The global orthopedic devices market size is forecasted to be worth USD 57.08 billion by 2027 and USD 44.47 billion in 2022, growing at a CAGR of 5.12% from 2022 to 2027.
Orthopedic devices include bandages, splints, prostheses, and special apparatus. Several types of orthopedic devices are distinguished. A fixing device is designed to either wholly or partially restrict movements in a joint; examples are hinged splints, which preserve a specific range of motion in a joint, and rigid braces. Relieving devices are used to relieve pressure on an ailing part by transferring support to functional components of an extremity; examples include the Thomas splint and the Voskoboinikova apparatus. These devices are used to correct a deformity gradually; these include corsets, splints, orthopedic footwear, insoles, and other devices to adjust abnormal positions of the foot. The innovations coupled with modern diagnostic techniques have also significantly reduced the need for complex surgical procedures in orthopedics. Furthermore, as per the World Health Organization (WHO), in 2017, the prevalence of musculoskeletal conditions increases with age. Moreover, patterns and prevalence of orthopedic problems vary from region to region due to differences in environmental, racial, and geographic factors.
COVID-19 IMPACT ON THE GLOBAL ORTHOPEDIC DEVICES MARKET:
COVID-19 pandemic crises are still going, and hence the reason for exports and imports of devices is limited. There are a lot of medical practitioners and staff got affected in this pandemic period. The Corona Virus (COVID-19) pandemic has affected the world quickly, affecting millions of people and leading thousands to death. Nearly all the sectors have been disrupted, including the healthcare sector. The pandemic has a profound impact on orthopedic and trauma surgery like an unrelated specialty. Governments across the world have imposed severe lockdown during the pandemic time. During the pandemic time, all the surgeries to be performed were postponed or canceled. In case of emergencies, the doctors and the surgeons are on the frontline acting like warriors. The manufacturers have stopped their production during the lockdown period. Once the lockdown has come to an end, the activities have resumed. There has been an increase in economic and financial status in the healthcare sector, positively influencing the orthopedic devices market.
MARKET DRIVERS:
The rapid increase in the aging population across the globe, rise in prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis are the factors that are driving the orthopedic devices market.
The growing geriatric population base is highly susceptible to the development of osteoporosis and osteoarthritis-related diseases. According to WHO, by 2050, the aging population worldwide is expected to hit 2 billion over 60 years. Increasing the elderly population base would generate significant demand for different Orthopedic implants and equipment. Also, increasing the incidence of road accidents and sports injuries and spurring demand for minimally invasive surgical procedures stimulates global market growth. Emerging economies offer lucrative opportunities for the growth of the orthopedic devices market shortly. The early onset of musculoskeletal conditions triggered by obesity and a sedentary lifestyle are expected to boost the orthopedic devices market growth.
Growing diabetes and obesity prevalence, lack of physical activity, low dietary intake, and rising smoking and alcohol consumption patterns would fuel market demand over the forecast years. New osteology technologies will promote the production of cost-effective instruments. Advancements in technology in 3D printing, robot-assisted surgical procedures, and smart implants will reflect driving factors of high impact on global industry revenue. The rising occurrence of road accidents and sports injuries and stimulating demand for minimally invasive surgical processes should stimulate the growth of the global orthopedic devices market. The availability for medical interventions of innovative materials and biodegradable implants will increase demand.
Currently, available trauma management techniques cannot successfully restore body parts due to the lack of efficient surgical tools. As a result, manufacturers invest significantly in Research and Development (R&D) to develop innovative and capable devices. Increased R&D activities are anticipated to ensure high orthopedic devices market growth shortly.
Growing awareness regarding the availability of innovative products is pushing hospitals to upgrade their devices and services continually. Besides, reimbursement coverage of orthopedic treatments has fueled the adoption of orthopedic surgeries. Hence this factor led to the implementation and monitoring of many hospitals.
MARKET RESTRAINTS:
The rising cost burden from costly surgery, high implant costs, and skilled professional dearth may impede orthopedic devices market growth. Lack of standardized payment environment in developed countries and low per capita spending on health care in developing countries could hamper the acceptance of advanced devices in the years to come.
Along with market growth, market restraints are holding back the growth of the market. FDA has made strict supervision for orthopedic devices to pass through quality control and check. The high cost of orthopedic devices is also slowly restraining the demand for the orthopedic devices market. A cost-effective solution is yet to be provided by manufacturers. However, there are few Post-surgery complications.
Impact of COVID-19 on orthopedic devices market:
The SARS-COV-2 had negatively impacted the market growth of the orthopedic devices market during the pandemic period. The market structure has been completely changed due to changes in the needs of the hospitals.
An increasing number of cases had led to the nationwide lockdown and the ban on transportation to disrupt the virus transmission.
COVID-19 is an infectious disease that was first identified in Wuhan, China. Pandemic emerged as a regional pandemic and transformed into a global pandemic. During the first quarter of 2020, COVID-19 positive cases had increased enormously, and there is significant uncertainty about the economy as the world struggles with the ongoing pandemic. The majority of the advanced healthcare facilities were busy taking care of COVID-19 patients, which had resulted in the shortage of workers for the other illness treatments. Moreover, stringent government COVID-19 guidelines limited the device manufacture and led to the growth decline. The supply chain of the Orthopedic devices had been disrupted, and partial orthopedic activities were made. Reports of Stryker show a decrease in 2020, about 15% alone in the United States and by 20% internationally. However, the market is anticipated to increase its growth during the years to come.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 to 2027 |
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Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Analysed |
By Anatomical Location, Consumable Type, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Analysed |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This research report on the global orthopedic devices market has been segmented and sub-segmented into anatomical location, consumable type, and region.
Orthopedic Devices Market – By Anatomical location:
Based on anatomical location, the knee segment is the largest segment by Anatomical location. In contrast, in the geriatric populace, an increase in the frequency of hip fractures and mounting demand for hip replacement Hip segment is projected to be the fastest-growing segment. This is due to various factors, such as rise surgeries.
Orthopedic Devices Market – By Type of Consumables:
Based on the consumable type, the Orthopedic suture anchors segment dominates the market under this segment with a global share of around 75%.
Orthopedic Devices Market – By Region:
Regionally, North America accounted for the largest share in the global Orthopedic Devices market in 2019, with the United States spending nearly 20% of its GDP on health. The U.S. orthopedic devices market will reach USD 28.4 billion by 2025. Increasing the adoption of advanced orthopedic solutions and improved healthcare infrastructure will stimulate business growth. Rising R&D support to develop innovative products should also augment industry expansion. High demand for superior healthcare services due to well-developed healthcare infrastructure, industry giants, and reimbursement coverage are some of the factors driving regional growth. Steadily rising target patient population due to aging, coupled with increasing car accidents, are fueling the number of orthopedic surgeries in the region. The high prevalence of orthopedic conditions coupled with the adoption of advanced treatment procedures is anticipated to fuel market growth in the U.S.
Europe is the second-largest market and is boosted by the rising demand for infusion pumps and drug-eluding stents. Germany's market size will show a rapid growth of 2.5% CAGR throughout the forecast period. The presence of sophisticated healthcare infrastructure, the adoption of advanced healthcare technologies, and accelerated research in the field of orthobiologics and arthroscopic devices should fuel industry growth.
However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to the growing geriatric populace and the rising frequency of obesity and bone-related ailments. China and India are expected to account for the largest geriatric population pool in the world. Hence, the demand from these countries is expected to grow tremendously shortly. Besides, the booming medical tourism industry owing to the availability of advanced healthcare treatments at cost-efficient rates, is expected to attract the target patient population. Japan has many implant manufacturers, coupled with high healthcare expenditure compared to other regional countries. Moreover, the high adaption of new technology is expected to further fuel regional market growth.
The market is categorized by diversified international and national companies, where the global players lead the market and are predicted to grow exponentially by securing regional or local companies.
KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:
Notable companies leading the global orthopedic devices market profiled in the report are Medtronic, Stryker, Zimmer Inc., DePuy Synthes, Smith & Nephew, and Biome.
In Nov 2019, Stryker (NYSE: SYK) announced a final agreement to purchase all of Wright Medical Group's issued and outstanding ordinary shares. Wright Medical provides Stryker's trauma and extremities business with a highly complementary product portfolio and customer base.
Medtronic plc announced the Grafton (TM) Demineralized Bone Matrix (DBM) bone grafting drug for Japan's spine and orthopedic techniques at the beginning of 2019. Grafton DBM is Japan's first and, so far, only demineralized bone matrix drug, the world's second-largest spinal medical device market.
In the first quarter of 2017, Integra Life Sciences confirmed the commercial expansion of the total ankle cadence system, a new ankle prosthesis developed in partnership with four world-leading ankle and foot surgeons. At the end of 2017, Rotation Medical Inc. was acquired by Smith & Nephew.
In early 2016, the acquisition of Blue Belt Holdings Ltd was announced by Smith and Nephew. It offers partial knee replacement robotic assistance. This acquisition aims to accelerate growth in this surgery area and expand the NAVIO platform into total knee implants, bi-cruciate knee retention, and revision knee implants.
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Anatomical location
5.1.1 Introduction
5.1.2 Knee
5.1.3 Shoulder
5.1.4 Foot and Ankle
5.1.5 Hip
5.1.6 Spine
5.1.7 Elbow
5.1.8 Craniomaxillofacial
5.1.9 Others
5.1.10 Y-o-Y Growth Analysis, By Anatomical location
5.1.11 Market Attractiveness Analysis, By Anatomical location
5.1.12 Market Share Analysis, By Anatomical location
5.2 Type of Consumables
5.2.1 Orthopedic staples
5.2.2 Orthopedic suture anchors
5.2.3 Y-o-Y Growth Analysis, By Type of Consumables
5.2.4 Market Attractiveness Analysis, By Type of Consumables
5.2.5 Market Share Analysis, By Type of Consumables
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.4 Market Attractiveness Analysis
6.1.5 Market Share Analysis
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Medtronic
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Stryker
8.3 Zimmer Inc.
8.4 DePuy
8.5 Synthes
8.6 Smith & Nephew
8.7 Biomet
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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