Orthopedic Devices Market by Product (Fixation, Replacement Devices {knee, Hip, Shoulder}, Braces, Spinal Implants, Arthroscopy, Orthobiolgics), Application (Fracture Treatment, Osteoarthritis), End User (Hospital, ASCs) & Region - Global Forecast to 2028
Updated on : Aug 22, 2024
The global orthopedic devices market in terms of revenue was estimated to be valued at $36.3 billion in 2022 and is poised to reach $48.1 billion by 2028, growing at a CAGR of 4.8% from 2022 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry/orthopedic market trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The newly added segments are expected to provide more in-depth insights into the regional as well as the country-level markets for various product segments. The growth of the orthopedic devices industry is mainly driven by factors such as the growing number of patients with orthopedic disorders, the rapid rise in the geriatric patient population, the rising number of sports-related injuries, the advancements in orthopedic surgeries, and the increasing adoption of minimally invasive surgeries. Additionally, ongoing collaborations and partnerships among players and research institutions to boost the development of advanced orthopedic implants and government initiatives to strengthen the healthcare infrastructure in many emerging nations are likely to play a significant role in boosting the growth of the market during the forecast period.
On the other hand, the high costs of orthopedic treatment and the increased risk and complications associated with orthopedic surgical procedures are expected to limit the market's growth to a certain extent in the coming years.
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Orthopedic Devices Market Dynamics
Driver: Growing number of patients with orthopedic diseases and disorders globally
Orthopedic devices are increasingly being used during the clinical management of various orthopedic diseases and disorders, such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures, and carpal tunnel syndrome. The significant rise in the burden of orthopedic diseases across the globe has driven the demand and adoption of orthopedic treatment products among major end users. According to the CDC, approximately 54 million adults in the US are suffering from arthritis.
Opportunity: Growth opportunities offered by emerging markets
Emerging countries such as China, India, Brazil are anticipated to offer huge growth opportunities to manufacturers operating in the market. Improved healthcare infrastructure, rising healthcare expenditure, rising medical tourism, and the lower orthopedic treatments cost in these countries are anticipated to promote the growth of market. Moreover, government initiatives to support the healthcare industry, strengthening export trade, and growing awareness among surgeons, and patients about the latest orthopedic treatment are likely to support the growth of global orthopedic devices industry.
Restraint: Risks and complications associated with orthopedic surgical procedures
Total hip and knee arthroplasty surgeries are the two most commonly performed orthopedic surgeries. Though hip arthroplasty generates effective outcomes, the procedure can also lead to potential risks and complications such as surgical-site infections, deep vein thrombosis, and implant failures owing to the failure of the cement to hold the hip implants in place. Periprosthetic fractures are other complications that can result in hip and knee replacement surgeries. All these risk are likely to restrain the growth of market
The spinal implants and surgical devices segment accounted the largest share of orthopedic devices industry during the forecast period, by product
Increasing cases of spinal cord injury (SCI), rise in aging population, increased number of players offering highly advanced spinal implants and surgical devices, growing preference for minimally invasive spine surgeries, and introduction of innovative bone grafts are some of the factors propelling the growth of spinal implants and surgical devices segment of the orthopedic devices market during the forecast period
The foot and ankle segment of orthopedic devices industry is estimated to grow at the highest CAGR from 2022 to 2028, by site of surgery
The high growth of the foot and ankle segment of the orthopedic devices market is attributed to the rising number of foot and ankle injuries, increasing public participation in sports activities, and rising off-the-shelf usage of foot and ankle products for preventive care and favorable reimbursement for foot reconstruction devices
The fracture treatment and recovery segment accounted for the largest share the orthopedic devices industry, by Application
Older people are at a higher risk of osteoporosis-related fractures such as hip or spine fractures. According to the Centers for Disease Control and Prevention (CDC), an estimated 10 million people aged 50 and older have osteoporosis in the US. Increasing prevalence of bone fractures in elderly population and growing number of adults and children participating in sports activities, the development of novel orthobiologics for the rapid healing of fractures, and the increasing number of small & large players offering a wide range of orthopedic devices for the treatment of bone fractures are likely to support the growth of this segment of the orthopedic devices market.
The hospital and surgical centers captured for the largest share of the global orthopedic devices industry, by end user
The rapidly growing cases of osteoarthritis among the aging population, the increasing number of road accidents, and the rising need for improved care among the expanding population worldwide are playing a key role in the increasing adoption of orthopedic treatment among hospitals and surgical centers. The rising incidence of road accidents, fall-related injuries, and sports injuries has resulted in an increased number of orthopedic surgeries performed in hospitals. Moreover, rapid adoption of robotics-assisted joint replacement surgery among hospitals and increase in the government fundings to enhance the hospital infrastructure are likely to support the growth of this segment of orthopedic devices market.
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The Asia Pacific region of orthopedic devices industry is expected to grow at the highest CAGR during the forecast period
The orthopedic devices market is segmented North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the global orthopedic devices industry. Growth in the North American market is attributed to the continuous development and commercialization of novel orthopedic devices, favorable reimbursement and insurance coverage for orthopedic treatment procedures, supportive government regulations for product commercialization, and significant sports participation. Additionally, a strong foothold of orthopedic manufacturers in the region is anticipated to support the growth of the market in North America.
Asia Pacific is projected to register the highest growth during the forecast period owing rising per capita healthcare expenditure across emerging Asian countries, rapid expansion in the target patient population (coupled with the rapidly growing geriatric population). Additionally, increasing localized product manufacturing, favorable government regulations, and the strong emphasizes of global manufacturers on expanding their footprints in APAC countries are supporting 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
Scope of the Orthopedic Devices Industry
Report Metric |
Details |
Market Revenue in 2022 |
$36.3 billion |
Projected Revenue by 2028 |
$48.1 billion |
Revenue Rate |
Poised to grow at a CAGR of 4.8% |
Market Driver |
Growing number of patients with orthopedic diseases and disorders globally |
Market Opportunity |
Growth opportunities offered by emerging markets |
This research report categorizes the orthopedic devices market to forecast revenue and analyze trends in each of the following submarkets: (orthopedic market trends)
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 of the Orthopedic Devices Industry
- 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.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global orthopedic devices market?
The global orthopedic devices market boasts a total revenue value of $48.1 billion by 2028.
What is the estimated growth rate (CAGR) of the global orthopedic devices market?
The global orthopedic devices market has an estimated compound annual growth rate (CAGR) of 4.8% and a revenue size in the region of $36.3 billion in 2022.
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The study involved four major activities to estimate the current size of the Orthopedic devices market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as annual reports, press releases & investor presentations of companies (orthopedic medical device companies), white papers, certified publications, articles by recognized authors, regulatory bodies, and publications from government sources [such as National Institutes of Health (NIH), US FDA, US Census Bureau, World Health Organization (WHO), Academy of Orthopaedic Surgeons (AAOS), World Bank, Organisation for Economic Co-operation and Development (OECD), American Orthopaedic Foot & Ankle Society (AOFAS), American Association for the Surgery of Trauma (AAST), European Federation of National Associations of Orthopaedics and Traumatology (EFORT), International Combined Orthopaedic Research Societies (ICORS), European Society for Sports Traumatology, Knee Surgery and Arthroscopy (ESSKA), were referred to identify and collect information for the Orthopedic devices market study.
Primary Research
The Orthopedic devices market comprises several stakeholders such as manufacturers of orthopedic fixation devices, orthopedic replacement devices, orthopedic braces and support products, arthroscopy instruments, ortho biologics, and hospitals, orthopedic clinics, ambulatory and trauma care facilities, market research and consulting firms. The demand side of this market is characterized by the increasing incidence of orthopedic disorders, sports related orthopedic injuries and increased in number of players in the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
The following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Orthopedic devices market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Data Triangulation
After arriving at the overall size of the global Orthopedic devices market through the above-mentioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends (orthopedic market trends) from both demand- and supply-side participants.
Report Objectives
- To define, describe, and forecast the global Orthopedic devices market on the basis of product, site, application, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth of the orthopedic market trends, future prospects, and contributions to the overall market
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for major market leaders
- To forecast the size of the market segments with respect to five main regions, namely, North America (the US and Canada), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa
- To profile the key market players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as mergers and acquisitions, new product developments, partnerships, agreements, collaborations, and expansions in the global Orthopedic devices market (orthopedic medical device companies)
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the global Orthopedic devices market report
PRODUCT ANALYSIS
- Product Matrix, which gives a detailed comparison of the product portfolios of the top five global players.
Geographic Analysis
- Further breakdown of the Rest of Europe Orthopedic devices market into Belgium, Austria, Denmark, Greece, Poland, and Russia, among other countries
- Further breakdown of the Rest of Asia Pacific Orthopedic devices market into New Zealand, Vietnam, Philippines, Singapore, Malaysia, Thailand, and Indonesia, among other countries
- Further breakdown of the Rest of Latin America Orthopedic devices market into Argentina, and Colombia, among other countries.
COMPANY INFORMATION
- Detailed analysis and profiling of additional market players (up to 5 OEMs)
Growing Opportunity for Businesses
Orthopedic implants market: The orthopedic implants market is expected to grow at a CAGR of 7.8% from 2023. This growth is being driven by the increasing prevalence of chronic diseases, such as osteoarthritis and osteoporosis, as well as the rising number of aging population. The orthopedic implants market is being driven by the development of new and innovative implants that are more durable and biocompatible.
Orthopedic market: The orthopedic market is expected to grow at a CAGR of 6.9% from 2023. This growth is being driven by the increasing prevalence of chronic diseases, such as osteoarthritis and osteoporosis, as well as the rising number of aging population. The orthopedic market is being driven by the increasing demand for minimally invasive procedures, which are associated with shorter recovery times and lower risks of complications.
Trauma implants market: The trauma implants market is expected to grow at a CAGR of 8.7% from 2023. This growth is being driven by the increasing number of accidents and injuries, as well as the rising demand for minimally invasive procedures. The trauma implants market is being driven by the increasing number of accidents and injuries, as well as the rising demand for minimally invasive procedures.
Orthopedic prosthetics market: The orthopedic prosthetics market is expected to grow at a CAGR of 6.6% from 2023. This growth is being driven by the increasing number of amputees, as well as the rising demand for customized prosthetics. The orthopedic prosthetics market is being driven by the increasing number of amputees, as well as the rising demand for customized prosthetics that can provide a high level of functionality.
Orthopedic trauma devices market: The orthopedic trauma devices market is expected to grow at a CAGR of 8.3% from 2023. This growth is being driven by the increasing number of accidents and injuries, as well as the rising demand for minimally invasive procedures. The orthopedic trauma devices market is being driven by the increasing number of accidents and injuries, as well as the rising demand for minimally invasive procedures.
Orthopedic splints market: The orthopedic splints market is expected to grow at a CAGR of 7.4% from 2023. This growth is being driven by the increasing number of accidents and injuries, as well as the rising demand for pain relief and immobilization. The orthopedic splints market is being driven by the increasing number of accidents and injuries, as well as the rising demand for pain relief and immobilization.
Growth opportunities and latent adjacency in Orthopedic Devices Market