PUBLISHER: The Business Research Company | PRODUCT CODE: 1435482
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435482
Orthopedic devices serve the purpose of stabilizing body posture, correcting deformities, and restoring the functionality of the human skeletal system, articulations, and associated structures. This is achieved through the replacement or reinforcement of damaged parts.
The orthopedic devices market encompasses various types of devices and equipment, including joint reconstruction devices, spinal surgery devices, trauma fixation devices, orthobiologics devices, arthroscopy devices, orthopedic braces and support devices, craniomaxillofacial (CMF) devices, and orthopedic prosthetics. Spinal surgery devices, for instance, are utilized in spine surgeries to stabilize the spine and prevent motion while facilitating fusion between two or more vertebrae. Expenditure in this field may be classified as either public or private, and the products involved include instruments/equipment and disposables. End-users of orthopedic devices include hospitals and clinics, diagnostic laboratories, and others.
The orthopedic devices market research report is one of a series of new reports from The Business Research Company that provides orthopedic devices market statistics, including orthopedic devices industry global market size, regional shares, competitors with an orthopedic devices market share, detailed orthopedic devices market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic devices industry. This orthopedic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The orthopedic devices market size has grown strongly in recent years. It will grow from $47.05 billion in 2023 to $50.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historical period can be attributed to factors such as an aging population, the prevalence of osteoarthritis, an increase in orthopedic procedures, regulatory approvals and standards, a focus on patient outcomes and quality of life, and heightened awareness of joint health.
The orthopedic devices market size is expected to see strong growth in the next few years. It will grow to $65.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The forecast period's growth can be attributed to factors such as the expansion of value-based healthcare models, an increased focus on sustainability, the adoption of regenerative approaches for joint preservation, and advancements in implant coatings and materials. Major trends expected in the forecast period include the emergence of smart orthopedic devices, the integration of robotics in orthopedic surgery, the development of customized orthopedic bracing, the application of nanotechnology in orthopedics, and the utilization of telemedicine in orthopedic care.
The anticipated increase in arthritis prevalence is expected to drive the growth of the orthopedic device market in the future. Arthritis, characterized by joint discomfort or illness involving inflammation or enlargement of one or multiple joints, can be addressed using orthopedic devices. These devices offer benefits such as pain relief, improved mobility, and enhanced overall functionality for individuals dealing with arthritis. For example, projections from the Centers for Disease Control and Prevention in October 2021 indicated that approximately 78.4 million adults aged 18 and older (25.9% of the expected total adult population) would be diagnosed with arthritis by a physician by 2040, up from 63 million in 2020. Hence, the increasing prevalence of arthritis is expected to fuel the orthopedic device market's growth.
The significant contribution of the rising global geriatric population to the increased patient pool played a crucial role in the orthopedic devices market's growth during the historic period. Orthopedic devices are commonly employed to address musculoskeletal issues and age-related conditions prevalent in older adults. According to the World Health Organization, the number of people aged 60 and older was 1 billion in 2020, projected to rise to 1.4 billion by 2030 and reach 2.1 billion by 2050. This demographic shift heightened the demand for medical care and increased healthcare expenditure, driving the market during the historic period.
The development of new drugs and therapies offering alternatives to surgical procedures has limited the orthopedic devices market. Advances in tissue engineering, stem-cell therapy, and treatment alternatives such as platelet-rich plasma (PRP) injections enable patients to avoid surgical interventions for conditions such as arthritis and tendonitis. The increasing preference for these alternative treatment methods has negatively impacted the demand for orthopedic devices, as individuals seek to avoid the risks and complications associated with surgical procedures.
Major players in the orthopedic devices market are concentrating on the development of innovative products such as the Golden Isles Pedicle Screw System to strengthen their market position and gain a competitive edge. The Golden Isles Pedicle Screw System is designed to provide immobilization and stabilization for adult patients undergoing treatment in the lumbar and sacral spine. Intelivation Technologies, a US-based medical equipment manufacturer, launched this system in September 2021, specifically tailored to offer immobilization and stabilization to spinal segments in adults during treatment of the lumbar and sacral spines. It is intended for non-cervical pedicle fixation at the back for patients who have reached skeletal maturity and aims to address various conditions such as degenerative disc disease, spondylolisthesis, trauma, deformities, pseudoarthrosis, and failed previous fusions.
Biodegradable implants are increasingly finding application in trauma and orthopedic surgeries. These implants serve to replace missing biological structures, support damaged biological structures, and enhance existing bone structures. Biodegradable products, including absorbable polymers made of polyglycolic acid and polylactic acid in the form of plates, screws, and pins, are emerging as alternatives to traditional devices such as plates and screws, known for their higher costs. Surgeons are showing a preference for biodegradable implants over conventional ones due to their ability to provide temporary support for bone fractures, degrade at a rate aligning with new tissue formation, eliminate the need for a second surgery, prove highly useful in fracture fixation in children, and result in fewer implant-related infections. For example, Stryker Corporation offers orthobiologics, including bone repair biodegradable products, employed in bone regeneration and healing, soft tissue regeneration, and muscle connection to bone.
Major companies operating in the orthopedic devices market report are Aesculap Implant Systems LLC, Johnson & Johnson, Medtronic Inc., Stryker Corporation, B. Braun Group, Zimmer Biomet Holdings, Smith & Nephew PLC, Arthrex, Allegra Orthopaedics, Enovis, Integra LifeSciences Corporation, NuVasive Inc., DJO Global, CONMED Corporation, Globus Medical Inc., MicroPort Scientific Corporation, Wright Medical Group N.V., Ossur, Orthofix Medical Inc., DeRoyal Industries, Alphatec Holdings Inc., LimaCorporate S.p.A., Exactech Inc., Acumed LLC, Corin Group PLC, Waldemar Link GmbH & Co. KG, ConforMIS Inc., FH Orthopedics, BSN Medical, Nippon Sigmax Co. Ltd., Implantcast GmbH, Invibio Ltd., KM Group Holdings Inc., Mathys AG Bettlach, Medacta International SA, OrthAlign Inc., OrthoPediatrics Corp., OrthoSensor Inc., Paradigm Spine LLC, SpineGuard SA
North America was the largest region in the global orthopedic devices market in 2023. Western Europe was the second largest region in the global orthopedic devices market. The regions covered in the orthopedic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the orthopedic devices market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The orthopedic devices market consists of sales of osteotomes, bone-cutting forceps, Gigli saws, and plate benders that are used for orthopedic surgeries and treatment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Orthopedic Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on orthopedic devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for orthopedic devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The orthopedic devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.