The size of the European orthopedic devices market is predicted to be USD 13.32 billion in 2024 and USD 17.18 billion by 2029, registering a CAGR of 5.22% from 2024 to 2029.
The growing aging population across Europe is one of the key factors driving the European orthopedic devices market. Older adults are highly prone to orthopedic disease as they need the replacement of joints, knees, and hips, which is enhancing the market value of orthopedic devices. The increasingly common cases of rheumatoid arthritis, osteoarthritis, osteoporotic fractures, and carpal tunnel syndrome demand orthopedic devices for clinical management, propelling the European market growth. The significant rise in orthopedic diseases across the region drives the market value for orthopedic devices. The increasing participation in sports activities is raising the chances of sports-related injuries, which is creating market adoption of orthopedic devices for injuries of bones and joints. The growing European sports industry is fuelling the demand for orthopedic devices. Major orthopedic conditions in Europe are osteoarthritis, osteoporosis, and musculoskeletal disorders. In the last ten years, over 20% of European citizens are 65 years or older. The average age of European citizens was 44 years in 2022, which will increase the chances of orthopedic conditions. Thus, due to higher life expectancy, the demand for orthopedic devices is expected to spike in the European region in the coming years. Wearable technology and novel implants are the new advances that will further expand the market in the region as these have sensors for implant performance, patient mobility, and weight distribution. It helps surgeons with real-time data to monitor surgical progress, rehabilitation and others.
The rising prevalence of musculoskeletal diseases across Europe is another significant factor propelling the growth of the orthopedic devices market in Europe. According to various studies, over 60 million people suffer from chronic back pain, whereas 23 million suffer from neck pain. The musculoskeletal condition consists of sprains, fractures, strains, and chronic conditions related to functioning limitations and disability. These cases positively impact the expansion of the European orthopedic devices market.
The well-established healthcare system in European countries is increasing the reimbursement policies for orthopedic procedures, influencing the patients to choose surgeries by increasing the demand for devices. The rising technological advancements for improving the functionality of devices are expected to create opportunities for market expansion.
Technological advances in prosthetics have a significant impact on the European orthopedic devices market. 3D printing is one of the newest developments in orthopedic technology. With the use of 3D-printed models, surgeons can now execute more complex operations and improve implant size, therefore leading to an increase in the market share of orthopedic devices. Also, robot-assisted surgery is becoming more popular as it helps surgeons to execute surgeries with more accuracy and precision. Like, the integration of laser technology with robotic-assisted knee replacement surgery will further evolve the market as it is a revolutionary development in orthopedics. In October 2023, LIFT technology by ZKR Orthopedics, inc., for pain relief, better functionality, and postponing or eliminating the need for knee replacement, was granted breakthrough device designation by the FDA.
There are risks and complications associated with surgical procedures such as hip and knee arthroplasty, commonly performed. Even though these procedures are practical, postoperative complications, such as surgical-site infections, vein thrombosis, and implant failures, hamper the market growth of orthopedic devices. Furthermore, the risk of complications after orthopedic surgery increases in sickle cell disease patients. For example, in September 2023, an investigation was initiated by the HSE after a child passed away and other people experienced serious consequences after spinal surgery. Ultimately affecting the demand for orthopedic devices in the region.
The high cost of orthopedic procedures is drawing back the people to undergo surgeries, impacting the European orthopedic devices market. In constrained healthcare budgets, expensive orthopedic procedures negatively impact the market expansion. The major challenges that have limited the growth of the European orthopedic devices market are maintaining strong cash flow, managing new technology, data management, etc. Due to the high cost of equipment and its supplies, rent expenses, staff salaries, and claim rejections, the management of cash flow becomes difficult. Thus affecting the buying capacity of orthopedic clinics. Also, continuous changes in technology by key players are restricting the sale of orthopedic devices in the region. The stringent regulations by the regulatory bodies, including safety and efficacy tasks, standard guidelines, and quality control assessment, are challenging for market expansion. To gain approvals and certifications from regulatory bodies is time-consuming, and companies need help with the process, which is expected to hinder market growth. The European Union Medical Device Regulation, the EU MDR, extended its application to cover software, apps, and cosmetic items and refined laws on quality management systems, clinical evaluation, traceability of medical devices, and labeling. These compliances are severely hindering the growth of the European orthopedic devices market.
Impact of COVID-19 on the European orthopedic devices market:
The COVID-19 pandemic hugely impacted the healthcare sector, and the orthopedic device market was also affected. The strict pandemic lockdown regulations by the government had impacted the industry by disrupting the distribution channels and production and manufacturing units due to low labor. The pandemic has made the healthcare system work only for emergency cases during COVID-19 by postponing non-emergency cases to reduce the spread of the virus. However, post-pandemic sales increased as a resume of orthopedic surgeries demanded orthopedic devices, which had shown market growth.
This research report on the European orthopedic devices market has been segmented and sub-segmented into the following categories.
Europe Orthopedic Devices Market - By Anatomical Location:
The foot and ankle segments dominated with the most significant share in the European orthopedic devices market revenue. The growing participation of people in sports activities had high chances of foot and ankle injuries. The increasing government initiatives and reimbursement policies for sports people are enhancing the market expansion in orthopedic devices. Reimbursement for foot reconstruction devices and usage of foot and ankle products in preventive care is a rising market for foot and ankle segments.
Knee and spinal segments are gaining traction recently and are projected to grow steadily over the forecast period. Knee and spinal problems are joint problems in older adults, increasing market value for these segments by influencing the European Orthopedic devices market.
Europe Orthopedic Devices Market - By Type of Consumable:
The orthopedic suture anchors segment dominated the market in 2023 due to its incorporation into the body. They are estimated to stay in the bone for a lifetime. The resorbable suture anchors gained traction and are projected to grow significantly over the forecast period as they secure the tissue to bone. Metallic sutures have a significant market share as they are traditional forms used in surgeries.
Europe Orthopedic Devices Market - By Country:
Regionally, the European market was the second-largest regional market globally in 2023 and accounted for a market share of 27% and is strongly driven by the rising demand for infusion pumps and drug-eluding stents.
The German orthopedic devices market is the largest market shareholder in the European market. The German orthopedic devices market is expected to lead the market with the largest share of the orthopedic devices market due to growing healthcare expenditure and increasing awareness programs regarding the products. The German healthcare sector is well developed, with advanced technologies driving the German market expansion.
The UK orthopedic devices market is estimated to grow at a healthy rate, followed by Germany. The growth of the UK market is attributed to the growing elderly population and the increasing occurrence rate of orthopedic diseases. Also, the growing demand for infusion pumps and drug-eluding systems promotes the growth of orthopedic devices. The presence of key players in the UK and increased investments in R&D activities to develop effective devices for surgery are driving the growth of the UK market growth.
Spain, France, and Italy are expected to influence the orthopedic devices market throughout the period.
KEY MARKET PLAYERS:
A few promising companies operating in the European orthopedic devices market profiled in the report are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
Spain has witnessed significant growth in orthopedic device adoption, attributed to increasing healthcare investments and a rising aging population.
Germany is a frontrunner in technological innovations, particularly in the development of smart orthopedic devices, enhancing patient outcomes and healthcare efficiency.
Europe benefits from a robust medical tourism sector, with patients seeking high-quality orthopedic procedures, contributing to market expansion.
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