risks and complications associated with orthopedic surgical procedures
Total hip and total knee arthroplasty are the two most common orthopaedic procedures. Though hip arthroplasty offers great results, it also has risks and repercussions such as surgical-site infections, deep vein thrombosis, and implant failures due to the cement's inability to hold the hip implants in place. Periprosthetic fractures are another issue that may emerge during hip and knee replacement surgery. All of these issues are projected to constrain market growth.
The spinal implants and surgical devices segment accounted the largest share of orthopedic devices market during the forecast period, by product
Increasing SCI cases, an ageing population, an increase in the number of players offering highly advanced spinal implants and surgical devices, a growing preference for minimally invasive spine surgeries, and the introduction of novel bone grafts are among the factors driving the growth of the spinal implants and surgical devices segment during the forecast period.
The foot and ankle segment of orthopedic devices market is estimated to grow at the highest CAGR from 2022 to 2030, by site of surgery
The rising frequency of foot and ankle injuries, expanding public engagement in sports activities, rising off-the-shelf usage of foot and ankle goods for preventative treatment, and favourable reimbursement for foot reconstruction devices all contribute to the segment's rapid expansion.
The fracture treatment and recovery segment accounted for the largest share the orthopedic devices market, by Application
Fractures caused by osteoporosis, such as hip or spine fractures, are more common among the elderly. The Centres for Disease Control and Prevention (CDC) estimates that around 10 million Americans aged 50 and over have osteoporosis. The rising prevalence of bone fractures in the elderly, as well as the increasing number of adults and children participating in sports activities, the development of new orthobiologics for rapid fracture healing, and the increasing number of small and large players offering a wide range of orthopaedic devices for the treatment of bone fractures, are all expected to drive segment growth.
The hospital and surgical centers captured for the largest share of the global orthopedic devices market, by end user
The growth of the orthopedic treatment market is being driven by a number of factors, including the aging population, increasing number of road accidents, rising need for improved care, adoption of robotics-assisted joint replacement surgery, and government funding for hospital infrastructure.
- The aging population is a major driver of growth, as the number of people with osteoarthritis increases with age. Osteoarthritis is a degenerative joint disease that causes pain, stiffness, and inflammation in the joints.
- The increasing number of road accidents is also a major driver of growth, as many accidents result in injuries that require orthopedic treatment.
- The rising need for improved care is another driver of growth, as people are demanding better quality care for their orthopedic conditions. This is leading to an increase in the number of hospitals and surgical centers that offer orthopedic treatment.
- Robotics-assisted joint replacement surgery is a new technology that is becoming increasingly popular. This technology allows surgeons to perform more precise and accurate surgeries, which can lead to better outcomes for patients.
- Government funding for hospital infrastructure is also supporting the growth of the orthopedic treatment market. This funding is helping to increase the capacity of hospitals to provide orthopedic treatment.
Overall, the growth of the orthopedic treatment market is expected to continue in the coming years.
The Asia Pacific region of orthopedic devices market is expected to grow at the highest CAGR during the forecast period
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa account for the majority of the orthopaedic devices market. The market for orthopaedic devices is dominated by North America. Continuous orthopaedic device development and commercialization, favourable reimbursement and insurance coverage for orthopaedic treatment procedures, supportive government regulations for product commercialization, and significant sports participation are all factors driving growth in the North American orthopaedic devices market. Furthermore, the area's large presence of orthopaedic manufacturers is projected to aid the expansion of the North American orthopaedic devices market.
Due to increased per capita healthcare expenditure across developing Asian nations, fast expansion in the target patient population (combined with the quickly growing senior population), Asia Pacific is expected to grow the most throughout the projection period. Furthermore, rising localised product production, favourable government regulations, and multinational manufacturers' strong emphasis on extending their footprints in APAC nations are helping the growth of this market.
Prominent players in the orthopedic devices market include Stryker Corporation (US), Johnson & Johnson (US), Smith & Nephew (UK), Medtronic plc (Ireland), and Zimmer Biomet (US). Other prominent players in this market include B. Braun (Germany), Enovis (US), NuVasive (US), Acumed LLC (US), BSN Medical (Germany), CONMED Corporation (US), Orthofix Medical Inc. (US), Arthrex (US), Allegra Orthopaedics (Australia), DeRoyal Industries (US), MicroPort (China), Nippon Sigmax Co., Ltd. (Japan), TriMed Inc. (US), Altis Biologics (South Africa), Isto Biologics (US), ITS (Austria), Meril Life Sciences Pvt. Ltd. (India), Mueller Sports Medicine, Inc. (US), RCH Orthopaedics (India), and FLA Orthopedics (US).
STRYKER CORPORATION (US): Stryker Corporation is among the leading players in the orthopedic devices market. The company has a strong product portfolio; new products have helped it gain a sizable market share and has strong emphasizes on collaborations and acquisitions, to enhance its orthopedic product portfolio and expand its geographical presence. The company’s robust R&D domain has led to rapid product development and to cater to the increasing demand for orthopedic devices among end-user base across the globe
Orthopedic Devices Market Report Scope
This research report categorizes the orthopedic devices market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Orthopedic Fixation Devices
- Internal Fixation Devices
- External Fixation Devices
- Orthopedic Replacement Devices
- Ankle Replacement Devices
- Hip Replacement Devices
- Knee Replacement Devices
- Shoulder Replacement Devices
- Elbow Replacement Devices
- Wrist Replacement Devices
- Orthopedic Prosthetics
- Solid Ankle Cushion Heel prostheses
- Single-axial Prostheses
- Multi-axial Prostheses
- Dynamic Response Prostheses
- Microprocessor-controlled Prostheses
- Orthopedic Braces and Support Products
- Ankle Braces and Support Products
- Knee Braces and Support Products
- Foot Walkers and Orthoses
- Back, Hip, and Spine Braces and Support Products
- Shoulder Braces and Support Products
- Elbow Braces and Support Products
- Hand and Wrist Braces and Support Products
- Facial Braces and Support Products
- Spinal Implants and Surgical Devices
- Spinal Fusion Devices
- Spinal Non-fusion Devices
- Arthroscopy Instruments
- Orthobiologics
- Bone Graft Substitutes
By Site
- Hip and Pelvis
- Foot and Ankle
- Knee and Thigh
- Hand and Wrist
- Shoulder
- Arm and Elbow
- Spine
- Craniomaxillofacial
By Application
- Fracture Treatment and Recovery
- Rheumatoid Arthritis and Osteoarthritis
- Ligament Injuries
- Neurological Disorders
- Diabetic Foot Diseases
- Spinal Fusion, Fixation, and Decompression
By End User
- Hospitals and Surgical Centers
- Orthopedic Clinics
- Ambulatory and Trauma Care Centers
- Home Care Settings
- Other End Users
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoEU
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
Recent Developments:
- In January 2023, Zimmer Biomet acquired Embody, Inc. with a focus on strengthening its brand presence in the orthopedic devices market.
- In November 2022, Enovis announced the launch of a new DynaNail Helix fixation system used for the treatment of bone fractures, joint fusion, and bone reconstruction.
- In September 2022, Stryker Corporation introduced New Gamma4 Hip fracture nailing system to expand its orthopedic fixation devices product portfolio.