- Summary
- Table Of Content
- Methodology
Orthopedic Devices Market Size :
Consegic Business Intelligence analyzes that the Global Orthopedic Devices Market size is growing with a CAGR of 4.2% during the forecast period (2023-2031). The market accounted for USD 42,560.15 million in 2022 and USD 44,120.95 million in 2023, and the market is projected to be valued at USD 61,321.44 million by 2031.
Orthopedic Devices Market Scope & Overview:
Orthopedic devices are medical devices used to treat and prevent disorders of the musculoskeletal system. This includes bones, joints, muscles, ligaments, tendons, and nerves. They can be used to improve mobility, reduce pain, and correct deformities. There are two main types of devices such as implants and non-implants. Implant devices are surgically implanted into the body to replace or repair damaged or missing bones and joints. Examples of implants include joint replacements, spinal fusion devices, and bone plates and screws. Whereas non-implant devices are worn or used externally to support or protect the musculoskeletal system. Examples of non-implants include braces, casts, slings, and crutches.
Orthopedic Devices Market Insights :
Orthopedic Devices Market Dynamics - (DRO) :
Key Drivers :
Growing number of patients with orthopedic disorders
Orthopedic disorders are conditions that affect the musculoskeletal system, which includes bones, joints, muscles, ligaments, tendons, and nerves. Several factors are contributing to the increasing prevalence of orthopedic disorders such as the aging population, rising prevalence of obesity, increasing sports participation, workplace injuries, and others. This rise in the incidence of orthopedic disorders leads to an increase in the number of orthopedic surgeries. Analysis of market trends concludes that the increasing number of orthopedic surgeries being done is driving the market growth across the globe. For instance, according to the report by the National Center for Biotechnology Information in December 2021, the number of orthopedic surgeries being performed is increasing. Planned orthopedic surgery spending has increased by 44% to USD 25 billion since 2010. For this reason, the growing number of patients with orthopedic disorders is acting as a driver for boosting the orthopedic devices market demand.
Increasing innovations in the devices
Orthopedic devices are becoming increasingly personalized to meet the individual needs of each patient. This is due to advances in materials science, 3D printing, and other technologies. New and improved devices can lead to better patient outcomes, such as faster recovery times, reduced pain, and improved mobility. This is driving the usage of these devices from patients and physicians alike. For example, new implant materials and designs are making it possible to treat a wider range of conditions and patient populations. For instance, in January 2023, Orthofix Medical, a global spine and orthopedics company, announced the full commercial launch of the Mariner Deformity Pedicle Screw System. It provides a comprehensive implant offering while reducing the number of surgical trays typically associated with deformity surgery. Analysis of market trends concludes that the growing innovations in the devices is driving the orthopedic devices market growth globally.
Key Restraints :
High cost of devices along with their post-surgery complications
Orthopedic devices are often complex and difficult to manufacture. Medical device companies invest heavily in research and development to develop new and improved devices. These costs are passed on to consumers in the form of higher prices. In addition to this, some devices, such as joint implants and spinal fusion devices, are very expensive to manufacture and implant. The complexity of the patient's condition and the type of surgery required can also affect the cost of the device. According to a report by the National Center for Biotechnology Information, the devices contribute almost 87% of the total cost of orthopedic procedures. Furthermore, these devices also lead to some post-surgery complications such as infection, loosening, allergic reactions, blood clotting, and others which can lead to severe complications. Thus, these above-mentioned factors collectively contribute to hampering the growth of the orthopedic devices market.
Future Opportunities :
Increasing prevalence of sports injuries and accidents
Sports are becoming increasingly competitive and intense, which can put athletes at a higher risk of injury. Sports injuries and accidents can lead to a variety of orthopedic conditions, such as fractures, ligament tears, and joint dislocations. These conditions often require treatment with the devices, such as casts, splints, braces, and implants. This growing number of sports and accident-related injuries across the globe is expected to further create opportunities for the expansion of the global orthopedic devices market over the forecast period. For instance, according to the report by Jhon Hopkins Medicine in 2023, In the US, about 30 million children and teens participate in organized sports. Sports-related injuries make up about 20% of all injury-related emergency department visits among children aged 6 to 19. Furthermore, according to the National Safety Council, sports and recreational injuries increased by 12% in 2022 which was a 20% increase in 2021 from the previous year 2020. Analysis of market trends concludes that the growing prevalence of sports injuries and accidents is expected to emerge as one of many orthopedic devices market opportunities that will drive market expansion over the estimated period.
Orthopedic Devices Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 61,321.44 Million |
| CAGR (2023-2031) | 4.2% |
| By Product Type | Joint Reconstruction Devices, Spinal Implants and Surgical Devices, Orthopedic Fixation Devices, Orthopedic Replacement Devices, Orthopedic Prosthetics, Orthobiologics Devices, Arthroscopy Instruments, Orthopedic Braces and Supports, and Others |
| By Site | Wrist and Shoulder, Hip & Pelvis, Knee, Foot & Ankle, and Others |
| By Application | Fracture Treatment and Recovery, Osteoarthritis and Rheumatoid Arthritis Treatment, Spine Fusion, Fixation, and Decompression, Neurological Disorders, Dental orthopedics, and Others |
| By End User | Hospitals and Surgical Centers, Ambulatory and Trauma Care Centers, Orthopedic Clinics, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Stryker Corporation, Johnson & Johnson, Zimmer Biomet, Medtronic, Smith & Nephew, NuVasive, Arthrex, Globus Medical Inc., Integra LifeSciences, Conmed, and Orthofix Medical |
Orthopedic Devices Market Segmental Analysis :
By Site :
The site segment is categorized into wrist and shoulder, hip & pelvis, knee, foot and ankle, and others. In 2022, the knee segment accounted for the highest market share in the orthopedic devices market. Analysis of market trends concludes that the increasing aging population, rising obesity rates, increased sports participation, and others are driving the usage of the devices for knees. Some of the most common knee devices that are widely utilised are knee braces, knee implants, knee arthroscopy, and others. Also, advancement in different technologies is leading to the development of new and improved knee devices such as new types of knee implants are being developed that are more durable and have a longer lifespan. Hence, due to the aforementioned factors, the knee segment is witnessing significant proliferation in the orthopedic devices market.
Moreover, the foot and ankle segment is expected to grow at the fastest CAGR over the forecast period in the market. Certain common devices such as foot orthotics, ankle braces, night splints, orthopedic shoes, and others are widely utilised for treating various conditions such as high arches, flat feet, bunions, hammertoes, ankle sprains and fractures, arthritis, and others. Analysis of market trends concludes that different technological advancements such as shockwave therapy, which is used for delivering high-energy sound waves to the injured area, platelet-rich plasma (PRP) therapy, which involves injecting the patient's blood platelets into the injured area, and others are driving the orthopedic devices market further. Hence, due to the aforementioned factors, the foot and ankle segment is having positive expansion in the orthopedic devices market.
By Product Type :
The product type segment is categorized into joint reconstruction devices, spinal implants and surgical devices, orthopedic fixation devices, orthopedic replacement devices, orthopedic prosthetics, orthobiologics devices, arthroscopy instruments, orthopedic braces and supports, and others. In 2022, the joint reconstruction devices segment accounted for the highest orthopedic devices market share due to the high prevalence of osteoarthritis and other degenerative joint diseases. Joint reconstruction devices are used to replace or repair damaged or diseased joints. The most common joint reconstruction procedures are knee replacement, hip replacement, and shoulder replacement. Also, a wide number of joint replacement surgeries are being performed worldwide, which is driving the proliferation of this segment. Analysis of market trends concludes that the increasing number of joint replacement and pain management procedures, as well as a rise in the prevalence of joint pain and damaged joints among the elderly population is acting as a catalyst for the expansion of the market. For instance, according to a report by the National Center for Biotechnology Information in 2021, the number of joint replacement surgeries is increasing every year in India. In 2020, there were an estimated 200,000 knee arthroplasties in India. Hence, due to the aforementioned factors, the joint reconstruction devices segment is experiencing significant orthopedic devices market growth.
Moreover, the orthobiologics devices segment is expected to grow at the fastest CAGR over the forecast period in the market. Orthobiologics are biological substances that are used to repair or promote the healing of bones, tendons, ligaments, and other musculoskeletal tissues. They are becoming increasingly popular in orthopedic surgery due to their ability to promote healing and reduce the risk of complications. Also, orthobiologics are becoming increasingly popular in the orthopedic field, as they offer several advantages over traditional treatments, such as they are less invasive, having fewer side effects, promoting faster healing, helping to improve the long-term outcome of treatment, and others. Thus, due to the aforementioned factors, the orthobiologics devices segment is expected to increase further in the forecast period.
By Application :
The application segment is categorized into fracture treatment and recovery, osteoarthritis and rheumatoid arthritis treatment, spine fusion, fixation, and decompression, neurological disorders, dental orthopedics, and others. In 2022, the fracture treatment and recovery segment accounted for the highest market share in the orthopedic devices market owing to the high prevalence of fractures, especially among older adults. The fracture treatment and recovery applications include a wide range of devices such as fracture fixation devices, bone grafts, external fixators, braces and splints, and others. Analysis of orthopedic devices market trends concludes that the the increasing incidence of osteoporosis which causes bone mass decreases, and the growing demand for minimally invasive surgical procedures is also contributing to the growth of this segment. For instance, according to a report by the Centers for Disease Control and Prevention in 2022, 4.2% of men aged 50 years of age and over and 18.8% of women aged 50 years and above in the U.S. are suffering from osteoporosis of the femur neck or lumbar spine. Hence, due to increasing osteoporosis bone disease causes bones to become more fragile which can lead to an increased risk of fractures which impacts to growth of the segment.
Moreover, the spine fusion, fixation, and decompression segment is expected to grow at the fastest CAGR over the forecast period in the market due to the increasing prevalence of spinal disorders, the rising geriatric population, and the growing demand for minimally invasive surgical procedures. The orthopedic devices market analysis concluded that certain technological advancements such as the development of new spinal fusion devices that are made of biocompatible materials and new spinal fixation devices that are less invasive and easier to use are driving the segmental growth. Hence, due to the aforementioned factors, the segment is witnessing positive expansion.
By End-User :
The end user segment is categorized into hospitals and surgical centers, ambulatory and trauma care centers, orthopedic clinics, and others. In 2022, the hospitals and surgical centers segment accounted for the highest market share of 45.55% and is expected to grow at the fastest CAGR over the forecast period in the market. This is owing to hospitals and surgical centers being the primary areas where orthopedic devices are used. Hospitals and surgical centers widely use them for a variety of procedures such as joint replacement, spinal surgery, sports medicine surgery, and others. Also, the increasing number of hospitals and surgical centers across the globe is driving further demand for them. For instance, according to a report by Invest India in 2022, the hospital industry in India accounts for 80% of the total healthcare market and is witnessing a huge investor demand from both global as well as domestic investors. The hospital industry is expected to reach around USD 132 billion by the end of 2023 from USD 61.8 billion in 2017, growing at a CAGR of 16-17%.
Hence, due to the wide demand for the devices in hospitals and clinics and the growing hospital industry, the segment is experiencing significant proliferation in the orthopedic devices market.
By Region :
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2022, North America accounted for the highest market share at 38.50% valued at USD 16,385.66 million in 2022 and USD 17,008.63 million in 2023, it is expected to reach USD 23,682.34 million in 2031. In North America, the U.S. accounted for the highest market share of 64.15% during the base year of 2022. For instance, in March 2021, The Orthopedic Devices Program in the FDA's Center for Devices and Radiological Health (CDRH) conducts research to ensure patients have access to innovative devices that are safe and effective. The significant increasena in research on medical devices along with the growing demand for advanced healthcare services across the North America region is driving the orthopedic devices market proliferation.
Furthermore, the Asia Pacific region is expected to witness significant growth over the forecast period, growing at a CAGR of 4.9% during 2023-2023. Analysis of market trends concludes that the rise in per capita healthcare expenditure is expected to drive market expansion across the region over the forecast period. For instance, according to the report by the Ministry of Health and Welfare, in the financial year 2020, India's per capita health spending was USD 421.91 million, which was 6.1% more than in the financial year 2019.
Top Key Players & Market Share Insights:
The orthopedic devices market is highly competitive, with several large players and numerous small and medium-sized enterprises. The major companies operating in the orthopedic devices industry have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- Stryker Corporation
- Johnson & Johnson
- Integra LifeSciences
- Conmed
- Orthofix Medical
- Zimmer Biomet
- Medtronic
- Smith & Nephew
- NuVasive
- Arthrex
- Globus Medical Inc.
Recent Industry Developments :
- In July 2023, Smith+Nephew launched the REGENETEN Bioinductive Implant in India. The implant is used to repair rotator cuff injuries.
- In January 2023, Zimmer Biomet announced the acquisition of Embody, Inc., which is a privately held medical device company focused on soft tissue healing.
- In September 2023, Globus Medical, Inc. announced the commercial launch of NuVasive Specialized Orthopedics' (NSO) Precice Bone Transport system. Globus Medical completed its merger with NuVasive.
Key Questions Answered in the Report
What was the market size of the orthopedic devices market in 2022? +
In 2022, the market size of Orthopedic Devices was USD 42,560.15 million.
What will be the potential market valuation for the orthopedic devices industry by 2031? +
In 2031, the market size of orthopedic devices will be expected to reach USD 61,321.44 million.
What are the key factors driving the growth of the orthopedic devices market? +
Growing number of patients with orthopedic disorders across the globe is fueling market growth at the global level.
What is the dominating segment in the orthopedic devices market for the end user? +
In 2022, the hospitals and surgical centers segment accounted for the highest market share of 45.55% in the overall orthopedic devices market.
Based on current market trends and future predictions, which geographical region is the dominating region in the orthopedic devices market? +
North America accounted for the highest market share in the overall market.
