The global orthopedic devices market size is forecasted to be worth USD 60 billion by 2028 and USD 46.74 billion in 2023, growing at a CAGR of 5.12% from 2023 to 2028.
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 foot positions. The innovations and modern diagnostic techniques have significantly reduced the need for complex orthopedic surgical procedures. Furthermore, as per the World Health Organization (WHO), in 2017, the prevalence of musculoskeletal conditions increased with age. Moreover, patterns and prevalence of orthopedic problems vary from region to region due to environmental, racial, and geographic differences.
MARKET DRIVERS:
The rapid increase in the global aging population and rising patient count suffering from orthopedic diseases are majorly propelling the orthopedic devices market growth.
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 would generate significant demand for various orthopedic devices and implants. With growing age, people suffer from various orthopedic diseases. Due to this, the demand for orthopedic procedures and devices such as joint replacements, spinal implants, and trauma fixation devices is growing significantly. On the other hand, the number of people suffering from various orthopedic diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis is growing considerably worldwide. As per the data published by the Centers for Disease Prevention and Control (CDC), an estimated 32.5 million adults suffer from osteoarthritis in the United States. According to an article published by National Centre for Biotechnology Information (NCBI) in 2016, an estimated 200 million people worldwide have osteoporosis. Let alone in the U.S.; an estimated 54 million people have osteoporosis. As per the information published by NCBI, an estimated 1.3 million adults in the United States suffer from rheumatoid arthritis. Likewise, the number of people suffering from orthopedic conditions is expected to promote the need for orthopedic devices and boost market growth.
The growing number of road accidents and sports injuries happening worldwide and increasing are further fuelling the growth rate of the orthopedic devices market.
Road accidents have been one of the significant causes of death among children and young adults worldwide, says WHO. An estimated 1.3 million people die yearly because of road accidents, and a considerable amount of the population. Per the data published by the MORTH India (Ministry of Road Transport & Highways), 412,432 accidents were recorded in 2021 in India and resulted in 153,972 deaths and 384,448 injuries. Road accidents damage several organs in the human body, including knee joints. The growing number of accidents is anticipated to demand more orthopedic devices and promote the market’s growth rate. On the other hand, the incidence of sports injuries is also increasing considerably with each year passing. An estimated 3.5 million injuries happen yearly among children due to their participation in sports and recreational activities in the United States.
The growing preference for minimally invasive surgical procedures stimulates global orthopedic devices market growth.
Owing to the advantages associated with minimally invasive surgeries, such as smaller incisions, reduced scarring, less blood loss, and faster recovery times, the adoption of these surgeries is growing significantly over traditional surgeries. As a result, the usage of orthopedic devices in minimally invasive surgeries has recently seen a spike as these devices are compatible with this type of surgery. In addition, with minimally invasive surgeries, patients can quickly discharge from the hospitals and have less possibility for post-operative complications. Due to this, the adoption of minimally invasive surgeries for orthopedic diseases is growing and resulting in the orthopedic devices market growth.
In addition, emerging economies offer lucrative opportunities to develop the orthopedic devices market shortly. In addition, 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. In addition, new osteology technologies will promote the production of cost-effective instruments. Advancements in technology in 3D printing, robot-assisted surgical procedures, and intelligent implants will reflect driving factors of high impact on global market size. Furthermore, 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. In addition, the availability of medical interventions with 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 device market growth shortly. Furthermore, growing awareness regarding the availability of innovative products pushes hospitals to continually upgrade their devices and services. Besides, reimbursement coverage of orthopedic treatments has fuelled the adoption of orthopedic surgeries. Hence this factor led to the implementation and monitoring of many hospitals.
MARKET RESTRAINTS:
The high cost of orthopedic devices is one of the major factors hampering the market growth. Due to these high costs, healthcare providers and patients are interested in cheaper alternative options in some countries. Furthermore, the stringent regulatory environment is another major obstacle to market growth. In addition, unfavorable reimbursement policies for orthopedic devices in some countries and a lack of skilled professionals that can perform minimally invasive surgeries in some countries are hindering the growth rate of the market. Furthermore, the presence of alternatives to treat orthopedic diseases impedes the market growth.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
Segments Analysed |
By Anatomical Location, Consumable Type, and Region |
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 of Investment Opportunities |
Regions Analysed |
North America, Europe, Asia Pacific, Latin America, the 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 the anatomical location, the knee and hips segments are the most lucrative segments and accounted for the largest share of the global orthopedic devices market in 2022. Therefore, these segments are also anticipated to hold the major share of the worldwide market during the forecast period. The growing prevalence of arthritis and other orthopedic diseases majorly drives the growth of the segments. In addition, factors such as the growing aging population and rapid adoption of technological developments are propelling segmental growth.
On the other hand, segments such as spine and craniomaxillofacial are anticipated to witness a promising CAGR during the forecast period. The growing demand for minimally invasive surgical procedures is one of the major factors driving the segment's growth rate.
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%. Increasing demand for these devices in orthopedic surgeries is one of the major factors driving the segment's growth rate. Owing to the advantages of resorbable and metallic suture anchors and the increasing usage of these consumables in orthopedic surgeries, the segment is expected to see promising growth during the forecast period.
Orthopedic Devices Market – By Region:
The North American orthopedic devices market had the largest worldwide market share in 2021 and is anticipated to continue the region’s dominance during the forecast period. The growing aging population suffering from various orthopedic diseases is a major factor in regional market growth. In addition, the rapid adoption of technological developments in orthopedic surgeries is further expected to boost the regional market’s growth rate. The U.S. market had the major share of the North American market, followed by Canada in 2021. Factors such as increasing healthcare spending and the presence of key market participants in the U.S. primarily drive the U.S. orthopedic devices market.
The European orthopedic devices market is another promising regional market globally and is anticipated to grow at a notable CAGR during the forecast period. The growing patient count suffering from orthopedic diseases and the presence of advanced healthcare facilities are driving regional market growth. Germany, France and the UK are estimated to hold the major share of the European market during the forecast period. In addition, the growing R&D activities by the key market participants in the European region are further contributing to the growth of the European market.
The APAC orthopedic devices market is predicted to register the fastest CAGR during the forecast period. Factors such as growing disposable income among the APAC countries and the availability of affordable healthcare are promoting the APAC orthopedic devices market growth. In addition, emerging economies in the APAC region are another major factor propelling regional market growth. During the forecast period, countries such as India, China and Japan are anticipated to hold the major share of the APAC market. China had the largest share of the APAC market in 2021 owing to its large population and increasing patient population.
The Latin American orthopedic devices market is forecasted to be worth USD 5.59 billion by 2027. The growing aging population, increasing number of people suffering osteoarthritis, and rising incidence of sports injuries are majorly contributing to the growth of the orthopedic devices market in Latin America. Companies such as Johnson & Johnson, Stryker, Zimmer Biomet, and Medtronic have a strong foothold in the Latin American market. They provide a wide range of orthopedic devices, including joint replacement products, spine surgery products, trauma and extremity products, and other products such as craniomaxillofacial and thoracic products. Brazil, followed by Mexico, accounted for the leading share of the Latin American market in 2021.
The orthopedic devices market in MEA is estimated to grow at a CAGR of 4.59% from 2022 to 2027.
KEY MARKET PLAYERS:
Notable companies leading the global orthopedic devices market profiled in the report are Medtronic, Stryker, Zimmer Inc., DePuy Synthes, Smith & Nephew, and Biome. In addition, 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.
RECENT MARKET DEVELOPMENTS:
FAQ's
As per our research report, the global orthopedic devices market size is forecasted to grow to USD 60 billion by 2028.
The global orthopedic devices market is estimated to grow at a CAGR of 5.12% from 2023 to 2028.
Yes, we have studied and included the COVID-19 impact on the global orthopedic devices market in this report.
Medtronic, Stryker, Zimmer Inc., DePuy Synthes, Smith & Nephew, and Biome are some of the noteworthy players in the global orthopedic devices market.
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