Global Orthopedic Devices Market Insights Forecasts to 2032

• The Global Orthopedic Devices Market Size was valued at USD 36.3 Billion in 2022.
• The market is growing at a CAGR of 4.2% from 2022 to 2032.
• The worldwide Orthopedic Devices Market size is expected to reach USD 54.9 Billion by 2032.
• Asia Pacific is expected to grow the fastest during the forecast period.

 

 

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The Global Orthopedic Devices Market Size is expected to reach USD 54.9 Billion by 2032, at a CAGR of 4.2% during the forecast period 2022 to 2032.

 

Market Overview

Orthopedic devices are meant to maintain body posture by correcting abnormalities and restoring normal skeletal function by replacing or fortifying the injured portion. Furthermore, these improvements, together with contemporary diagnostic techniques, have considerably decreased the necessity for complicated surgical operations in orthopedics. The increasing number of joint reconstruction procedures, the growing burden of orthopedic illnesses, trauma, and accident cases, and the development of bioabsorbable and titanium implants are driving the expansion of the researched market. In addition, the elderly have a high rate of joint surgery. Because the elderly have weaker bones, they are more vulnerable to accidents and other bone abnormalities. According to the United Nations Projections 2022 report, there will be 771 million people aged 65 and more in the globe in 2022, with that figure anticipated to climb to 994 million by 2030 and 1.6 billion by 2050. Similarly, according to a paper published in the journal JARS in July 2021, aging degrades the bone-tendon junction and reduces ultimate tensile strength, increasing the risk of joint injury. Thus, growing incidences of joint damage conditions, together with increasing aging, are leading to an increase in the number of orthopedic procedures, pushing the expansion of the market under consideration.

 

Report Coverage

This research report categorizes the global orthopedic devices market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global orthopedic devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global orthopedic devices market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.

 

Driving Factors

Growing awareness of the availability of innovative items is causing hospitals to regularly improve their technology and services. Furthermore, payment coverage for orthopedic treatments has driven the popularity of orthopedic procedures. These criteria enable clients to choose more complex and expensive treatment alternatives, increasing overall revenue. Also, the development of modern orthopedic devices is projected to considerably cut the cost of existing ones. This contributes to greater acceptance of the latter in emerging economies such as the Asia Pacific and the Middle East, where medical reimbursement is scarce. These actions are projected to have a positive impact on procedure volume and market expansion. Moreover, Manufacturers are investing significantly in research and development to create novel and efficient equipment. This surge in R&D activity is expected to drive rapid market expansion in the next years. Increased awareness of various bone-related ailments, as well as technology improvements, are likely to drive the market even further.

 

Restraining Factors

The most frequent orthopedic operations are total hip and total knee arthroplasty. Though hip arthroplasty produces successful results, the operation can also result in significant dangers and consequences such as surgical-site infections, deep vein thrombosis, and implant failures due to the failure of the cement to hold the hip implants in place. Other problems that might arise from hip and knee replacement surgery are periprosthetic fractures. All of these risks are anticipated to hinder market expansion.

 

Market Segmentation

• In 2022 the spinal implants segment is dominating the market with the largest market share over the forecast period.

Based on Product, the global orthopedic devices market is divided into fixation, replacement devices for the knee, hip, and shoulder, braces, spinal implants, arthroscopy, and ortho biologics. Throughout all segments, the spinal implants segment has the biggest revenue share over the predicted period. An aging population, an increase in the number of players offering highly advanced spinal implants and surgical devices, a growing preference for minimally invasive spine surgeries, and the introduction of innovative bone grafts are some of the factors driving the growth of the orthopedic devices market's spinal implants and surgical devices segment during the forecast period.

 

• In 2022, the knee segment is influencing the largest market share over the forecast period.

Based on the application, the global orthopedic devices market is classified into hip, knee, spine, cranio-maxillofacial, sports, medical, extremities, and trauma (SET). Among these segments, the knee segment is dominating the market, due to the increased amount of knee surgery. However, high expenses and longer follow-up periods are important barriers to sector expansion. Furthermore, tight regulatory standards for the licensing of class III medical devices are impeding the approval of these devices.

 

The Sports Medical, Extremities, and Trauma (SET) category is predicted to grow at the fastest CAGR from 2022 to 2030. An increase in sports and traffic injuries, along with increased awareness of treatment options, is expected to drive demand for orthopedic devices in foot and ankle applications.

 

• In 2022, the hospital segment is dominating the largest market share over the forecast period.

Based on end users, the global orthopedic devices market is classified into hospitals, orthopedic clinics, ambulatory surgical centers, and others. Among these segments, the hospital segment is leading the market due to the success of the hospital and clinic segment may be attributed to the simple availability of advanced healthcare infrastructure in industrialized nations and the increased demand for high-quality healthcare services. Because of the number of qualified surgeons and medical workers, hospitals provide intense care during and after surgery, in contrast to other surgical venues.

 

Regional Segment Analysis of the orthopedic devices market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America dominated the market with the largest market revenue during the forecast period

 

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North America is dominating the significant market growth during the forecast period Due to the availability of well-developed healthcare infrastructure, industry titans, and reimbursement coverage, the regional market is likely to drive. The region's orthopedic surgery volume is being fueled by a constantly growing target patient population as a result of aging and increased vehicle accidents. The increasing frequency of orthopedic disorders, along with the adoption of sophisticated treatment technologies, will drive market expansion in the United States.

 

Asia Pacific is expected to experience high revenue market growth during the forecast period due to China and India are predicted to have the world's greatest senior populations. As a result, demand from these nations is projected to increase dramatically shortly. Furthermore, the thriving medical tourism business, owing to the availability of modern healthcare treatments at cost-effective prices, is likely to draw more from the target patient demographic.

 

Competitive Analysis

The report offers the appropriate analysis of the key organizations/companies involved within the global orthopedic devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Medtronic PLC
• Stryker Corporation
• Zimmer-Biomet Holdings, Inc.
• DePuy Synthes
• Smith and Nephew PLC
• Aesculap Implant Systems, LLC
• Conmed Corporation
• Donjoy, Inc.
• NuVasive, Inc.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

• In January 2023, Zimmer Biomet purchased Embody, Inc. to expand its brand position in the orthopedic devices industry.

 

• In November 2022, Enovis introduced a novel DynaNail Helix fixation method for treating bone fractures, joint fusion, and bone restoration.

 

• In September 2022, Stryker Corporation introduced the New Gamma4 Hip Fracture Nailing System to extend its orthopedic fixation device product line.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Orthopedic Devices Market based on the below-mentioned segments:

 

Global Orthopedic Devices Market, By Product

• Fixation
• Replacement Devices {knee, Hip, Shoulder}
• Braces
• Spinal Implants
• Arthroscopy
• Orthobiolgics

 

Global Orthopedic Devices Market, By Application

• Hip
• Knee
• Spine
• Cranio-Maxillofacial
• SET

 

Global Orthopedic Devices Market, By End Users

• Hospitals
• Orthopedic Clinic
• Ambulatory Surgical Centers
• Others

 

Orthopedic Devices Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico 
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

 

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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