PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422073
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422073
Global orthopedic devices market size was valued at USD 43.6 billion in 2023, which is expected to reach USD 63.43 billion in 2031, with a CAGR of 4.8% for the forecast period between 2024 and 2031F. Various factors, including changing demographics, technological advancements, government initiatives, emerging markets, and the high risk of orthopedic disorders influence the global orthopedic devices market.
The aging population is a significant reason that leads to the higher prevalence of orthopedic disorders, such as osteoporosis and osteoarthritis, driving the demand for orthopedic devices. Technological advancements play a crucial role in improving patient outcomes and driving the growth of the global orthopedic devices market. These advancements include the development of advanced orthopedic devices designed to manage musculoskeletal complications of the joints or bones, such as rods, spacers, pins, cages, plates, and screws. Additionally, government initiatives and funding for research and development of orthopedic devices are promoting the growth of the global orthopedic devices market, while emerging markets provide potential for orthopedic device manufacturers to expand their reach.
The high risk of orthopedic disorders, including degenerative bone disease and the increasing number of road accidents, is fueling the growth of the global orthopedic devices market. Sedentary routines and obesity are contributing to the early onset of musculoskeletal disorders, further propelling the demand for orthopedic devices. The market is expanding primarily due to the availability of minimally invasive surgical methods and growing consumer awareness of their advantages. The presence of new treatment alternatives and a high level of patient knowledge regarding technologically advanced orthopedic devices are contributing factors to the rapid expansion of global orthopedic devices market.
The global orthopedic devices market is experiencing significant growth due to the aging baby boomer population and the increasing number of overweight and obese individuals. Forecasts indicate that by 2050, there will be twice as many people in the globe who are 60 years of age or older-that is, 2.1 billion people. Additionally, the number of persons aged 80 or older is expected to triple between 2020 and 2050, reaching 426 million. According to the World Health Organization (WHO), the number of obese people worldwide has exceeded one billion, including 650 million adults, 340 million adolescents, and 39 million children. The World Obesity Federation estimated that in 2020, around 770 million adults globally were affected by obesity, and the figure is anticipated to exceed one billion by 2030 unless acted upon.
The rising incidence of orthopedic conditions, such as degenerative bone disease, and the growing geriatric population are driving growth in the global orthopedic devices market. The need for orthopedic devices is increasing rapidly due to the aging baby boomer population and the increase in the number of overweight and obese individuals. These factors contribute to the high demand for orthopedic devices, which is expected to grow as the global population ages and obesity rates rise.
The global orthopedic devices market is experiencing significant growth, driven by technological advancements. Innovations in materials and design have improved the durability and performance of orthopedic devices, leading to better patient outcomes. Advancements in robotics, 3D printing, and computer-aided surgeries are expected to attract numerous orthopedic surgeries, further driving the market growth. It is expected that in the upcoming years, there will be an increasing need for orthopedic devices due to the growth of orthopedic research, advancements in technology, and the acceptance of sedentary and inactive lifestyles.
Additionally, the development of bioabsorbable and titanium implants is expected to drive significant growth in the market. The market is expanding as a result of the growing use of minimally invasive surgical procedures and the introduction of new therapeutic alternatives. It is anticipated that these technological developments will keep propelling the expansion of the global orthopedic devices market, enhancing patient results, and broadening the spectrum of therapy alternatives accessible to patients. For instance, in June 2023, Dr. Lauren Geaney of UConn Health introduced an innovative approach to restore pain-free mobility using a 3D-printed custom ankle replacement, offering a solution to previously unsolvable issues.
Governments globally are implementing various measures to support the orthopedic devices industry, leading to growth in the global orthopedic devices market. The market is being driven by factors such as the prevalence of orthopedic disorders, the growing aging population, lifestyle changes, obesity, and an increase in injuries related to accidents and sports. Additionally, the availability of advanced orthopedic devices, rapid development in healthcare infrastructure, and rising awareness about minimally invasive surgical techniques positively influence market growth. Furthermore, government initiatives to support the healthcare industry and growing awareness among surgeons and patients about the latest orthopedic treatments will likely support the industry's growth.
In February 2023, the United Kingdom government granted GBP 5 million to 22 projects to drive cutting-edge treatments and technologies to support veterans' healthcare. Among these projects is a set of four initiatives led by Imperial College London, which focuses on developing prosthetics, including innovative implants to alleviate limb pain. The projects will leverage advanced surgery techniques and improve patient prosthetics, ultimately contributing to better healthcare outcomes for veterans.
The increasing demand for foot and ankle orthopedic treatments is a significant driving factor for the global orthopedic devices market. The rising prevalence of musculoskeletal and osteoporosis-related conditions, particularly among the geriatric population, is a key factor contributing to the market growth. The growing number of sports-related injuries and the increasing participation in sporting activities have significantly increased the demand for orthopedic devices in the global market.
Advancements in technology have resulted in increased adoption of minimally invasive surgeries for the orthopedic segment, leading to improved patient outcomes and expanded treatment options. The high prevalence of orthopedic disorders, increasing joint surgical procedures, and rising technological developments drive the growth of the global orthopedic devices market, offering new possibilities for personalized and effective treatments.
For instance, in October 2023, DePuy Synthes, the orthopedic device business of Johnson & Johnson, obtained FDA 510(k) clearance for its TriLeap lower extremity anatomic plating system. The system is specifically designed to address the complex needs of orthopedic surgeons, doctors of podiatric medicine, and foot and ankle specialists.
Internal fixation devices play a transformative role in the global orthopedic devices market. These devices are used in internal fixation surgeries, which involve placing devices to treat broken bones and frequently employing orthopedic devices for anchoring fractured bones. The increasing demand for foot and ankle orthopedic treatments is a significant driving factor for the global orthopedic devices market. The market is expanding due to a number of factors, including the ageing population, growing incidence of sports-related injuries, growing prevalence of musculoskeletal ailments, and growing technological breakthroughs. For instance, in March 2023, NuVasive, Inc., announced that it had obtained 510(k) clearance from the U.S. Food and Drug Administration (FDA) to expand the use of its Precice all-internal limb lengthening solution to include pediatric patients. The expanded clearance broadens the clinical benefits of Precice to a wider range of patients.
A major boom in the orthopedic and medical device manufacturing sector is anticipated in the upcoming years, mostly due to the ageing population and their increasing need for high-quality orthopedic and medical equipment. The burgeoning senior population, a high risk of osteoporosis and osteoarthritis, the rising incidence of joint replacement and sports injuries globally are all expected to contribute to the significant growth of the global orthopedic devices market. Orthopedic device performance and durability have increased due to technological breakthroughs and material and design innovations; this has improved patient outcomes and spurred market expansion. The rising demand for foot and ankle orthopedic treatments is a significant driving factor for the global orthopedic devices market, propelled by factors such as the increasing prevalence of osteoporosis and musculoskeletal diseases, technological advancements, and the growing incidence of sports and traumatic injuries.
The global orthopedic devices market is experiencing significant growth. As a result, major companies in the industry are acquiring other companies to increase their hold in the market and capitalize on the growing demand for orthopedic devices. These mergers and acquisitions allow companies to grow on their product portfolios, enter new markets, and gain access to advanced technologies, ultimately leading to increased market share and revenue. By acquiring other companies, these major players aim to stay ahead of the competition, offer innovative products, and meet the growing demand for orthopedic devices.
For instance, in May 2023, Zimmer Biomet announced the acquisition of New Zealand-based Ossis, a company specializing in personalized 3D-printed implants and complex hip replacements. The acquisition follows a successful partnership that began in Asia-Pacific in July 2021, with an agreement between Zimmer Biomet and Ossis for patient-specific 3D-printed titanium hip joint replacements and other pelvic bone replacement surgery products.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work