Orthopedic Devices Market Size
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Orthopedic Devices Market Analysis
The orthopedic devices market is expected to register a CAGR of about 4.9% over the forecast period.
The COVID-19 pandemic had a significant impact on the orthopedic devices market. An article published in BMJ Case Reports in February 2021 reported that the first wave of the COVID-19 pandemic in the United States led to the postponement or cancelation of elective and non-urgent surgeries to conserve healthcare resources. The article also reported that orthopedic surgeries in the region decreased by 68.4% during the first wave of the pandemic, which impacted the growth of the studied market. Thus, the studied market initially witnessed significant challenges due to the cancellation of orthopedic surgeries caused by government regularization. However, with the decrease in COVID-19 cases and the resumption of orthopedic surgical procedures, the studied market is expected to witness significant growth over the forecast period.
The factors driving the growth of the studied market are the increasing number of joint reconstruction surgeries, the growing burden of orthopedic disorders, trauma, and accident cases, and the development of bioabsorbable and titanium implants. For instance, the OECD database reported that 2,794.5 per million people got injured in road accidents in Iceland, followed by 1,230 per million people in Ireland and 2,867.9 per million in Japan in 2021. A high number of road injuries may lead to an increase in bone damage cases, which will increase the demand for orthopedic devices, thereby driving the growth of the studied market.
Also, a high incidence of joint surgeries is reported among the geriatric population. The geriatric population has weaker bones, so they are more prone to accidents and other bone deformities. The United Nations Projections 2022 report stated that in 2022, there were 771 million people aged 65 years or over globally, and the number is projected to reach 994 million by 2030 and 1.6 billion by 2050. Similarly, an article published in the journal JARS, published in July 2021 reported that aging weakens the bone-tendon junction and decreases the ultimate tensile strength, leading to an increased risk of joint damage. Thus, the increasing cases of joint damage conditions coupled with increasing aging are leading to an increasing number of orthopedic surgeries, thereby driving the growth of the studied market.
Also, the rise in musculoskeletal diagnoses and osteoporosis-related fractures is boosting the demand for orthopedic implants among the elderly. For instance, in December 2021, Work-Related Musculoskeletal Disorders Statistics in Great Britain Report stated that the total number of cases of work-related musculoskeletal disorders in 2020/21 was 470,000, with a prevalence rate of 1,420 per 100,000 workers. These comprised 212,000 cases where the upper limbs or neck were affected, 182,000 where the back was affected, and 76,000 where the lower limbs were affected. The report also stated that this number increased significantly compared to the previous years. Thus, the rise in cases of musculoskeletal disorders is leading to growing orthopedic surgeries, driving the growth of the studied market.
Furthermore, technological developments and new product launches are also benefitting the market. For instance, in February 2022, 4WEB Medical launched a comprehensive array of hyperlordotic lateral implants. The implants combined with 4WEB's Lumbar Spine Plating Solution allow for more cost-effective treatment options and reduce the need for more extensive, invasive posterior corrective procedures. Thus, such new product launches are leading the development of better orthopedic devices, thereby driving the growth of the studied market.
Thus, due to the increasing number of significant joint reconstruction surgeries, the growing burden of orthopedic disorders, trauma, and accident cases, and the development of bioabsorbable and titanium implants, the studied market is expected to witness significant growth over the forecast period. However, stringent regulatory scenarios and poor reimbursement scenarios, and a lack of skilled surgeons may hamper the development of the market.
Orthopedic Devices Industry Segmentation
Orthopedic devices are used to replace missing joints or bones or to give support to damaged bones. The devices are fabricated using titanium alloys and stainless steel for strength, and the plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopedics that involves the implementation of implants to repair damaged bone.
The Orthopedic Devices Market is Segmented by Application (Hip Orthopedic Devices, Joint Reconstruction, Knee Orthopedic Devices, Spine Orthopedic Devices, Trauma Fixation Devices, Dental Orthopedic Devices, and Other Applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Hip Orthopedic Devices|
|Knee Orthopedic Devices|
|Spine Orthopedic Devices|
|Trauma Fixation Devices|
|Dental Orthopedic Devices|
Orthopedic Devices Market Trends
This section covers the major market trends shaping the Orthopedic Devices Market according to our research experts:
Joint Reconstruction Segment Expected to Witness Significant Growth
There is a growing prevalence of orthopedic diseases, such as arthritis, osteoporosis, knee injuries, etc., resulting in bone damage. In severe cases, joint reconstruction surgery is the only treatment available. For instance, in July 2022, WHO reported that approximately 1.71 billion people have musculoskeletal conditions worldwide. Rising musculoskeletal conditions, including knee, hip, and other joint diseases, are increasing the demand for joint replacement surgical surgeries, thereby driving the growth of the joint reconstruction segment.
The increasing cases of orthopedic disorders, like osteoarthritis (OA), globally are also contributing to the growth of this segment. OA is associated chiefly with the weakening of the joints, leading to increasing joint reconstruction surgeries, thereby driving the development of this segment. For instance, an article published in the journal Research Bone in May 2022 reported that with the increase in the aging of the world’s population, it is estimated that the prevalence of OA will increase from 26.6% to 29.5% among the middle-aged population by 2032. The source also reported a higher incidence of OA in women than in men. The prevalence of OA is expected to increase to 12% of its present cases by 2040 in the Netherlands. Thus, the increasing incidence of OA is increasing the demand for joint replacement surgeries, thereby propelling the growth of this segment.
Furthermore, technological developments and new product launches are also driving the growth of this segment. For instance, in April 2022, CUVIS became a fully active and automated joint replacement system in one of the hospitals in India. Such product launches provide better treatment options to patients, thereby contributing to segmental growth.
Moreover, the increasing number of injuries in road accidents may increase the risk of joint damage. For instance, in November 2022, the OECD database reported 34,640 road injuries in Belgium in the year 2021, which increased by 14.5% from 2020. Increasing road accidents increase the risk of joint damage, thereby increasing the demand for joint reconstruction devices and contributing to the growth of this segment.
Thus, the increasing orthopedic orders and technological advancements are driving the growth of this segment over the forecast period.
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North America Expected to Witness Significant Growth
North America is expected to witness significant growth over the forecast period due to the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic devices market include using new polymer materials and the development of prosthetic devices as per the functional needs of patients.
The high incidence of orthopedic surgeries in North American countries is also driving the growth of the studied market. According to the Canadian Institute for Health Information 2021, 51,600 cases of hip replacement surgery, 51,599 cases of knee replacement surgery, and 50,515 fractures were recorded in Canada in 2020-2021. Such high cases of joint surgical procedures and fracture cases are increasing the demand for orthopedic devices, thereby driving the growth of the studied market in the region.
The increasing prevalence of orthopedic disorders in Mexico is another significant factor driving the demand for orthopedic devices. In November 2022, the American College of Rheumatology reported a rising prevalence of rheumatoid arthritis (RA) in Mexico. Furthermore, market players are focusing on developing novel orthopedic devices to satisfy users' needs. For instance, in February 2022, Spire Orthopedic Partners entered into partnerships with Middlesex Orthopedic Surgeons, PC (MOS), and Orthopaedic Surgical Associates (OSA). Such partnerships will lead to better orthopedic and spine care services to the patients in the region, thereby driving the growth of the studied market in the region.
Similarly, in August 2021, The Orthopaedic Implant Company received USFDA clearance and commercially launched the DRPx System, a wrist fracture plating technology. The system features an enhanced ergonomic design to meet the technique preferences of orthopedic surgeons with a cost-effective approach. Such innovations to improve the efficiency of surgical procedures are expected to boost the market studied in the region.
Thus, the high number of orthopedic disorders, increasing joint surgical procedures, and rising technological developments are driving the growth of the studied market in the region.
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Orthopedic Devices Industry Overview
The orthopedic devices market is highly fragmented and competitive. Market players focus on continuous product development and offer orthopedic devices at competitive prices, especially in developing countries. Some of the companies currently dominating the market are Donjoy, Inc., Conmed Corporation, Arthrex, Inc., Alphatec Holdings, Inc., B. Braun Melsungen AG, Boston Scientific Corporation, CTL Amedica, Globus Medical, Inc., Johnson & Johnson, Medtronic PLC, Ossur hf., Smith & Nephew PLC, Stryker Corporation and Exatech Inc.
Orthopedic Devices Market Leaders
Smith & Nephew PLC
Johnson & Johnson
B. Braun Melsungen AG
*Disclaimer: Major Players sorted in no particular order
Orthopedic Devices Market News
- November 2022: Intelivation Technologies launched the Inlet System of comprehensive plating and fixation options for upper and lower extremity applications. The Inlet System includes solutions for hand plating, distal radius, cannulated screws ranging in sizes from 2.3-6 millimeters in various lengths, clavicle, ulnar, calcaneal, foot, and distal tibia and fibula plates.
- October 2022: LimaCorporate received USFDA approval for a new shoulder platform focused on the glenoid baseplate and fully 3D-printed humeral stem. This novel implant system takes advantage of the patented Trabecular Titanium (TT) technology, aiming to guarantee a robust primary fixation and a proven secondary bone ingrowth.
Orthopedic Devices Market Report - Table of Contents
1.1 Study Assumptions & Market Definition
1.2 Scope Of The Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Large Joint Reconstruction Surgeries
4.2.2 Growing Burden of Orthopedic Disorders, Trauma, and Accidents Cases
4.2.3 Development of Bioabsorbable and Titanium Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.3.2 Poor Reimbursement Scenario and Lack of Skilled Surgeons
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD Million)
5.1 By Application
5.1.1 Hip Orthopedic Devices
5.1.2 Joint Reconstruction
5.1.3 Knee Orthopedic Devices
5.1.4 Spine Orthopedic Devices
5.1.5 Trauma Fixation Devices
5.1.6 Dental Orthopedic Devices
5.1.7 Other Applications
5.2 By Geography
5.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.2.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.2.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Donjoy, Inc.
6.1.2 Conmed Corporation
6.1.3 Arthrex, Inc.
6.1.4 Alphatec Holdings, Inc.
6.1.5 B. Braun Melsungen AG
6.1.6 Boston Scientific Corporation
6.1.7 CTL Amedica
6.1.8 Globus Medical, Inc.
6.1.9 Johnson & Johnson
6.1.10 Medtronic PLC
6.1.11 Ossur hf.
6.1.12 Smith & Nephew PLC
6.1.13 Stryker Corporation
6.1.14 Exatech Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Orthopedic Devices Market Research FAQs
What is the study period of this market?
The Orthopedic Devices Market market is studied from 2019 - 2027.
What is the growth rate of Orthopedic Devices Market?
The Orthopedic Devices Market is growing at a CAGR of 4.9% over the next 5 years.
Which region has highest growth rate in Orthopedic Devices Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Orthopedic Devices Market?
North America holds highest share in 2021.
Who are the key players in Orthopedic Devices Market?
Smith & Nephew PLC, Stryker Corporation, Medtronic PLC, Johnson & Johnson, B. Braun Melsungen AG are the major companies operating in Orthopedic Devices Market.
Orthopedic Devices Industry Report
Statistics for the 2023 Orthopedic Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Orthopedic Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.