The Orthopedic Devices Market, valued at USD 60 Billion in 2023, is projected to reach a staggering USD 85.32 Billion by 2031, registering a steady CAGR of 4.5% from 2024 to 2031.
The surge in musculoskeletal disorders, technological advancements in robotics and implants, and increasing awareness of minimally invasive procedures are fueling the growth of the global orthopedic devices market.
Market Scope:
The rising prevalence of musculoskeletal disorders is a key driver of market growth. A Lancet Rheumatology report highlights a 123.4% increase in these disorders globally between 1990 and 2020, with projections indicating a further 115% rise by 2050, reaching an estimated 1.06 billion cases.
Advanced robotics are playing a significant role, offering precision and faster recovery. Stryker UK Limited reports approximately 13,000 patients worldwide undergo Mako robotic arm surgery monthly. Additionally, the availability of advanced devices, improved healthcare infrastructure, and minimally invasive techniques are driving market expansion.
The growing geriatric population is another crucial factor. As people age, bone density decreases, leading to increased demand for orthopedic solutions. The number of individuals aged 60 and above is expected to significantly rise, reaching one in six globally by 2030 and doubling to 2.1 billion by 2050.
Furthermore, technological advancements like the new UV light treatment for dental implants developed by UCLA School of Dentistry in November 2023 are expected to boost market adoption.
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List of Orthopedic Devices Market Companies Profiled in Report:
- Aesculap, Inc. – a B. Braun company
- ConforMIS
- CONMED Corporation
- DePuy Synthes
- Enovis
- Medacta
- Medtronic
- MicroPort Scientific Corporation
- NuVasive
- Smith & Nephew
- Stryker
- Zimmer Biomet
Market Analysis:
Orthopedic devices play a vital role in managing various orthopedic conditions like osteoarthritis, rheumatoid arthritis, and carpal tunnel syndrome. The significant rise in the burden of these diseases across the globe has driven the demand for orthopedic treatment products. According to the CDC, approximately 54 million adults in the US suffer from arthritis.
Emerging economies like China, India, and Brazil offer immense growth potential due to improved healthcare infrastructure, rising healthcare expenditure, medical tourism, and lower treatment costs. Government initiatives supporting the healthcare industry, export trade, and surgeon and patient awareness are further propelling market growth.
Key Segment Analysis:
By Type
- Spinal Devices
- Joint Reconstruction Devices
- Orth biologic Devices
- Arthroscopy Devices
- Trauma Devices
- Others
By End User
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Hospitals
- Others
Product: The joint replacement/orthopedic implants segment dominated the market with a revenue share of 42% in 2023. The increasing number of joint replacement surgeries, particularly hip and knee replacements, is driving segment growth. Robotic-assisted surgeries and the availability of advanced implants are further contributing to this trend.
End-Use: The hospitals segment held the largest revenue share of 65% in 2023 due to their extensive infrastructure and availability of various treatment solutions. The rising number of hospital admissions for bone fractures and injuries is expected to continue fueling segment growth. Favorable reimbursement policies and a significant number of hospitals and primary care centers in both developed and developing economies are also key factors.
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Impact of Russia-Ukraine War: The war has significantly impacted the global economy, including the healthcare sector. The decline in the ruble, increased raw material costs, and disrupted supply chains are leading to reduced purchasing of medical equipment. The Russian market for orthopedic devices is estimated to reach $865 million in 2023-2024, a decline from its pre-war share.
Impact of Economic Slowdown: The economic slowdown has negatively impacted the orthopedic implant market, particularly hip and knee replacements, as patients with lost jobs and health insurance are postponing treatments. This has led to a decrease in sales and is expected to continue until the economic situation improves and patient confidence recovers.
Recent Developments:
In November 2023, Smith+Nephew acquired CartiHeal, the developer of the Agili-C implant, for USD 330 million, demonstrating its commitment to investing in sports medicine and innovative technologies.
In October 2023, DePuy Synthes received U.S. FDA 510k clearance for its TriLEAP lower extremity anatomic plating system, specifically designed for podiatric and orthopedic foot & ankle surgeons.
Key Regional Developments:
North America: Dominates the market with a 46% revenue share in 2023 due to the presence of major industry players, well-established healthcare infrastructure, and comprehensive reimbursement coverage. The rising number of trauma and fracture cases, an aging population, and the introduction of innovative devices are further propelling regional growth.
Asia Pacific: Anticipated to be the fastest-growing region, driven by the rapidly developing healthcare infrastructure in major countries like India, China, and Japan, and the booming medical tourism industry. The increasing incidence of chronic orthopedic ailments and improved diagnostic tools are also contributing to the growth of orthopedic implantations in the region.
China: Expected to witness the fastest CAGR during the forecast period due to its growing middle class, aging population, and booming medical tourism. However, the high cost of orthopedic procedures and strict government regulations for device approval pose some challenges to market growth.
Key Takeaways from the Orthopedic Devices Market Study:
- Market Growth: The orthopedic devices market is expected to reach USD 85.32 billion by 2031, driven by the rising prevalence of musculoskeletal disorders, technological advancements, and an aging population.
- Dominant Segments: The joint replacement/orthopedic implants segment and the hospitals end-use segment are expected to dominate the market throughout the forecast period.
- Emerging Opportunities: Emerging markets like China, India, and Brazil offer significant growth potential due to improved healthcare infrastructure, rising healthcare expenditure, and medical tourism.
- Short-Term Challenges: The Russia-Ukraine war and the economic slowdown are expected to have a negative impact on the market in the short term.
- Regional Focus: North America and Asia Pacific are expected to be the key growth regions in the coming years.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Orthopedic Devices Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Orthopedic Devices Market Segmentation, By Type
Chapter 9 Orthopedic Devices Market Segmentation, By End User
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
Continued…
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