Orthopedic Devices Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

Based on the 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.

Based on the 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.

Based on the 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.

Based on the 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.

Based on the 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.