Orthopedic Devices Market

Global Orthopedic Devices Market Report: By Product (Drill Guides, Guide Tubes, Implant Holder), By End-use (Hospitals, Outpatient Facilities), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Medical Devices | January 2024 | Report ID: EMR00410 | Pages: 301

Global Orthopedic Devices market is predicted to reach approximately USD 112.35 billion by 2031, at a CAGR of 5.83% from 2022 to 2031.

The global orthopedic devices market refers to the vast industry dedicated to the development, manufacturing, and distribution of medical devices designed to treat musculoskeletal conditions and disorders. These conditions encompass a wide range of issues, including fractures, arthritis, soft tissue injuries, and degenerative diseases affecting bones and joints. Orthopedic devices play a crucial role in restoring mobility, alleviating pain, and improving the overall quality of life for individuals affected by these musculoskeletal conditions.

The market is driven by technological advancements in medicine, an ageing population, and the rising incidence of orthopaedic disorders. Orthobiologics, joint implants, orthopaedic braces and supports, arthroscopy equipment, and trauma fixation equipment are important orthopaedic devices. Because osteoarthritis and age-related degeneration are increasing the need for joint reconstruction, joint implants—such as hip and knee replacements—are especially important. The orthobiologics segment, involving the use of biological materials to stimulate healing, has witnessed notable innovation and adoption.

 

 

Global Orthopedic Devices report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2022)

USD 67.46 billion

Projected Market Value (2031)

USD 112.35 billion

Base Year

2022

Forecast Years

2023 – 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Product, End-use & Region.

Segments Covered

By Product, End-use & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Orthopedic Devices dynamics

An important contributing factor is the ageing of the world's population, as more and more people suffer from musculoskeletal conditions like osteoarthritis and fractures. Due to this change in demographics, there is a greater need for orthopaedic devices, especially joint implants and trauma fixation devices, as older people look for ways to live active lives and reduce pain from degenerative diseases.

Advancements in medical technology stand out as a pivotal force, fostering innovation across various segments of the orthopedic devices market. The development of next-generation materials, minimally invasive surgical techniques, and the integration of smart technologies into orthopedic devices contribute to improved patient outcomes, reduced recovery times, and enhanced overall efficacy. However, these innovations also present challenges, including stringent regulatory requirements and the need for substantial investments in research and development.

 

Global Orthopedic Devices drivers

  • Aging Population and Musculoskeletal Disorders

The growing global aging population is a significant driver for the orthopedic devices market. The ageing process makes people more vulnerable to musculoskeletal conditions like osteoarthritis and fractures, which raises the need for orthopaedic interventions. Demand for joint implants, in particular, is rising as seniors look for ways to manage age-related degenerative conditions and continue an active lifestyle. It is anticipated that this demographic trend will continue, offering a steady boost to market expansion.

  • Technological Advancements and Innovation

Orthopaedic devices are a market driven by rapid innovation and technological advancements in medicine. The effectiveness of orthopaedic devices is being improved, patient outcomes are being improved, and recovery times are being shortened by the use of smart technologies, next-generation materials, and minimally invasive surgical techniques. Advancements like the use of robotics in orthopaedic surgeries and 3D printing for personalised implants are changing the game and drawing interest from patients and medical professionals. The advancement of technology not only caters to the changing requirements of patients but also creates new opportunities for market growth.

 

  • Restraints:

Stringent Regulatory Requirements

Thorough regulatory requirements and approval procedures are a major barrier to the market for orthopaedic devices. Fulfilling the strict requirements set by regulatory bodies may result in longer development and commercialization timelines and higher costs. Complying with these guidelines is essential for guaranteeing patient safety and product effectiveness; however, it poses a difficulty for businesses seeking to introduce novel and inventive orthopaedic devices into the market.

Cost Constraints and Limited Access to Healthcare

The high costs associated with orthopedic procedures and devices, coupled with limited access to advanced healthcare facilities in certain regions, act as restraints for market growth. Affordability becomes a critical factor, hindering the adoption of orthopedic interventions in some demographics. Addressing these cost constraints and improving accessibility to advanced orthopedic care are essential for broadening the market reach and ensuring equitable healthcare distribution.

 

  • Opportunities:

Emerging Markets and Untapped Regions

The orthopedic devices market presents significant opportunities in emerging markets and untapped regions where there is a growing awareness of healthcare, rising disposable incomes, and an increasing prevalence of musculoskeletal disorders. Expanding into these markets allows companies to reach new patient populations and establish a foothold in regions with evolving healthcare infrastructure.

 

  • Segment Overview

By Product

The product segmentation encompasses a comprehensive array of tools and devices essential for orthopedic interventions. Drill guides are precision instruments used to guide surgical drills during procedures, ensuring accuracy and optimal placement of implants. Guide tubes facilitate controlled insertion of various orthopedic devices, enhancing surgical precision. Implant holders secure implants in place during surgery, contributing to stability and precise placement. Custom clamps provide adaptability to different anatomies, allowing surgeons to tailor their approach based on patient-specific requirements. Distractors aid in separating or distracting bone fragments, a critical step in certain orthopedic procedures. Screwdrivers are specialized tools for the precise insertion of screws, an integral component of many orthopedic implants. Accessories encompass a range of supplementary items, such as sterilization trays and covers, to support the efficient use of orthopedic devices.

By End-use

The end-use segmentation reflects the varied settings where orthopedic procedures are conducted. Hospitals serve as the primary end-use segment, providing a comprehensive range of orthopedic services, from routine surgeries to complex interventions. The hospital setting is equipped with specialized orthopedic departments and surgical suites, facilitating a multidisciplinary approach to musculoskeletal care. Outpatient facilities represent another critical end-use segment, catering to orthopedic procedures that do not require an extended hospital stay. These facilities include ambulatory surgery centres and outpatient clinics, offering convenience for patients and potentially reducing healthcare costs. The outpatient setting is particularly relevant for minor orthopedic procedures, diagnostics, and follow-up appointments, contributing to a more streamlined and accessible orthopedic care continuum.

 

Global Orthopedic Devices Overview by Region

North America commands a significant share, driven by a rapidly aging population, a high prevalence of orthopedic disorders, and well-established healthcare systems. The region's emphasis on technological innovation further propels market growth, with the United States being a key contributor to advancements in orthopedic device technologies.

Europe follows closely, with robust healthcare infrastructure and a growing awareness of orthopedic interventions. The presence of a large aging population in countries like Germany and the United Kingdom contributes to sustained demand for joint replacement surgeries and other orthopedic procedures. Additionally, stringent regulatory standards in the European Union ensure a high level of product quality and safety, influencing market dynamics.

Asia-Pacific is showing signs of being a vibrant and quickly growing orthopaedic devices market. The market is expected to grow due to factors such as rising healthcare costs, growing middle-class populations in nations like China and India, and growing awareness of advanced treatment options. The region also witnesses a surge in sports-related injuries, further driving the demand for orthopedic interventions. However, challenges exist, including disparities in healthcare access and the need to navigate diverse regulatory landscapes.

 

 

Global Orthopedic Devices market competitive landscape

Key players such as Johnson & Johnson, Stryker Corporation, Medtronic, Zimmer Biomet Holdings, and Smith & Nephew dominate the market, leveraging their extensive product portfolios, global distribution networks, and strong research and development capabilities. These companies focus on strategic initiatives, including mergers, acquisitions, and collaborations, to enhance their market position, broaden product offerings, and foster innovation.

The market also witnesses the emergence of smaller, innovative companies specializing in niche segments or cutting-edge technologies. Start-ups and technology-focused firms contribute to the dynamism of the market by introducing novel solutions, such as smart implants and minimally invasive surgical tools. The competitive landscape is further influenced by collaborations between established players and these innovators, facilitating the integration of new technologies into mainstream orthopedic practice.

Technological advancements play a pivotal role in shaping competition within the orthopedic devices market. Companies invest heavily in research and development to introduce products that offer improved patient outcomes, reduced recovery times, and enhanced overall efficiency. 3D printing, robotics, and smart technologies are among the areas witnessing substantial innovation, creating opportunities for differentiation among competitors.

 

Global Orthopedic Devices Recent Developments

  • July 2023, Stryker has introduced the Ortho Q Guidance system, designed to provide advanced surgical planning and guidance for hip and knee procedures. Surgeons can easily control the system from the sterile field. The Ortho Q Guidance system utilizes new optical tracking options through an updated camera and sophisticated algorithms from the newly launched Ortho Guidance software. This combination offers enhanced surgical planning and guidance capabilities. When paired with the Ortho Q system, the Ortho Guidance software, applicable to Express Knee, Precision Knee, and Versatile Hip, functions as a planning and intraoperative guidance system. It improves procedural speed and efficiency, streamlining the workflow for a smarter surgical experience.
  • Nov 2022, MicroPort Orthopedics, a prominent player in the global orthopedic devices and technologies sector, is pleased to reveal the broadening of its collaboration with Pixee Medical by launching their joint surgical solution in the United States. Leveraging Pixee Medical's FDA-cleared augmented reality surgical application for support in total knee arthroplasty, surgeons can attain enhanced precision and control during the implantation of the MicroPort Evolution® Medial-Pivot Knee Implant. This innovative solution has already demonstrated success in numerous cases globally, including Australia, Europe, and Asia.

 

Scope of global Orthopedic Devices report

Global Orthopedic Devices report segmentation

ATTRIBUTE

DETAILS

By Product

  • Drill Guides
  • Guide Tubes
  • Implant Holder
  • Custom Clamps
  • Distractor
  • Screwdrivers
  • Accessories
  • Others

By End-use

  • Hospitals
  • Outpatient Facilities

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Orthopedic Devices size and forecast: To identify and estimate the market size for global Orthopedic Devices market segmented by Product, End-use and by region. Also, to understand the consumption/ demand created by consumers between 2023 and 2031.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Orthopedic Devices
  • Market Influencing Factors: To find out the factors which are affecting the market of global Orthopedic Devices among consumers.
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Orthopedic Devices forecast period is 2023 - 2031.
According to global Orthopedic Devices research, the market is expected to grow at a CAGR of ~5.83% over the next eight years.
The possible segments in global Orthopedic Devices are based on by Product, End-use & by region.
The expected market size for Global Orthopedic Devices is USD 67.46 billion in 2022.
The major players in the market are Medtronic PLC, Stryker Corporation, Zimmer-Biomet Holdings, Inc., DePuy Synthes, Smith and Nephew PLC, Aesculap Implant Systems, LLC, Conmed Corporation, Donjoy, Inc. and NuVasive, Inc.