Orthopedic Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Orthopedic Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Orthopedic Device Market Type By Product (Implants, Supports, And Others), By Application (Knee Orthopedic Devices, Hip Orthopedic Devices, Wrist Orthopedic Devices, Shoulder Orthopedic Devices, Spine Orthopedic Devices, Ankle Orthopedic Devices, And Others ), By End-User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centres, And Others), by geography is estimated to register growth at a remarkable CAGR forecast during 2024-2030 owing to upsurge in prevalence of ageing population and rise in the cases of bone disorders.

The global orthopedic devices market was valued at USD 44.09 billion in 2023, growing at a CAGR of 4.78% during the forecast period from 2024 to 2030 to reach USD 57.79 billion by 2030. The orthopedic devices market is slated to witness increasing revenue owing to factors such as a growing population of people above the age of 65, a rise in the cases of bone disorders such as osteoarthritis and osteoporosis among others, increasing cases of occupational injuries and non-occupational injuries along with latest technological developments in healthcare technology are further expected to result in the appreciable revenue growth in the orthopedic devices market during the forecast period (2024-2030).

Orthopedic Devices Market Dynamics:

One of the noteworthy drivers of the orthopedic devices market is the rising population of old age people globally. As per the reports from World Population Prospects (2019), one in eleven people in the world are above the age of 65 and their proportion shall increase to one in six people in the world to be aged above 66 years, by the year 2050. The same source also stated that in regions like North America and Europe, it is expected that one in four people shall be above the age of 66 years by the year 2050. The increase in the geriatric population, also paves the way for various types of bone disorders like osteoarthritis, requiring surgical procedures, implants, and support therapies for long-term assistance. According to the Organization for Cooperation and Development (2023), age is the strongest factor for the occurrence of Knee and Hip Osteoarthritis, where implants are the most preferred devices among others.

Another key factor responsible for the growth of the orthopedic devices market is the continuous technological advancements in manufacturing safe and biocompatible implants. For instance, in May 2022, Orthofix US Inc. launched OSCAR PRO for use in ultrasonic arthroplasty revision systems during complex joint surgeries, in the U.S and European markets. Such product development activities indicate an active research and development domain resulting in the launch of improved products in the market, contributing to product uptake and ultimately resulting in market growth.

However, the availability of alternative therapies and complications associated with orthopedic devices, specifically implants, may act as restraining factors to the orthopedic devices market growth.

The orthopedic devices market reported a short period of setback due to the implementation of lockdown as necessary measures to break the chain of the COVID-19 infection transmission. The COVID-19 pandemic resulted in the massive reorganization of healthcare services and the carrying out of medical procedures. Many countries segregated medical procedures based on the need for urgent medical care to streamline the workflow during the COVID-19 crisis and saw various medical procedures considered elective being suspended. For instance, in March 2020, according to the Organization for Cooperation and Development (2023), most countries like Italy, Ireland, and Norway showed a sharp decline in the number of hip and knee replacement surgeries. Most countries adopted surgical procedures only in cases of immediate urgency to focus more on handling the COVID-19 situation. However, with the resumption of activities across industries including the healthcare sector, it has been uplifting the orthopedic devices market.

Orthopedic Devices Market Segment Analysis:

Orthopedic devices Market Type by Product (Implants, Supports, and others), Application (Knee Orthopedic Devices, Hip Orthopedic Devices, Wrist Orthopedic Devices, Shoulder Orthopedic Devices, Spine Orthopedic Devices, Ankle Orthopedic Devices, and Others), End-User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centres and others), Geography (North-America, Europe, Asia-Pacific, Rest of the World)

Based on the application segment of the orthopedic devices market the spinal orthopedic devices category is projected to register significant growth in revenue in the orthopedic devices market during the forecast period (2024-2030). This can be ascribed to the rising cases of spinal cord injuries for various reasons such as occupational work, overuse injuries, falls, wounds from fights, spinal injuries to athletes, etc. According to the National Spinal Cord Injury Statistical Centre (2023) in the year 2019, 2,96,000 people were living with spinal cord injuries globally, with 17,900 new cases happening every year around the world. This brings the need for more assistance support mechanisms and efficient surgical procedures for people, which drives orthopedic industries to deliver safer, biocompatible implants for people on a lifetime basis.

Therefore, considering the growing demand for this product type, numerous new products are being launched in the market. For instance, in October 2020, Stryker Corporation introduced Niagra Lateral Access System for spinal injuries and deformities, after the completion of successful 600 surgeries. The implant is widely compatible with patients, allowing fewer chances of contamination and side effects, with a biocompatible titanium. Therefore, considering the advantages associated with spinal reconstruction devices and their growing popularity among end-users, this product segment is expected to generate considerable revenue thereby pushing the overall growth of the global orthopedic devices market during the forecast period.

North America is expected to dominate the overall Orthopedic Devices Market:

Among all the regions, North America is expected to lead in revenue generation in the global orthopedic devices market. This can be ascribed to the growing population of old-aged people in the region. For instance, according to the U.S. Census Bureau (2023), the old age population observed an increase of 34.2%, from 40.3 million U.S. residents aged 66 years in the year 2010 to 54.1 million or older in the year 2019.

One of the prominent factors supporting the growth of the North America orthopedic devices market is the rising prevalence of bone disorders like osteoarthritis, osteoporosis, etc. For example, as per the CDC report (2023), more than 32.5 million people are affected by Osteoarthritis which is one of the most common forms of joint disorders in the United States. Along with the growing aged population, the risk of bone disorders also increases. For instance, according to the Osteoarthritis Action Alliance (2023), in the year 2019, 43% of people aged above 66 years and 88% of people aged above 46 years were diagnosed with Osteoarthritis. The source further stated that more than 60% of people affected were women. Considering the rising number of bone disorders in the country, numerous products are receiving regulatory approvals thus paving the way for their market launch. For instance, in May 2022, the U.S. Food and Drug Administration (FDA) approved the AccelStim Bone growth Stimulator, manufactured by Orthofix US LLC, which can be used in cases of bone fractures. Also, In September 2020, Stryker Corporation launched its titanium-made AxSOS Ankle Fusion System for the tibiotalar joint with updated screw offerings.

Therefore, the presence of a large patient base coupled with increasing cases of bone disorders drives manufacturers to launch new products, which is expected to drive the growth of the orthopedic devices market in the United States during the forecast period.

In addition to the rising old age population and cases of bone disorders, there has been an increase in the number of occupational injuries and non-occupational injuries in the United States. For example, according to the U.S Bureau of Labor Statistics (2023), an incidence rate of 25.4% of occupational injuries was observed of which 24% of injuries consisted of traumatic injuries in the year 2020. The source also stated that there were about 53,000 cases of injuries to the bone, cartilage, and tendons along with sprains, strains, and muscle tears, resulting from non-occupational reasons such as violence, abuse, and fights requiring implants and other assistance mechanisms. Therefore, such reasons coupled with a large patient pool having bone disorders and occupational injuries shall further drive the demand for orthopedic devices in the United States during the forecast period.

Orthopedic Devices Market Key Players:

Some of the key market players operating in the orthopedic devices market include Stryker Corporation, Zimmer Biomet, Johnson and Johnson, Enovis, Smith & Nephew PLC, Medtronic PLC, Boston Scientific Corporation, NuVasive Inc., Globus Medical Inc., ConMed Corporation, Bioventus, Orthofix, Colson Medical LLC, Exactech Inc., Medacta International, Surgalign Holdings, Paragon 28 Inc, Orthofix, Arthrex Inc., Seimens, Bosch Global, and others.

Recent Developmental Activities in the Orthopedic Devices Market:

In May 2022, Orthofix US LLC got approval from the FDA for its orthopedic device AccelStim Bone Growth Stimulator in Texas, USA, which can be used in cases of bone fractures.

In March 2022, Stryker launched the Insignia Hip stem, used for total hip stem arthroplasty and hemi-arthroplasty processes, at the American Academy of Orthopedic Surgeons Annual Meeting.

In June 2022, Medtronic received FDA clearance for UNiD rods, screws, and fusion devices that uses Artificial Intelligence Technology for treating spinal injuries.

Key Takeaways from the Orthopedic Devices Market Report Study

Market size analysis for current orthopedic device market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Orthopedic Devices market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global orthopedic devices market.

Various opportunities available for the other competitor in the orthopedic device market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current orthopedic device market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for orthopedic devices market growth in the coming future?

Target Audience who can be benefited from this Orthopedic Devices Market Report Study

Orthopedic Devices providers

Research organizations and consulting companies

Orthopedic device-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in drug-eluting stents

Various end-users want to know more about the orthopedic device market and the latest technological developments in the orthopedic device market.

Frequently Asked Questions for Orthopedic Devices Market:

1. What are Orthopedic Devices?

Orthopedic devices can be defined as any device, physical support, or implant assisting the human body, mostly in the skeletal system to restore damaged bones, joints, ligaments, and other neighboring structures to recover primary functional locomotive abilities.

2. What is the market for Global Orthopedic Devices?

The global orthopedic devices market was valued at USD 44.09 billion in 2023, growing at a CAGR of 4.78% during the forecast period from 2024 to 2030 to reach USD 57.79 billion by 2030.

3. What are the drivers for the Global Orthopedic Devices market?

The orthopedic device market is expected to grow significantly owing to factors such as the growing prevalence of bone diseases such as osteoarthritis, osteoporosis, etc. The global rise in the old age population also will lead to an increase in the number of assistance and support devices in the future. Increasing cases of occupational injuries and road accidents are further expected to result in appreciable revenue growth in the orthopedic device market during the forecast period (2024-2030).

4. Who are the key players operating in Global Orthopedic Devices Market?

Some of the key market players operating in the orthopedic devices market include Stryker Corporation, Zimmer Biomet, Johnson and Johnson, Enovis, Smith & Nephew PLC, Medtronic PLC, Boston Scientific Corporation, NuVasive Inc., Globus Medical Inc., ConMed Corporation, Bioventus, Orthofix, Colson Medical LLC, Exactech Inc., Medacta International, Surgalign Holdings, Paragon 28 Inc, Orthofix, Arthrex Inc., Integra Lifesciences, Bosch Global, and others.

5. Which region has the highest share in the Orthopedic Devices market?

North America is expected to dominate the overall Orthopedic device market during the forecast period, 2024 to 2030. This can be ascribed to the presence of a large old age population in the North American region. Increasing cases of bone disorders like osteoarthritis and osteoporosis and weak skeletal system also do play a major role in driving the orthopedic device market in the region. In addition, it is a highly potent market in terms of product development and launches, and the presence of key market players also driving the market growth.