Orthopedic Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 44.8 billion |
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Revenue Forecast in 2031 |
US$ 64.3 billion |
|
CAGR |
4.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic devices market was valued at US$ 44.8 billion in 2022 and is expected to register a revenue CAGR of 4.1% to reach US$ 64.3 billion by 2031.
Orthopedic Devices Market Fundamentals
Orthopedic devices are designed to support, protect, or correct musculoskeletal conditions and injuries. They are specifically tailored to address issues related to bones, joints, muscles, tendons, and ligaments. These devices can be used for therapeutic purposes, post-surgical recovery, rehabilitation, or to enhance mobility and functionality. Orthopedic devices serve an important role in treating and managing musculoskeletal problems, encouraging healing, mobility, and a higher quality of life for those with orthopedic issues.
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Orthopedic Devices Market Dynamics
Musculoskeletal disorders, such as arthritis, fractures, and sports injuries, are prevalent worldwide. These conditions can significantly impact an individual's quality of life and mobility. The increasing prevalence of musculoskeletal disorders drives the demand for global orthopedic devices for surgical and non-surgical interventions. For instance, according to the WHO’s factsheet of July 2022, 1.7 billion individuals have musculoskeletal disorders globally. Additionally, advances in technology have had a profound impact on the global orthopedic devices market. Innovative materials, implant designs, imaging techniques, and surgical tools have improved orthopedic devices' safety, efficacy, and longevity. Technological advancements, such as minimally invasive surgical techniques, computer-assisted navigation systems, and robotic-assisted surgeries, have enhanced surgical outcomes and patient satisfaction. Moreover, patients' preference for non-invasive or minimally invasive treatment options is growing. Non-surgical interventions, such as orthopedic braces, splints, physical therapy, and regenerative medicine, are gaining popularity. These non-invasive treatments often require orthopedic devices, such as braces or assistive devices, to support and promote healing.
However, orthopedic devices, especially advanced implants and robotic-assisted surgical systems, can be expensive. The high cost of these devices can limit their adoption, particularly in regions with limited healthcare budgets or where patients have limited financial resources. The cost can also pose challenges for healthcare systems and insurance providers regarding coverage and reimbursement. Furthermore, the orthopedic devices market has seen product recalls due to design flaws, material failures, or post-implant complications. These recalls impact patient safety and erode trust in specific brands or types of devices. Safety concerns can influence healthcare providers' and patients' choices, reducing demand for certain orthopedic devices.
Additionally, limited healthcare infrastructure & access and to alternative treatment options are some of the restraints impeding the overall market growth.
Orthopedic Devices Market Ecosystem
The global orthopedic devices market is analyzed from the following perspectives: product type, end user, and region.
Orthopedic Devices Market by Product Type
Based on the product type, the global orthopedic devices market is segmented into joint reconstruction devices, spinal devices, orthopedic braces and supports, arthroscopy devices, trauma fixation devices, orthopedic prostheses, orthobiologic devices, and others.
The joint reconstruction devices segment dominated the market with a principal revenue share of 44.3% in 2022, owing to the rising prevalence of osteoarthritis and an increasing number of joint replacement surgeries, such as knee, hip, and shoulder replacement surgeries. Joint reconstruction devices are used to restore function and alleviate pain in patients with damaged or diseased joints, typically in the knee, hip, shoulder, or elbow. These devices aim to improve joint mobility, enhance stability, and provide long-term durability. The primary products in the joint reconstruction devices are hip replacement, knee replacement, shoulder replacement, ankle replacement, and several others. Knee reconstruction devices are a significant subset of joint reconstruction devices. They include total knee replacement (TKR) systems, partial knee replacement systems, and revision knee systems. TKR systems involve the replacement of the entire knee joint, while partial knee replacement systems replace only the affected compartments. Revision knee systems are used for complex cases involving replacing or revising previously implanted knee prostheses. Hip reconstruction devices are designed for total hip replacement (THR) procedures. These devices typically consist of a femoral component that replaces the damaged femoral head and a socket component that replaces the damaged acetabulum. Hip reconstruction devices may include different bearing surfaces, such as metal-on-polyethylene, metal-on-metal, ceramic-on-polyethylene, or ceramic-on-ceramic, to reduce wear and improve longevity. These aspects contribute to the growth of the joint reconstruction devices segment.
The spinal devices segment also accounted for a prominent market share in 2022. Spinal devices are also a crucial component of the orthopedic devices market, specializing in developing, manufacturing, and distributing devices designed to treat spinal disorders and conditions. These devices are used to provide stabilization, correction, and support to the spine, aiming to alleviate pain, restore spinal alignment, and improve patient mobility. They are further sub-segmented into spinal fusion devices and spinal non-fusion devices. Spinal fusion devices are used to promote spinal fusion, a surgical procedure that joins two or more vertebrae together to provide stability and alleviate pain. These devices typically include implants such as plates, screws, rods, and cages made of biocompatible materials. They are used to immobilize the affected spinal segments, allowing bone grafts to grow and fuse the vertebrae. These aspects contribute to the growth of the spinal devices segment.
Orthopedic Devices Market by End User
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Based on the end user, the global orthopedic devices market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others.
The hospitals segment is a key player in the orthopedic devices market, with the largest revenue share of 41.46% in 2022, owing to an increased number of hospitals well-equipped to perform orthopedic surgical procedures and the availability of insurance coverage for orthopedic surgeries. The hospital plays a vital role as it represents the end-users and primary customers of orthopedic devices. Hospitals are healthcare facilities equipped with specialized departments and surgical units that provide a wide range of medical services, including orthopedic care. Hospitals typically have dedicated orthopedic departments staffed with orthopedic surgeons, nurses, and other healthcare professionals specializing in orthopedic care. These departments offer comprehensive evaluation, diagnosis, treatment, and post-operative care for patients with orthopedic conditions and injuries. Hospitals have specialized surgical units where orthopedic surgeries are performed. These units have state-of-the-art operating rooms, surgical instruments, and anesthesia facilities to support various orthopedic procedures, such as joint replacements, spinal surgeries, fracture fixation, and arthroscopic procedures. These overall factors contribute to the growth of the hospitals segment.
The orthopedic clinic segment also had a prominent market share in 2022. Orthopedic clinics are specialized healthcare facilities that cater specifically to orthopedic care, providing a range of services to patients. Orthopedic clinics specialize in evaluating, diagnosing, and treating musculoskeletal conditions, including fractures, sports injuries, arthritis, spinal disorders, and degenerative conditions. They have a team of orthopedic surgeons, physicians, physical therapists, and other healthcare professionals with expertise in orthopedic care. Orthopedic clinics primarily provide outpatient services, meaning patients receive diagnosis, treatment, and follow-up care without requiring overnight hospital stays. This includes consultations, diagnostic imaging (X-rays, MRI scans), physical examinations, and non-surgical interventions such as medication, injections, and physical therapy. These overall factors contribute to the growth of the orthopedic clinics segment.
Orthopedic Devices Market by Region
The global orthopedic devices market has been segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global orthopedic devices market with the largest revenue share in 2022 with a CAGR of 4.2%, attributed to the rising geriatric population, increasing incidences of osteoarthritis, and increasing cases of sports-related injuries. For instance, according to the Centers for Disease Control and Prevention’s article of October 2021, in the U.S., one in 4 adults, or 58.5 million individuals, have doctor-diagnosed arthritis. Additionally, companies across the region are continuously involved in partnerships, mergers, and acquisitions, which are also expected to improve the orthopedic devices market outlook.
Orthopedic Devices Market Competitive Landscape
The prominent players operating in the global orthopedic devices market are:
Orthopedic Devices Market Strategic Developments
Orthopedic devices are designed to support, protect, or correct musculoskeletal conditions and injuries.
The global orthopedic devices market was valued at US$ 44.8 billion in 2022.
The estimated market size of the global orthopedic devices market in 2031 is US$ 64.3 billion.
The revenue CAGR of the orthopedic devices market during the forecast period will be 4.1% from 2023 to 2031.
Some key companies operating in the global orthopedic devices market are Zimmer Biomet, DePuy Synthes (J&J Medtech), NuVasive, Inc., CONMED Corporation, Aesculap Implant Systems, LLC (B. Braun SE), Alphatec Spine, Inc, and DJO, LLC.
*Insights on financial performance are subject to the availability of information in the public domain