Market Perspective

The global Orthopedic Devices Market was valued at USD 38.83 billion in 2022 and is projected to reach USD 53.33 billion by 2030, growing at a CAGR of 3.58% from 2023 to 2030.

The orthopedic devices market is primarily driven by factors such as the surging number of patients with orthopedic diseases, the rising number of geriatric patients, and increasing sports-related injuries requiring orthopedic operations. In addition, the early onset of musculoskeletal disorders, mainly due to sedentary lifestyles and obesity, is expected to boost orthopedic devices market growth. Continual partnerships and collaborations between industry participants and research institutions, along with the development of cutting-edge orthopedic implants and government initiatives, strengthen the infrastructure for health care in numerous emerging economies. However, the high cost associated with orthopedic devices is restraining market growth. Moreover, the risks and problems associated with orthopedic surgical procedures, such as post-surgery infections and nerve paralysis, may hinder market expansion. 

Analyst’s Review on the Orthopedic Devices Market

The growing awareness about the availability of innovative products forces hospitals to constantly update their equipment and services. In addition, reimbursement for orthopedic care encouraged the adoption of orthopedic surgery. These factors allow customers to choose advanced and more expensive treatment options, which increases market revenue. Several innovative surgical techniques and advancements, particularly in minimally invasive conservation methods, tissue-directed procedures, and cement-less joint replacement, augment orthopedic devices market growth.

Market Definition

Orthopedic devices are specially designed to support, stabilize, repair, or replace bones, joints, and related structures in the musculoskeletal system. Orthopedic devices include a wide range of products such as implants, instruments, external fixation devices, braces, and orthotics. These devices are used in a variety of orthopedic procedures, including joint surgery, spine surgery, trauma fixation, arthroscopy, and sports medicine. They are used to repair abnormalities, preserve and restore skeletal system function, and improve patients' mobility and quality of life. An aging population, the rising frequency of musculoskeletal problems, technological improvements, and the demand for minimally invasive procedures are driving the growth of orthopedic device market. 

Market Dynamics

The continuous development of orthopedic technology with innovations in materials, implant design, imaging techniques, surgical instruments, and robotics has resulted in better surgical outcomes, shorter recovery times, and improved patient satisfaction. The demand for orthopedic equipment involving joint replacements and spinal implants expands as a result of the growing incidence of orthopedic conditions among the aging population, including osteoarthritis, osteoporosis, and fractures. The availability of minimally invasive techniques offers advantages such as smaller incisions, less tissue damage, faster recovery time, and lower complication rates. As a result, there is a growing demand for orthopedic devices specifically designed for minimally invasive approaches. The overall increase in the number of orthopedic surgeries reflects the increased global burden of musculoskeletal illnesses. Conditions such as osteoarthritis, spinal abnormalities, and trauma-related injuries necessitate surgical intervention, resulting in a surge in the number of orthopedic treatments.

The development and regulation of orthopedic devices presents challenges in terms of safety, efficacy, and durability. Regulatory authorities must ensure that these devices are tested thoroughly and meet certain standards before being released in the market. Keeping pace with technological developments and addressing issues such as long-term safety and post-marketing surveillance is a constant challenge for regulatory agencies. Issues such as infection, implant failure, corrosion, limited lifespan, and regulatory barriers need to be addressed to further improve patient outcomes and safety.

Segmentation Analysis

The global orthopedic devices market is segmented based on product, end-user, and geography.

Based on product, the orthopedic devices market is segmented into joint reconstruction devices, spinal devices, trauma fixation devices, ortho biologics, arthroscopic devices, and others. Spinal devices are dominating the segment owing to the continuous development of advanced spinal devices. The rising number of spine disorders, increasing obesity among the population, expanding geriatric population pool, and deployment of advanced and cost-effective equipment expand segmental growth.

Based on end-user, the orthopedic devices market is classified into orthopedic clinics, hospitals, and ambulatory surgery centers. The hospital segment is the dominant segment in the market, which is propelled by the easy availability of improved health infrastructure and the growing demand for quality health services. Furthermore, since hospitals have an enormous number of skilled surgeons and medical personnel, they are able to provide intense care both during and after operations.

Geographical Analysis

Based on regional analysis, the global orthopedic devices market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is the dominant region, which is supported by the availability of advanced healthcare infrastructure and a large number of market players. The ever-growing target patient population due to the growing elderly population and increasing traffic accidents is further impelling the number of orthopedic surgeries performed in the region. The high incidence of orthopedic diseases and adoption of advanced treatments are expected to drive market growth in the US. The rising number of research & development activities in materials, design, and surgical techniques aims to solve these problems and improve the efficiency and longevity of orthopedic devices.

For instance, over 2.8 million hip and knee arthroplasty procedures were performed in more than 1250 hospitals, ambulatory surgical centers (ASCs), and private practice groups in the US in November 2021, according to statistics from the American Joint Replacement Registry (AJRR). The increasing number of orthopedic procedures and ongoing technological advancements in orthopedic devices are gaining enormous traction in the region.

Competitive Landscape

The global orthopedic devices market study will provide valuable insights, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their respective market shares across different regions. The major players in the orthopedic devices market are:

• Braun Melsungen AG
• Boston Scientific Corporation
• Johnson & Johnson Services, Inc.
• Medtronic
• Smith and Nephew
• Solvay
• Stryker Corporation
• Zimmer-Biomet Holdings, Inc.
• NuVasive, Inc.
• CONMED Corporation

Key Developments

• July 2023 (Launch): Stryker launched its Ortho Q Guidance system, designed specifically for orthopedic surgery services. Ortho Q is designed to improve procedural speed and efficiency by planning and guiding orthopedic surgeons in the operating room.

The global Orthopedic Devices Market is segmented as:

By Product

• Joint Reconstruction Devices
• Spinal Devices
• Trauma Fixation Devices
• Ortho Biologics
• Arthroscopic Devices
• Others

By End-User

• Orthopedic Clinics
• Hospitals
• Ambulatory Surgery Centers

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America