Orthopedic Devices Market Analysis

Global Orthopedic Devices Market Overview

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

Orthopedic Devices Market Trends

• Growing incidence of bone disorders to propel market growth

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.

Orthopedic Devices Market Segment Insights

Orthopedic Devices Type Method Insights

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.

Orthopedic Devices Application Insights

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.

Orthopedic Devices End-User Insights

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

• DePuy Synthes Companies


• Globus Medical


• Medtronic


• Smith & Nephew plc


• Stryker Corporation


• Zimmer Inc


• NuVasive

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.

Orthopedic Devices Market Segmentation

Orthopedic Devices Type Outlook (USD Billion, 2018-2030)

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  Trauma Fixation

  
  


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  Spinal Devices

  
  


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  Joint Replacement

  
  


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  Consumables & Disposables

  
  


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  Bone Repair

  
  

Orthopedic Devices Application Outlook (USD Billion, 2018-2030)

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  Spine

  
  


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  Trauma and Extremities

  
  


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  Knee

  
  


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  Hip

  
  


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  Foot and Ankle

  
  

Orthopedic Devices End User Outlook (USD Billion, 2018-2030)

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  Ambulatory Surgery Centers

  
  


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  Hospitals

  
  


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  Medical Research Center

  
  

Orthopedic Devices Regional Outlook (USD Billion, 2018-2030)

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America