Orthopedic Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Orthopedic Devices Market
The Orthopedic Devices Market size reached at a value of USD 59.36 billion in 2023, and the market is now projected to grow from USD 62.22 billion in 2024 to USD 94.06 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period of 2024-2032.
Due to the covid pandemic many companies shut down their prediction units and projects due to hindered travel acquisitions which ultimately created a decline in the orthopedic market growth. Lack of staff and decline in orthopedic surgeries led the market growth reduction as the covid virus patients were prioritized over the surgeries. Therefore, operational procedures, orthopedic surgeries were put on hold due to covid pandemic which led a decline in market growth.
The prevalence of musculoskeletal illness and traumatic injuries are increasing with time which is creating dominance for the orthopedic market growth. The prevalence of osteoporosis is rising with time in which bones becomes brittle and bone-to mass-density ratio becomes less which drives the equipment orthopedic market growth rapidly. The incidence for traumatic injuries and orthopedic disorders causes pain and reduced mobility due to which the orthopedic market is witnessing expansion in the upcoming future. Rising number of elderly population is at more risk of orthopedic injuries which is fueling orthopedic market growth significantly. One of the major causes of orthopedic injuries is sedentary and inactive life styles which rising the number of fractures ultimately driving the sector.
Additionally, due to improved technological advancements, including computer-assisted surgical equipment’s, are one of the latest trends driving orthopedic market growth. Rising implementation of 3D printing ad robotics in orthopedic surgeries are leading market expansion.
policies, robust healthcare facilities in developed countries and due to the growing awareness of expenditure on healthcare services there can be seen a rise in diagnosis and treatment within the patients resulting in high demand for operative surgeries post pandemic period.
Comprehensive Analysis of Orthopedic Devices Market
The orthopedic market is rising with an exponential rate due to its versatile market segmentation. This market expansion effectively provides a detailed geographical assessment based on the key supply and demand forces that impact the orthopedic devices benefit management industry. These segmentations are methodically divided by types and by end users. On the basis of type the orthopedic devices market is segmented into Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologics Devices, Arthroscopy Devices, and Others, and the End-user segmentation includes Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others.
In the orthopedic market, North America region lead the orthopedic devices with a market size of USD 32.85 billion in 2023 due to robust healthcare infrastructure and adoption of advanced medical technologies and rising cases in patients of chronic conditions.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Smith & Nephew (U.S.), Johnson & Johnson Services, Inc. (U.S), Globus Medical (U.S.), Zimmer Biomet (U.S.), Medtronic (Ireland), NuVasive, Inc. (U.S.), Stryker (U.S.), Arthrex Inc. (U.S.), Össur Corporate (Iceland) and Integra LifeSciences (U.S.) these market players provide a level-playing competitive landscape.
In February 2023, one of the fastest orthopaedic device firms named as Ossio Inc. has launched the new Ossiofiber compression staple which offer organizations to offer solutions for numerous hindfoot and midfoot treatments.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.3% from 2024-2032
Unit Value (USD Billion)
Segmentation By Type
- Joint Reconstruction Devices
- Knee
- Hip
- Extremities
- Spinal Devices
- Spinal Fusion Devices
- Spinal Non- Fusion Devices
- Trauma Devices
- Arthroscopy Devices
- Orthobiologic Devices
- Others
By End-user
- Hospitals & ASCs
- Orthopedic Clinic
- Others
By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- 1. Introduction
- 1.1. Market Scope
- 1.2. Market Segmentation
- 1.3. Market Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Prevalence of Orthopedic Diseases by Key Countries/Region, 2022/2023
- 4.2. New Product Launch, By Key Players
- 4.3. Regulatory and Reimbursement Scenario by Key Countries/Region
- 4.4. Key Industry Developments - Mergers, Acquisitions, and Partnerships
- 4.5. Impact of COVID-19 on the Market
- 5. Global Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Market Analysis, Insights and Forecast – By Type
- 5.1.1. Joint Reconstruction Devices
- 5.1.1.1. Knee
- 5.1.1.2. Hip
- 5.1.1.3. Extremities
- 5.1.2. Spinal Devices
- 5.1.2.1. Spinal Fusion Devices
- 5.1.2.2. Spinal Non- Fusion Devices
- 5.1.3. Trauma Devices
- 5.1.4. Arthroscopy Devices
- 5.1.5. Orthobiologic Devices
- 5.1.6. Others
- 5.2. Market Analysis, Insights and Forecast – By End-user
- 5.2.1. Hospitals & ASCs
- 5.2.2. Orthopedic Clinic
- 5.2.3. Others
- 5.3. Market Analysis, Insights and Forecast – By Geography
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast – By Type
- 6.1.1. Joint Reconstruction Devices
- 6.1.1.1. Knee
- 6.1.1.2. Hip
- 6.1.1.3. Extremities
- 6.1.2. Spinal Devices
- 6.1.2.1. Spinal Fusion Devices
- 6.1.2.2. Spinal Non- Fusion Devices
- 6.1.3. Trauma Devices
- 6.1.4. Arthroscopy Devices
- 6.1.5. Orthobiologic Devices
- 6.1.6. Others
- 6.2. Market Analysis, Insights and Forecast – By End-user
- 6.2.1. Hospitals & ASCs
- 6.2.2. Orthopedic Clinic
- 6.2.3. Others
- 6.3. Market Analysis, Insights and Forecast – By Country
- 6.3.1. U.S
- 6.3.2. Canada
- 7. Europe Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast – By Type
- 7.1.1. Joint Reconstruction Devices
- 7.1.1.1. Knee
- 7.1.1.2. Hip
- 7.1.1.3. Extremities
- 7.1.2. Spinal Devices
- 7.1.2.1. Spinal Fusion Devices
- 7.1.2.2. Spinal Non- Fusion Devices
- 7.1.3. Trauma Devices
- 7.1.4. Arthroscopy Devices
- 7.1.5. Orthobiologic Devices
- 7.1.6. Others
- 7.2. Market Analysis, Insights and Forecast – By End-user
- 7.2.1. Hospitals & ASCs
- 7.2.2. Orthopedic Clinic
- 7.2.3. Others
- 7.3. Market Analysis, Insights and Forecast – By Country/Sub-region
- 7.3.1. U.K.
- 7.3.2. Germany
- 7.3.3. France
- 7.3.4. Spain
- 7.3.5. Italy
- 7.3.6. Scandinavia
- 7.3.7. Rest of Europe
- 8. Asia Pacific Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast – By Type
- 8.1.1. Joint Reconstruction Devices
- 8.1.1.1. Knee
- 8.1.1.2. Hip
- 8.1.1.3. Extremities
- 8.1.2. Spinal Devices
- 8.1.2.1. Spinal Fusion Devices
- 8.1.2.2. Spinal Non- Fusion Devices
- 8.1.3. Trauma Devices
- 8.1.4. Arthroscopy Devices
- 8.1.5. Orthobiologic Devices
- 8.1.6. Others
- 8.2. Market Analysis, Insights and Forecast – By End-user
- 8.2.1. Hospitals & ASCs
- 8.2.2. Orthopedic Clinic
- 8.2.3. Others
- 8.3. Market Analysis, Insights and Forecast – By Country/Sub-region
- 8.3.1. Japan
- 8.3.2. China
- 8.3.3. India
- 8.3.4. Australia
- 8.3.5. Southeast Asia
- 8.3.6. Rest of Asia Pacific
- 9. Latin America Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis, Insights and Forecast – By Type
- 9.1.1. Joint Reconstruction Devices
- 9.1.1.1. Knee
- 9.1.1.2. Hip
- 9.1.1.3. Extremities
- 9.1.2. Spinal Devices
- 9.1.2.1. Spinal Fusion Devices
- 9.1.2.2. Spinal Non- Fusion Devices
- 9.1.3. Trauma Devices
- 9.1.4. Arthroscopy Devices
- 9.1.5. Orthobiologic Devices
- 9.1.6. Others
- 9.2. Market Analysis, Insights and Forecast – By End-user
- 9.2.1. Hospitals & ASCs
- 9.2.2. Orthopedic Clinic
- 9.2.3. Others
- 9.3. Market Analysis, Insights and Forecast – By Country/Sub-region
- 9.3.1. Brazil
- 9.3.2. Mexico
- 9.3.3. Rest of Latin America
- 10. Middle East & Africa Orthopedic Devices Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Market Analysis, Insights and Forecast – By Type
- 10.1.1. Joint Reconstruction Devices
- 10.1.1.1. Knee
- 10.1.1.2. Hip
- 10.1.1.3. Extremities
- 10.1.2. Spinal Devices
- 10.1.2.1. Spinal Fusion Devices
- 10.1.2.2. Spinal Non- Fusion Devices
- 10.1.3. Trauma Devices
- 10.1.4. Arthroscopy Devices
- 10.1.5. Orthobiologic Devices
- 10.1.6. Others
- 10.2. Market Analysis, Insights and Forecast – By End-user
- 10.2.1. Hospitals & ASCs
- 10.2.2. Orthopedic Clinic
- 10.2.3. Others
- 10.3. Market Analysis, Insights and Forecast – By Country/Sub-region
- 10.3.1. GCC
- 10.3.2. South Africa
- 10.3.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis (2023)
- 11.2. Company Profiles
- 11.2.1. Stryker
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Strategies
- 11.2.1.6. Financials (Based on Availability)
- 11.2.2. Johnson & Johnson Services, Inc.
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Strategies
- 11.2.2.6. Financials (Based on Availability)
- 11.2.3. Zimmer Biomet
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Strategies
- 11.2.3.6. Financials (Based on Availability)
- 11.2.4. Smith & Nephew
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Strategies
- 11.2.4.6. Financials (Based on Availability)
- 11.2.5. Medtronic
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Strategies
- 11.2.5.6. Financials (Based on Availability)
- 11.2.6. NuVasive, Inc.
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Strategies
- 11.2.6.6. Financials (Based on Availability)
- 11.2.7. Arthrex Inc.
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Strategies
- 11.2.7.6. Financials (Based on Availability)
- 11.2.8. Globus Medical
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Strategies
- 11.2.8.6. Financials (Based on Availability)
- 11.2.9. Ossur Corporate
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Strategies
- 11.2.9.6. Financials (Based on Availability)
- 11.2.10. Integra LifeSciences
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Strategies
- 11.2.10.6. Financials (Based on Availability)
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook