Orthopedic Devices Market Size

Orthopedic Devices Market Analysis

The Orthopedic Devices Market size is estimated at USD 46.18 billion in 2024, and is expected to reach USD 57.79 billion by 2029, growing at a CAGR of 4.59% during the forecast period (2024-2029).

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.