The Orthopedic Devices Market size was USD 34.1 Billion in 2022 and is expected to reach USD 50.38 Billion by 2030 and grow at a CAGR of 5% over the forecast period of 2023-2030.
The orthopedic devices market refers to the global industry involved in the production and sale of medical devices used in the treatment and management of musculoskeletal conditions and injuries. These devices are designed to aid in the diagnosis, prevention, correction, and rehabilitation of various orthopedic disorders. Orthopedic devices encompass a wide range of products, including implants, prosthetics, braces, orthopedic instruments, surgical tools, and various other assistive devices. These devices are used in procedures such as joint replacement surgeries (e.g., hip, knee), spinal surgeries, trauma fixation, sports medicine, and orthopedic rehabilitation. The market for orthopedic devices has witnessed significant growth over the years due to several factors. These include the rising prevalence of musculoskeletal disorders, an ageing population, increasing sports-related injuries, technological advancements in device design and materials, and a growing emphasis on minimally invasive surgical techniques. Key players in the orthopedic devices market include large multinational corporations as well as smaller specialized companies. Some prominent companies in this industry include Medtronic plc, Stryker Corporation, Johnson & Johnson, Zimmer Biomet Holdings, Inc., and Smith & Nephew plc. The elderly have weaker bones and are thus more susceptible to accidents and other bone abnormalities.
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According to the United Nations Projections 2022 study, there will be 773 million people worldwide who are 60-65 or older in 2022, and that figure is expected to increase to 996 million by 2030 and 1.8 billion by 2050. In a similar vein, A 2021 article in the journal JARS said that ageing weakens the bone-tendon junction and reduces the ultimate tensile strength, increasing the risk of joint injury. Thus, as people live longer and suffer from more joint injuries, there are more orthopaedic procedures performed, which is fuelling the expansion of the market under study. The market is influenced by factors such as regulatory policies, reimbursement systems, advancements in surgical techniques, and the overall healthcare infrastructure in different regions. The orthopedic devices market is highly competitive, and companies strive to innovate and develop new products to meet the evolving needs of healthcare professionals and patients. Therefore, the studied market is anticipated to see considerable expansion throughout the forecast period as a result of the rising demand for major joint reconstruction procedures, the rising number of orthopaedic diseases, trauma, and accident cases, and the development of bioabsorbable and titanium implants. The market may, however, be hampered by strict regulatory conditions, subpar payment conditions, and a shortage of qualified surgeons.
DRIVERS:
As the world's population ages, age-related orthopaedic disorders including osteoarthritis and osteoporosis are more common.
The primary driver of this market is the increased prevalence of musculoskeletal disorders.
Worldwide, musculoskeletal illnesses, such as fractures, spinal abnormalities, and degenerative joint diseases, are growing more prevalent. Sports-related injuries, obesity, and sedentary lifestyles all contribute to the rising prevalence of these disorders and the consequent rise in demand for orthopaedic equipment.
RESTRAIN:
Orthopaedic equipment, particularly implants and surgical instruments can be pricey. These devices are expensive, which presents a problem, especially in areas with constrained healthcare budgets or where patients do not have sufficient insurance coverage.
Safety concerns and product recalls are significant market inhibitors.
Orthopaedic device effectiveness and safety are of utmost significance. Recalls of products or safety issues can have a big influence on market expansion. Manufacturers suffer financial losses as a result of recalls, but consumers also lose faith in the afflicted items and the market as a whole.
OPPORTUNITY:
The constant development of new and better orthopaedic devices is made possible by technological advances.
The largest opportunity in this industry is the growing awareness of and demand for less invasive procedures.
Patients and medical professionals are becoming more and more aware of the advantages of minimally invasive orthopaedic treatments. Smaller incisions, less discomfort, quicker recuperation times, and fewer postoperative problems are all benefits of minimally invasive procedures. This trend offers a chance for the creation and uptake of specialised orthopaedic tools made for minimally invasive procedures.
CHALLENGES:
The orthopaedic devices industry is quite cutthroat, with a large number of international and local competitors. Cost pressures and narrower profit margins are frequently the results of manufacturing competition.
In this sector, developing surgical skills and training is extremely difficult.
The ability and knowledge of orthopaedic surgeons are essential for the effective use of orthopaedic equipment. Specialised training could be necessary due to the intricacy of some operations and the introduction of new technology. It might be difficult to ensure there are enough qualified surgeons, to provide continuing training, and to foster knowledge transfer, especially in impoverished areas.
The war between Russia and Ukraine has greatly hurt the economic sector, and losses are also being felt in the healthcare sector as a result of this conflict. The ruble has fallen sharply by 28–30% as a result of the war, raw materials from Russia are now costly, and supply chain management has changed significantly. undoubtedly lead to less purchasing of medical equipment. The Russian market for orthopaedic devices will be valued at $865 million in 2023–2024, or 2.1% of the estimated global market size for that sector, according to GlobalData's estimations.
The market leader for orthopaedic devices is Zimmer Biomet Holdings, Inc., with an estimated 18% market share. Although it is yet too early to definitively identify upper and lower restrictions, the trend suggests that device revenue for the Russian market will decline dramatically. Orthopaedic device market services are raising their rates across all databases.
IMPACT OF ONGOING RECESSION
According to the senior executives of two medical device manufacturers, the market for orthopaedic implants like hips and knees will be under pressure until the economy and customer confidence in it both recover. As patients who lost their employment and health insurance have fewer treatments, sales of replacement hips and knees, previously a high-growth industry, have been one of the hardest impacted segments of the medical device sector during the economic crisis. Speculation As hospitals increase their expectations for price reductions from suppliers like device makers, who are also under pressure from decreasing patient numbers, the lethargic orthopaedic industry is poised for consolidation.
Patients are postponing treatments until the employment picture is more definite as a result of this lack of confidence. The U.S. orthopaedic devices market is still expanding, expanding at a pace of 3-4%, despite the persistent economic difficulties. It is a good sign of this market industry.
By Type
Spinal Devices
Joint Reconstruction Devices
Orth biologic Devices
Arthroscopy Devices
Trauma Devices
Others
By End User
Orthopedic Clinics
Ambulatory Surgical Centers
Hospitals
Others
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North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSIS
North America: It is anticipated that the North American area would expand quickly. The number of orthopaedic surgeries carried out in the North American area is also influenced by the ageing population and a rise in on- and off-road accidents. For instance, the Ontario Provincial Police says that in 2022, both on and off-road, over 390-400 persons perished in car and boat accidents in Ontario, Canada. In 2022, boating and maritime incidents resulted in 30 fatalities.
Asia Pacific: The orthopaedic devices market is expected to develop at the quickest rate in the coming years in Asia Pacific. China and India are predicted to have the largest proportion of the world's senior population. Thus, it is projected that in the near future, demand from these countries would increase significantly. Additionally, it is projected that the target patient group would be fascinated by the booming medical tourism industry brought on by the availability of cutting-edge healthcare treatments at affordable prices. Japan spends far more on healthcare than other nations in this region and has a large number of implant firms. Furthermore, it is projected that this region's market would continue to rise as a result of the significant adoption of innovative technologies.
Some major key players in Orthopedic Devices Market are DePuySynthes, Medacta, Medtronic, Smith & Nephew, Stryker, MicroPort Scientific Corporation, Zimmer Biomet, ConforMIS, DJO Global, NuVasive and other players.
In 2022: The Inlet System, which offers extensive plating and fastening options for use on the upper and lower extremities, was introduced by Integration Technologies. Solutions for hand plating, distal radius, cannulated screws with diameters ranging from 2.6 to 6.2 millimetres and lengths varying, clavicle, ulnar, calcaneal, foot, and distal tibia and fibula plates are all included in the Inlet System.
USFDA: The revolutionary shoulder platform from LimaCorporate, which focuses on the glenoid baseplate and incorporates a fully 3D-printed humeral stem, was given USFDA approval in 2022. Utilising the unique Trabecular Titanium (TT) technology, this innovative implant method aims to ensure a reliable primary fixation and a confirmed secondary bone ingrowth.
| Report Attributes | Details |
| Market Size in 2022 | US$ 34.1 Bn |
| Market Size by 2030 | US$ 50.38 Bn |
| CAGR | CAGR of 5 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Spinal Devices, Joint Reconstruction Devices, Orth biologic Devices, Arthroscopy Devices, Trauma Devices, Others) • By End User (Orthopedic Clinics, Ambulatory Surgical Centers, Hospitals, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | DePuySynthes, Medacta, Medtronic, Smith & Nephew, Stryker, MicroPort Scientific Corporation, Zimmer Biomet, ConforMIS, DJO Global, NuVasive |
| Key Drivers | • As the world's population ages, age-related orthopedic disorders including osteoarthritis and osteoporosis are more common. • The primary driver of this market is the increased prevalence of musculoskeletal disorders. |
| Market Restraints | • Orthopedic equipment, particularly implants and surgical instruments can be pricey. These devices are expensive, which presents a problem, especially in areas with constrained healthcare budgets or where patients do not have sufficient insurance coverage. • Safety concerns and product recalls are significant market inhibitors. |
Ans. The Compound Annual Growth rate for Orthopedic Devices Market over the forecast period is 5%.
Ans. USD 50.38 Billion is the projected Orthopedic Devices market size of the market by 2030.
Ans. Asia Pacific is the fastest-growing region of the Orthopedic Devices Market.
Ans. The market's largest section is joint reconstruction devices.
Ans. The market for orthopaedic devices is expanding as a result of a number of factors, including an increase in the population of elderly patients, an increase in sports-related injuries, improvements in orthopaedic surgery, and the adoption of minimally invasive procedures.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Orthopedic Devices Market Segmentation, By Type
8.1 Spinal Devices
8.2 Joint Reconstruction Devices
8.3 Orth biologic Devices
8.4 Arthroscopy Devices
8.5 Trauma Devices
8.6 Others
9. Orthopedic Devices Market Segmentation, By End User
9.1 Orthopedic Clinics
9.2 Ambulatory Surgical Centers
9.3 Hospitals
9.4 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Orthopedic Devices Market by Country
10.2.2 North America Orthopedic Devices Market by Type
10.2.3 North America Orthopedic Devices Market by End User
10.2.4 USA
10.2.4.1 USA Orthopedic Devices Market by Type
10.2.4.2 USA Orthopedic Devices Market by End User
10.2.5 Canada
10.2.5.1 Canada Orthopedic Devices Market by Type
10.2.5.2 Canada Orthopedic Devices Market by End User
10.2.6 Mexico
10.2.6.1 Mexico Orthopedic Devices Market by Type
10.2.6.2 Mexico Orthopedic Devices Market by End User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Orthopedic Devices Market by Country
10.3.1.2 Eastern Europe Orthopedic Devices Market by Type
10.3.1.3 Eastern Europe Orthopedic Devices Market by End User
10.3.1.4 Poland
10.3.1.4.1 Poland Orthopedic Devices Market by Type
10.3.1.4.2 Poland Orthopedic Devices Market by End User
10.3.1.5 Romania
10.3.1.5.1 Romania Orthopedic Devices Market by Type
10.3.1.5.2 Romania Orthopedic Devices Market by End User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Orthopedic Devices Market by Type
10.3.1.6.2 Hungary Orthopedic Devices Market by End User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Orthopedic Devices Market by Type
10.3.1.7.2 Turkey Orthopedic Devices Market by End User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Orthopedic Devices Market by Type
10.3.1.8.2 Rest of Eastern Europe Orthopedic Devices Market by End User
10.3.2 Western Europe
10.3.2.1 Western Europe Orthopedic Devices Market by Country
10.3.2.2 Western Europe Orthopedic Devices Market by Type
10.3.2.3 Western Europe Orthopedic Devices Market by End User
10.3.2.4 Germany
10.3.2.4.1 Germany Orthopedic Devices Market by Type
10.3.2.4.2 Germany Orthopedic Devices Market by End User
10.3.2.5 France
10.3.2.5.1 France Orthopedic Devices Market by Type
10.3.2.5.2 France Orthopedic Devices Market by End User
10.3.2.6 UK
10.3.2.6.1 UK Orthopedic Devices Market by Type
10.3.2.6.2 UK Orthopedic Devices Market by End User
10.3.2.7 Italy
10.3.2.7.1 Italy Orthopedic Devices Market by Type
10.3.2.7.2 Italy Orthopedic Devices Market by End User
10.3.2.8 Spain
10.3.2.8.1 Spain Orthopedic Devices Market by Type
10.3.2.8.2 Spain Orthopedic Devices Market by End User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Orthopedic Devices Market by Type
10.3.2.9.2 Netherlands Orthopedic Devices Market by End User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Orthopedic Devices Market by Type
10.3.2.10.2 Switzerland Orthopedic Devices Market by End User
10.3.2.11 Austria
10.3.2.11.1 Austria Orthopedic Devices Market by Type
10.3.2.11.2 Austria Orthopedic Devices Market by End User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Orthopedic Devices Market by Type
10.3.2.12.2 Rest of Western Europe Orthopedic Devices Market by End User
10.4 Asia-Pacific
10.4.1 Asia Pacific Orthopedic Devices Market by Country
10.4.2 Asia Pacific Orthopedic Devices Market by Type
10.4.3 Asia Pacific Orthopedic Devices Market by End User
10.4.4 China
10.4.4.1 China Orthopedic Devices Market by Type
10.4.4.2 China Orthopedic Devices Market by End User
10.4.5 India
10.4.5.1 India Orthopedic Devices Market by Type
10.4.5.2 India Orthopedic Devices Market by End User
10.4.6 Japan
10.4.6.1 Japan Orthopedic Devices Market by Type
10.4.6.2 Japan Orthopedic Devices Market by End User
10.4.7 South Korea
10.4.7.1 South Korea Orthopedic Devices Market by Type
10.4.7.2 South Korea Orthopedic Devices Market by End User
10.4.8 Vietnam
10.4.8.1 Vietnam Orthopedic Devices Market by Type
10.4.8.2 Vietnam Orthopedic Devices Market by End User
10.4.9 Singapore
10.4.9.1 Singapore Orthopedic Devices Market by Type
10.4.9.2 Singapore Orthopedic Devices Market by End User
10.4.10 Australia
10.4.10.1 Australia Orthopedic Devices Market by Type
10.4.10.2 Australia Orthopedic Devices Market by End User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Orthopedic Devices Market by Type
10.4.11.2 Rest of Asia-Pacific Orthopedic Devices Market by End User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Orthopedic Devices Market by Country
10.5.1.2 Middle East Orthopedic Devices Market by Type
10.5.1.3 Middle East Orthopedic Devices Market by End User
10.5.1.4 UAE
10.5.1.4.1 UAE Orthopedic Devices Market by Type
10.5.1.4.2 UAE Orthopedic Devices Market by End User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Orthopedic Devices Market by Type
10.5.1.5.2 Egypt Orthopedic Devices Market by End User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Orthopedic Devices Market by Type
10.5.1.6.2 Saudi Arabia Orthopedic Devices Market by End User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Orthopedic Devices Market by Type
10.5.1.7.2 Qatar Orthopedic Devices Market by End User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Orthopedic Devices Market by Type
10.5.1.8.2 Rest of Middle East Orthopedic Devices Market by End User
10.5.2 Africa
10.5.2.1 Africa Orthopedic Devices Market by Country
10.5.2.2 Africa Orthopedic Devices Market by Type
10.5.2.3 Africa Orthopedic Devices Market by End User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Orthopedic Devices Market by Type
10.5.2.4.2 Nigeria Orthopedic Devices Market by End User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Orthopedic Devices Market by Type
10.5.2.5.2 South Africa Orthopedic Devices Market by End User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Orthopedic Devices Market by Type
10.5.2.6.2 Rest of Africa Orthopedic Devices Market by End User
10.6 Latin America
10.6.1 Latin America Orthopedic Devices Market by Country
10.6.2 Latin America Orthopedic Devices Market by Type
10.6.3 Latin America Orthopedic Devices Market by End User
10.6.4 Brazil
10.6.4.1 Brazil Orthopedic Devices Market by Type
10.6.4.2 Brazil Africa Orthopedic Devices Market by End User
10.6.5 Argentina
10.6.5.1 Argentina Orthopedic Devices Market by Type
10.6.5.2 Argentina Orthopedic Devices Market by End User
10.6.6 Colombia
10.6.6.1 Colombia Orthopedic Devices Market by Type
10.6.6.2 Colombia Orthopedic Devices Market by End User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Orthopedic Devices Market by Type
10.6.7.2 Rest of Latin America Orthopedic Devices Market by End User
11 Company Profile
11.1 DePuySynthes
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Medacta
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Medtronic
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Smith & Nephew
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Stryker
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 MicroPort Scientific Corporation
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Zimmer Biomet
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 ConforMIS
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 DJO Global
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 NuVasive
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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