Orthopedic Devices Market Valued at USD 39.2 billion in 2023, projected to grow from USD 40.9 billion in 2024 to USD 66.23 billion by 2032, with a CAGR of 4.40% during the forecast period (2024 - 2032). The high prevalence of orthopedic ailments, such as degenerative bone disease, the aging population rise and the increase in traffic accidents, are market drivers that can be attributed to the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market growth may be ascribed to several factors, including the rising aging population, the rising number of traffic accidents, and the increasing frequency of orthopedic diseases including degenerative bone disease. The increasing prevalence of age-related bone disorders in the elderly, such as osteoarthritis, rickets, and osteomalacia, is expected to fuel market growth. Joint replacement surgery has been increasingly popular among the elderly in recent years.
The increasing prevalence of technologically sophisticated goods in the minimally invasive surgery business, such as the application of robots and computer-aided surgical equipment, has led to a shift in favor of minimally invasive orthopedic surgeries. Accurate and cost-effective, minimally invasive treatments also provide the benefits of a quicker recovery and shorter hospital stays. More and more orthopedic manufacturers are include robotic surgery assistants in their offerings to aid surgeons in performing procedures on the knee, hip, or spine. As a result, this factor is expected to boost revenue in the global market for orthopedic devices.
Global orthopedic company Enovis, in January 2024, acquired LimaCorporate S.p.A., which is globally accepted to be one of the best. This acquisition makes Enovis a global leader in the orthopedic reconstruction market by integrating Lima’s proven surgical solutions and technologies into its portfolio.
In January 2024, Tynor Orthotics launched an advanced plant in Mohali, Punjab.
There was a discovery of ultraviolet new dental implant technology by researchers from the University of California Los Angeles School of Dentistry (UCLA) in November 2023.
Smith+Nephew bought CartiHeal, which owns Agili-C implant, for $330 million in November 2023. The latter deal was aligned with Smith+Nephew’s strategy to invest in the sports medicine business and incorporate innovative technology into its portfolio.
June 2023: In the first surgical use of the Citrelock® ACL Tendon Fixation Device, Acuitive Technologies, Inc. (Acuitive) made the announcement in June 2023. Surgeons now have access to an ACL device with a novel design thanks to the incorporation of Citregen, a next-generation resorbable technology with distinct molecular and mechanical features for orthopedic surgical applications, inside the device's tendon-friendly spiral thread. The Citregen in the Citrelock Tendon Fixation Device allows for the introduction of design characteristics that facilitate insertion and secure fixation without causing damage to the tendon.
In June 2023, Acuitive Technologies, Inc. (Acuitive) announced the first surgical application of the Citrelock® ACL Tendon Fixation Device. Surgeons can now use an ACL device that has a unique design. This is made possible by including Citregen, a new type of resorbable technology with specific molecular and mechanical properties for orthopedic surgeries. Citregen is placed inside the device's spiral thread, which is designed to be friendly to tendons. The inclusion of Citregen in the Citrelock Tendon Fixation Device enables the incorporation of design features that promote easy insertion and reliable fixation while minimizing harm to the tendon.
In July 2023, Stryker introduced the Ortho Q Guidance system, which enables surgeons to effortlessly plan and navigate intricate hip and knee procedures utilizing compact handheld devices that may be used in sterile environments. The system integrates the sophisticated algorithms of the recently launched Ortho guiding software with enhanced optical tracking capabilities facilitated by a redesigned, cutting-edge camera. This integration aims to enhance surgical planning and guidance. The Express Knee, Precision Knee, and Versatile Hip Ortho directing software, when used in conjunction with Ortho Q, functions as a premeditated and intraoperative guiding system to enhance the velocity and effectiveness of surgical treatments.
In February 2023, CurvaFix, Inc., a company specializing in medical devices for healing fractures in curved bones, introduced the 7.5mm CurvaFix® IM Implant. This implant, with a reduced diameter, aims to streamline surgery and provide robust and secure fixation for patients with tiny bones. More than two dozen patients have had the novel 7.5mm intramedullary device implanted, and it will be showcased. The usage of over 240 CurvaFix Implants by 35 U.S. clinicians has demonstrated the evident advantages of a longer, broader, and curved implant. This implant offers immediate pain relief and enables early mobility in a wide range of patients. Furthermore, it is inserted using a minimally invasive approach
Geriatric individuals are more likely to have age-related bone diseases like osteoarthritis, rickets, and osteomalacia, which is anticipated to propel market expansion. The number of older individuals seeking joint replacement surgery has significantly increased during the last few years. 350 million people around the world have arthritis, according to the Arthritis Network. About 25 out of every 1,000 people who have osteoarthritis require orthopedic surgery. The World Health Organization (WHO) predicts that 2 billion individuals will be 60 years of age or older worldwide by the year 2050. Additionally, the prevalence of osteoporosis, or "brittle bone," marked by a low bone-to-mass ratio and a physical weakening of bone tissues, is also anticipated to increase significantly in the coming years, driving demand for orthopedic devices. The National Institutes of Health (NIH) reported that more than 53 million Americans are expected to have osteoporosis. This condition is more likely to affect them since they have a poor bone-to-mass ratio. Thus, this factor is driving the market CAGR for orthopedic devices.
Figure 1: Prevalence of Osteoarthritis
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Furthermore, the rise in the number of older adults worldwide has increased the patient pool, which has greatly fueled the historical growth of the orthopedic devices industry. The World Health Organization estimates that there were 1 billion individuals aged 60 and older in 2020, increasing to 1.4 billion by 2030 and 2.1 billion by 2050. The aging of the population increased the need for medical attention and increased healthcare spending. These elements fueled the market during the historical period by raising demand for these products.
However, a change in preference for minimally invasive orthopedic operations has been brought about by the growing usage of technologically advanced items in the minimally invasive surgery industry, such as the utilization of robotics and computer-aided surgical instruments. Minimally invasive procedures are precise and economical, providing the added advantages of speedy recovery and shorter hospital stays. Robotic surgery assistants are being added to the product lines of an increasing number of orthopedic companies to help surgeons perform knee, hip, or spine treatments. To enter the robot-assisted spine surgery market, Medtronic completed the acquisition of Mazor Robotics in December 2018. Mazor Robotics is behind the Mazor X guidance system and Renaissance robot-assisted spine surgery device. Thus, it is anticipated that this aspect will accelerate orthopedic devices market revenue globally.
The orthopedic devices market segmentation, based on type, includes trauma fixation, spinal devices, joint replacement, consumables & disposables and bone repair. The joint replacement segment held the majority share in 2022 in the orthopedic devices market data. A growing number of operations, including knee and hip replacements, shoulder and extremity reconstructions, and other musculoskeletal operations involving these joints, are causing the market to expand.
The orthopedic devices market segmentation, based on application, includes spine, trauma and extremities, knee, hip and foot & ankle. The knee segment dominated the market growth for orthopedic devices in 2023 and is projected to be the faster-growing segment during the forecast period, 2024-2032 because more knee operations are being performed. By 2029, 3.5 million total knee replacement procedures will be performed annually. Throughout their lives, almost half of all Americans will develop knee osteoarthritis in one knee at least.
The orthopedic devices market data, based on end-user, includes ambulatory surgery centers, hospitals and medical research center. The hospitals segment dominated the orthopedic devices market revenue for orthopedic devices in 2023 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Due to its surgical implantation, orthopedic devices are largely employed in hospitals. Hospitals treat a sizable patient population that has orthopedic injuries. A significant contributing element to the increasing percentage of patients receiving treatment in hospitals and the actual medical care is the adequate reimbursement schemes that hospitals offer.
Figure 2: Orthopedic Devices Market, by End-User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Orthopedic Devices Regional Insights
By region, the study provides the market insights for orthopedic devices into North America, Europe, Asia-Pacific and Rest of the World. North America orthopedic devices market accounted for USD 2.4 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. A growth in orthopedic procedures and proper reimbursement policies for these devices define the market in this region. These elements and patients' increased knowledge of new, technologically advanced orthopedic devices and treatment alternatives available in the region are to blame for the region's predominant orthopedic devices market share in the market.
Further, the major countries studied in the market report for orthopedic devices are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
July 2023: With the release of the Ortho Q Guidance system in July 2023, Stryker made it possible for surgeons to plan and guide complex hip and knee surgeries with ease using just in-sterile, handheld devices. The system incorporates the advanced algorithms of the recently released Ortho guiding software with new optical tracking possibilities provided by a redesigned, state-of-the-art camera to improve surgical planning and guiding. When combined with Ortho Q, the Express Knee, Precision Knee, and Versatile Hip Ortho guiding software acts as a planned and intraoperative guiding system to improve the speed and efficiency of surgical procedures.
February 2023: This smaller-diameter 7.5mm CurvaFix® IM Implant is meant to simplify surgery and give strong, stable fixation in small-boned patients, and it was released in February 2023 by CurvaFix, Inc., a developer of medical devices to heal fractures in curved bones. The new 7.5mm intramedullary device, of which more than two dozen have been implanted in patients, will be on display. The benefits of a longer, broader, curved implant that may instantly alleviate pain and permit early mobility in a wide variety of patients through a minimally invasive technique have been made clear by the use of more than 240 CurvaFix Implants by 35 U.S. doctors.
Figure 3: ORTHOPEDIC DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe orthopedic devices market accounts for the second-largest market share since the population in the area is spending more on healthcare, more procedures are being performed, and people are becoming more aware of technologically advanced orthopedic devices. Further, the UK orthopedic devices market held the largest market share, and the Germany orthopedic devices market was the fastest growing market in the region.
Asia Pacific orthopedic devices Market is expected to grow at the fastest CAGR from 2024 to 2032. The region's rising healthcare spending and vast patient pool are contributing to the market expansion in Asia Pacific. Additionally, the market will grow as the average person's purchasing power rises in developing nations like China and India. Moreover, China orthopedic devices market held the largest market share, and the India orthopedic devices market was the fastest growing market in the region.
Orthopedic Devices Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the orthopedic devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the orthopedic devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the orthopedic devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, orthopedic devices industry has provided medicine with some of the most significant benefits. The orthopedic devices market major player such as DePuy Synthes Companies, Globus Medical, Medtronic, NuVasive, Smith & Nephew plc, Stryker Corporation and Zimmer Inc.
American medical technology company Stryker Corporation is headquartered in Kalamazoo, Michigan. Surgical instruments and navigation systems, endoscopic and communications systems, patient handling and emergency medical equipment, neurosurgical, neurovascular, and spinal devices, as well as other medical device products used in various medical specialties, are just a few of the products produced by Stryker. In January 2021, OrthoSensor was acquired by Stryker after a merger agreement was reached. OrthoSensor sought to lessen the reliance of surgeons on more arbitrary criteria by using a variety of disposable, implanted sensors and an online data collection system. Stryker intended to use the OrthoSensor's postoperative remote control, wearables, and analytics data to expand its product line.
The British international manufacturer of medical equipment Smith & Nephew plc, also known as Smith+Nephew, has its headquarters in Watford, England. It is a manufacturer of arthroscopy, trauma and clinical therapy, orthopedic reconstruction, and advanced wound management products. In July 2020, the RI.HIP NAVIGATION for total hip arthroplasty (THA) was introduced by Smith & Nephew. It is intended to aid in increasing accuracy and reproducibility by providing patient-specific component alignment, which is important for surgeons to consider when evaluating individual THA cases.
Key Companies in the orthopedic devices market includes
Orthopedic Devices Industry Developments
November 2022:The Inlet System, which offers extensive plating and attachment choices for use on the upper and lower extremities, was introduced by Intelivation Technologies. Solutions for hand plating, distal radius, cannulated screws with sizes ranging from 2.3-6 millimetres and lengths varying, clavicle, ulnar, calcaneal, foot, and distal tibia and fibula plates are all included in the Inlet System.
August 2019:Privately held StelKast, a producer of implants and tools for hip and knee replacement, sold all of its assets to Globus Medical. By using robotic technology to create disruptive and unique solutions, the business entered the cranial operations and arthroplasty markets. A commercial robotic system for joint reconstruction applications will be released by the company in late 2020.
Trauma Fixation
Spinal Devices
Joint Replacement
Consumables & Disposables
Bone Repair
Spine
Trauma and Extremities
Knee
Hip
Foot and Ankle
Ambulatory Surgery Centers
Hospitals
Medical Research Center
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 39.2 billion |
| Market Size 2024 | USD 40.92 billion |
| Market Size 2032 | USD 66.23 billion |
| Compound Annual Growth Rate (CAGR) | 4.4% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | DePuy Synthes Companies, Globus Medical, Medtronic, NuVasive, Smith & Nephew plc, Stryker Corporation and Zimmer Inc. |
| Key Market Opportunities | Integration of New Technologies to Create Growth Opportunities for Key Players |
| Key Market Dynamics | Growing Prevalence of orthopedic disorders to Drive Market Growth |
Orthopedic Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The global orthopedic devices market size was valued at USD 66.23 Billion in 2032.
The global orthopedic devices market is projected to grow at a CAGR of 4.4% during the forecast period, 2024-2032.
North America had the largest share in the global market for orthopedic devices.
The key players in the market for orthopedic devices are DePuy Synthes Companies, Globus Medical, Medtronic, NuVasive, Smith & Nephew plc, Stryker Corporation and Zimmer Inc.
The knee dominated the orthopedic devices market in 2022.
The hospitals had the largest share in the global orthopedic devices market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
