Advanced Orthopedic Technologies Market By Product Type (Implants, Regenerative Products) , By Application (Spine Surgery, Cranial and Maxillofacial Surgery, Joint Replacement Surgery, Others) By End User (Hospitals, Ambulatory Surgical Centers, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The advanced orthopedic technologies market was valued at $58.1 billion in 2023, and is projected to reach $92.1 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
Advanced orthopedic technologies encompass cutting-edge materials, digital tools, and surgical techniques to diagnose and treat orthopedic conditions. These technologies enhance patient outcomes, reduce recovery times, and improve overall quality of life of individuals suffering from orthopedic issues. Advanced orthopedic technologies such as minimally invasive surgical techniques, biocompatible implants, and robotic-assisted procedures are all aimed at offering precise, effective, and personalized care.
The growth of the global orthopedic technologies market is majorly driven by surge in demand for minimally invasive procedures and alarming rise in prevalence of musculoskeletal conditions. According to a recent study of Global Burden of Disease 2019, approximately 1.71 billion individuals globally are suffering from various musculoskeletal conditions, including fractures, osteoarthritis, rheumatoid arthritis, low back pain, neck pain, and other injuries. Moreover, surge in geriatric population significantly contributes toward the growth of the global market. Aged individuals are highly susceptible to bone-related disorders such as osteoporosis and arthritis. This is attributed to the fact that minerals in bones of aged individuals start to leech out, making them brittle, fragile, and easily breakable, thereby necessitating the need for advanced orthopedic technologies. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. With increasing aged population, the incidence of orthopedic conditions is expected to rise significantly. According to a study published by ScienceDirect—the world's leading source for scientific, technical, and medical research—in October 2021, approximately 19.71% of the older population is suffering from bone and joint diseases, higher among women (22.79%) than in men (16.25%). However, high cost associated with advanced orthopedic technologies hamper the growth of the market. Moreover, lack of appropriate health facilities to meet population needs in most countries and limited access act as the key deterrent factors of the market. On the contrary, increase in government initiatives to support the growth of the market is expected to offer remunerative opportunities for the expansion of the market during the forecast period. For instance, the National Medical Devices Policy, 2023, initiated by the Government of India, aims to accelerate growth of the medical devices sector while promoting safety and quality. Furthermore, continuous technological advancements are expected to open new avenues for the market growth in the coming years. For example, the use of 3D printing facilitates the creation of customized implants tailored to individual patient anatomy.
The global advanced orthopedic technologies market is segmented into product type, application, end user, and region. On the basis of the product type, the market is bifurcated into implants and regenerative products. By application, it is classified into spine surgery, cranial & maxillofacial surgery, joint replacement surgery, and others. Depending on end user, it is segregated into hospitals, ambulatory surgical centers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition AnalysisCompetitive analysis and profiles of the major players in the global advanced orthopedic technologies market include Arthrex, Inc., Johnson & Johnson, Globus Medical, Abbott, B. Braun SE, Stryker, Exactech, Inc., Zimmer Biomet, Medtronic, and Corin Group. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to garner maximum share and sustain the intense competition in the global market.
Key Market SegmentsBy Product TypeImplants
Regenerative Products
By ApplicationSpine Surgery
Cranial and Maxillofacial Surgery
Joint Replacement Surgery
Others
By End UserHospitals
Ambulatory Surgical Centers
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Arthrex, Inc.
Johnson & Johnson
Globus Medical
Abbott
B. Braun SE
Stryker
Exactech, Inc.
Zimmer Biomet
Medtronic
Corin Group