USD 42.17 billion
Orthopedic Devices Market Size, Share, Growth Analysis, By Product(Orthopedic Fixation Devices (Internal Fixation Devices, External Fixation Devices), Orthopedic Replacement Devices (Ankle Replacement Devices, Hip Replacement Devices), By Site(Hand And Wrist, Spine, Foot And Ankle, Arm And Elbow), By Application(Spinal Fusion, Fixation, And Decompression, Fracture Treatment And Recovery), By End User(Hospitals And Surgical Centers, Ambulatory And Trauma Care Centers, Orthopedic Clinics, Home Care Settings), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2189 |
Region:
Global |
Published Date: September, 2024
Pages:
219
|Tables:
61
|Figures:
75
Orthopedic Devices Market Insights
Global Orthopedic Devices Market size was valued at USD 42.7 billion in 2022 and is poised to grow from USD 44.47 billion in 2023 to USD 61.24 billion by 2031, growing at a CAGR of 4.08% during the forecast period (2024-2031).
Orthopaedic devices are designed to stabilize posture by treating abnormalities and to replace or reinforce damaged parts in order to restore normal skeletal function. Furthermore, the necessity for intricate orthopaedic surgical treatments has been greatly diminished because of these advancements in conjunction with contemporary diagnostic methods. Additionally, the World Health Organization (WHO) reported in 2017 that the prevalence of musculoskeletal disorders rises with advancing age. Furthermore, due to regional variations in environmental, racial, and geographic factors, the pattern and prevalence of orthopaedic issues fluctuate from place to place. For example, the WHO reported in 2017 that the East Mediterranean and African regions had an excessive rate of musculoskeletal conditions.
A few tactics used by major participants in the industry are mergers, acquisitions, and the introduction of new products. The orthopaedic devices market has had growth because of the recent merger agreement between Wright Medical Group, Inc. and Tornier N.V., which strengthened business expansion and expanded the global reach of their upper and lower extremity product range. In a similar vein, businesses like Tecomet Inc. purchased Symmetry Medical to establish one of the biggest global business expansions, with 18 locations spread across 5 nations. Numerous recent product launches and advancements by these major companies have created profitable potential for the expansion of orthopaedic devices over the predicted period.
US Orthopedic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Knee
Fastest Growth
Knee
Growth Rate
3.10% CAGR
Global Orthopedic Devices Market ($ Bn)
Country Share by North America (%)
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Orthopedic Devices Market Segmental Analysis
Global Orthopedic Devices Market is segmented by Product, Site, Application, End User, and Region. Based on Product, the market is segmented into 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 (Knee Braces And Support Products, Ankle 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. Based on Site, the market is segmented into Hand And Wrist, Spine, Foot And Ankle, Arm And Elbow, Hip And Pelvis, Knee And Thigh, Craniomaxillofacial, Shoulder. Based on Application, the market is segmented into Spinal Fusion, Fixation, And Decompression, Fracture Treatment And Recovery, Rheumatoid Arthritis And Osteoarthritis, Ligament Injuries, Diabetic Foot Diseases, Neurological Disorders. Based on End User, the market is segmented into Hospitals And Surgical Centers, Ambulatory And Trauma Care Centers, Orthopedic Clinics, Home Care Settings, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Analysis by Application
As per categorization by application, the market is classified as hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices and sports injuries, extremities & trauma (SET) orthopedic devices. Among these, knee orthopedic devices earned the largest share and continue to dominate the market. The largest share of the global orthopedic devices market is contributed by knee orthopedic appliances, foam supports and braces and osteoarthritis, sports injury, and geriatrics related factors fuel the growth. New and better technologies for minimally invasive surgeries, implant materials, and robotic surgery techniques result in better outcomes for patients, which in turn leads to greater need for knee implants – braces and supports, making it one of the most lucrative segments of the market.
Due to the rising cases of hip fractures, arthritis, and osteoporosis, especially among the elderly population, the hip orthopedic devices segment is expected to be the most rapidly growing in the global orthopedic devices market across the globe. The development of materials such as ceramics and titanium and the development of minimally open techniques and faster healing period are also motivating demand. Additionally, rising awareness about early interventions and growing preference for hip replacement surgeries are accelerating the growth of hip orthopedic devices globally.
Analysis by Product
The orthopedic devices accessories market is the fastest growing segment of the global market owing to their indispensable use in conducting surgeries, for example screws, plates and fixation devices. Advanced biocompatible materials, 3D printing, and tailor-made structures enhance the rehabilitation and surgical results of the patient, resulting in the creation of a strong demand for these aids, and consequently, further establishing their relevance in orthopedics.
Drill guide products are anticipated to be the most rapidly developing category in the global orthopedic devices market, owing to the rising demand for accuracy in medical procedures, especially in joint replacements and fracture management. Innovations in the design of surgical tools, for instance designer and less bulky drill guides, minimize fatalities and make surgery more accurate. This in turn encourages the use of the devices as surgeons see the merit in their use. In addition, the increasing number of orthopedic surgical procedures and the improved technologies of navigation systems promote the global market growth for drill guides.
Global Orthopedic Devices Market By Aplication (%)
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Orthopedic Devices Market Regional Insights
A leadership role in the global orthopedic devices market is held by North America and this can be attributed to a range of factors such as existing healthcare facilities, a large percentage of the population suffering from musculoskeletal disorders and populations prone to osteoarthritis and osteoporosis. The region enjoys further advantages through the continuous development of new technologies in the field of orthopedics such as minimally invasive surgeries, robotics in surgeries, as well as 3D printing. Additionally, robust R&D investments by leading orthopedic device manufacturers and favorable reimbursement policies further support market growth. The increasing number of orthopedic surgeries, coupled with high awareness and early adoption of innovative devices, cements North America's leading position in the global orthopedic devices market.
The global orthopedic devices market within the Asia Pacific region is the most lucrative due to the increasing elderly population base and increase in cases of orthopedic disorders such as arthritis and osteoporosis. In addition, the region has embraced advancements in medicine which have heightened the demand for orthopedic devices. There are also high rates of sports and trauma injuries that are caused by urbanization and changes in lifestyle which in turn create an ever-growing demand. Furthermore, development of healthcare infrastructure, rapid medical tourism, and increasing healthcare expenditure especially in countries such as China, India, and Japan are propelling the market. Also, the presence of global players along with the increasing initiatives by governments to enhance access to healthcare and innovation, makes Asia – Pacific emerging as a potential growth region for orthopedic devices.
Global Orthopedic Devices Market By Geography
- Largest
- Fastest
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Orthopedic Devices Market Dynamics
Drivers
Aging Population and Rising Incidence of Orthopedic Conditions
- The global orthopedic devices market is influenced by factors like geriatrics as the population has a higher tendency to suffer from musculo-skeletal disorders such as osteoarthritis and osteoporosis among others. As people are living longer on average, there is a rise in the demand for such treatments as joint replacement surgeries and other orthopedic procedures which in turn drives the growth of the market.
Technological Advancements in Orthopedic Devices
- Technological innovations such as 3D printing, robotic-assisted surgeries, and advanced implant materials are key drivers for the global orthopedic devices market. These advancements are made for great enhancement of surgical accuracy, reduced postoperative recovery times and better outcomes for patients. That is why they are very appealing to healthcare providers and help the market grow.
Restraints
Shortage of Skilled Surgeons and Healthcare Professionals
- A shortage of skilled surgeons and healthcare professionals trained in orthopedic procedures can impede the global orthopedic devices market. Such a lack of qualified personnel contributes to prolonged surgery backlogs and restricts the implementation of high-end technologies, negatively impacting patients and the country’s growth rate in the market in general.
Stringent Regulatory Approval Processes
- The approval process for orthopedic devices is often rigorous resulting in unwanted delays in the launch of products into the market and thus affecting the growth of the market. In addition, adhering to international standards and extensive clinical trials adds on the amount of time taken before new devices are introduced into the market posing difficulties to the manufacturers and making the introduction of innovative devices in the global orthopedic devices market slow.
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Orthopedic Devices Market Competitive Landscape
The global orthopedic devices market can be seen as a gradual amalgamation of many existing and potential players one tends to focus on more and more on expansion innovations. Market leaders today include such global corporations as Johnson and Johnson, Stryker Corporation, Medtronic, Zimmer Biomet, Smith and Nephew, which command the highest market shares due to their extensive and advanced products as well as sophisticated R&D. Those companies do not stop at a certain point in time and spend resources on new technologies, partnerships, and purchases to enhance their image and offerings in this constantly changing market.
Top Player's Company Profiles
- Stryker Corporation
- Johnson & Johnson
- Medtronic PLC
- Smith & Nephew
- Zimmer Biomet
- NuVasive, Inc.
- B. Braun
- Enovis
- Acumed LLC
- BSN Medical GmbH
- ConMed Corporation
- Orthofix Medical, Inc.
- Arthrex, Inc.
- Allegra Orthopaedics
- DeRoyal Industries
- MicroPort
- Nippon Sigmax Co., Ltd.
- TriMed
- ISTO Biologics
- Meril Life Sciences Pvt. Ltd.
- Mueller Sports Medicine, Inc.
- RCH Orthopaedics
- FLA Orthopedics
Recent Developments
- In September 2023, Stryker Corporation announced the launch of its latest robotic-assisted surgical platform, Mako SmartRobotics. This cutting-edge technology improves the accuracy of hip and knee arthroplasties with better results for patients and shorter times for their rehabilitation. The Mako SmartRobotics system will be compatible with Stryker’s current line of orthopedic products.
- In August 2023, Zimmer Biomet unveiled its new Identity™ Knee System, which incorporates advanced materials and design features to enhance stability and longevity. The Identity™ system aims to provide personalized solutions for patients undergoing knee replacement surgery, reflecting the company’s commitment to innovation in orthopedic devices tailored to individual needs.
- In July 2023, Medtronic launched its new spinal surgery device, the Mazor X™ Stealth Edition. To better the accuracy of the different spine surgeries in which it is used, this system incorporates high-quality imaging and robotic assistance. The Mazor X™ is intended to enhance results after surgery and minimize complication rates which further strengthens the position of Medtronic in the global orthopaedic devices market.
Orthopedic Devices Key Market Trends
- Shift Towards Minimally Invasive Surgery: In recent years, the global orthopedic devices market has been seeing a trend whereby more of the surgical techniques used are minimally invasive ones. These procedures quicken the healing time, reduce the extent of scarring and decrease the chances of infection hence the increased use of the advanced orthopedic devices designed for such purposes leading to better patient comfort and improving the results of surgery.
- Rise in Customization and Personalization: Customization and personalization of orthopedic devices is becoming more common. Manufacturers pay more attention to orthoses and implants that include, for instance, 3D printing technology and adaptive braces in order to fit specific patients. This not only increases the effectiveness of treatment and the comfort of the patients, but also improves the results of orthopedic care.
Orthopedic Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global orthopedic devices market is evolving rapidly, driven by advancements in technology, an aging population, and a rising prevalence of musculoskeletal disorders. The emphasis on minimally invasive procedures and personalized solutions is reshaping treatment methodologies, enhancing patient outcomes significantly.
Despite the existence of obstacles such as a shortage of skilled workforce and regulatory impediments, the leaders in the industry are tactically placing themselves through innovation and cooperation with each other. As regional geographies undergo change especially in the North America and Asia Pacific regions, growth prospects are high for the market hence advanced orthopedic solutions are in need to cater the various patients' requirements all over the globe.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 42.7 billion |
| Market size value in 2031 | USD 61.24 billion |
| Growth Rate | 4.08% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Orthopedic Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Orthopedic Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Orthopedic Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Orthopedic Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Orthopedic Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Orthopedic Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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