Global Orthopedic Devices Market Size, Share, Trends, Industry Growth by Product (Accessories, Surgical Devices), by Application (Hip, Knee, Spine, Dental, & Others), by End-User, by Region, and Forecast to 2028
Report ID: RC2009 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: June 27th, 2023The global orthopedic devices market size is anticipated to register a sustainable CAGR of over 3% from 2022 to 2028. The increasing prevalence rate of orthopedic disorders like degenerative bone disease and the growth in the aging population around the world are some of the major factors to drive the market growth. Furthermore, the increasing number of road accidents around the globe is further anticipated to boost market growth. Moreover, the changing lifestyle and rising obesity rates are expected to increase the prevalence of musculoskeletal diseases, which is anticipated to propel the market growth over the forecast period. In addition, the technological advancement and the growing use of robotics and computer-aided surgical devices are expected to spur the market in the next upcoming years.
Market Drivers:
Aging Population and Increasing Prevalence of Orthopedic Conditions: The global population is aging, leading to a higher incidence of orthopedic conditions such as osteoarthritis, osteoporosis, and fractures. As the elderly population grows, the demand for orthopedic devices, including joint implants, spinal devices, and fracture fixation devices, increases, driving the growth of the orthopedic devices market.
Technological Advancements: Advances in medical technology have revolutionized orthopedic device development and manufacturing. New materials, such as biocompatible metals, ceramics, and polymers, along with innovative design techniques, have led to the development of more durable, functional, and patient-specific orthopedic devices. Technological advancements attract both patients and healthcare providers, driving the adoption of orthopedic devices.
Rising Demand for Minimally Invasive Surgeries: Minimally invasive surgeries (MIS) are becoming increasingly popular in orthopedics due to their benefits, including smaller incisions, reduced blood loss, faster recovery times, and fewer complications. The demand for orthopedic devices compatible with MIS techniques, such as arthroscopic instruments and navigational systems, is driving market growth.
Increasing Awareness of Orthopedic Treatments: Growing awareness among patients about the benefits of early diagnosis and treatment of orthopedic conditions is driving the demand for orthopedic devices. Increased access to healthcare information through the internet and patient education initiatives has contributed to greater awareness, leading to a higher demand for orthopedic devices.
Sports Injuries and Active Lifestyles: The rise in sports participation and the emphasis on maintaining an active lifestyle have led to an increased incidence of sports-related injuries. Orthopedic devices, such as braces, splints, and orthobiologics, are crucial in the treatment and rehabilitation of sports injuries. The demand for these devices is driven by the need to support and restore functionality in active individuals.
Rising Healthcare Expenditure: Increased healthcare expenditure, both by governments and individuals, has resulted in improved access to orthopedic treatments and devices. Higher healthcare spending, particularly in emerging markets, fuels the demand for orthopedic devices, as patients seek advanced and effective treatment options.
Favorable Reimbursement Policies: Favorable reimbursement policies provided by insurance companies and government healthcare programs for orthopedic procedures and devices have a positive impact on the market. Reimbursement coverage eases the financial burden on patients and encourages them to undergo necessary orthopedic treatments, contributing to market growth.
Collaboration and Partnerships: Collaboration between orthopedic device manufacturers, healthcare providers, and research institutions plays a crucial role in driving market growth. Partnerships focus on research and development, innovation, and clinical studies to bring new and improved orthopedic devices to the market.
Increasing Geriatric Population and Lifestyle-related Orthopedic Conditions: The global geriatric population is growing, leading to an increased incidence of orthopedic conditions such as osteoporosis and degenerative joint diseases. Additionally, sedentary lifestyles, obesity, and chronic conditions like diabetes contribute to orthopedic problems. These demographic and lifestyle factors drive the demand for orthopedic devices.
Regulatory Environment and Standards: Compliance with regulatory requirements and standards is critical for orthopedic device manufacturers. Stringent regulations ensure patient safety and product efficacy. Manufacturers must meet regulatory guidelines to obtain necessary approvals and certifications for their orthopedic devices, ensuring their market acceptance and driving market growth.
Market Snapshot:
Benchmark Year | 2022 | ||
Market Size | lock | ||
Market Growth (CAGR) | ~ 3% (2023-2030) | ||
Largest Market Share | North America | ||
Analysis Period | 2020-2030 | ||
Market Players | Smith & Nephew PLC, Stryker Corporation, B. Braun Melsungen AG, Medtronic PLC, and AGIS Network Inc. |
Market Insights:
The global orthopedic devices market is bifurcated into product, application, end-user, and geography. On the basis of product, the market is further segmented into surgical devices and accessories. The surgical devices dominated the global market and expected to hold the largest revenue share of over half of the market by the end of the analysis period. The increasing number of surgical procedures requiring more surgical instruments is a primary factor driving the segment growth. Furthermore, the rising investments by some of the key players and increasing R&D activities are expected to further boost the growth of the segment over the forecast period.
On the basis of application, the market is segmented into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, and others. The knee orthopedic devices segment dominated the global orthopedic devices market in 2021 and expected to hold the largest revenue share of around one-third market share by the end of the analysis period. The increasing number of knee surgeries around the world is a primary factor driving the segment growth. On the other hand, the Sports Injuries, Extremities and Trauma segment is accounted to grow at the highest growth rate over the forecast period due to the increasing number of road accidents and sports injuries.
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The orthopedic devices comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.
The orthopedic devices market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.
Historical & Forecast Period
- 2019-20 – Historical Year
- 2021 – Base Year
- 2022-2028 – Forecast Period
Market Segmentation:
By Product:
- Accessories
- Braces
- Consumables
- Others
- Surgical Devices
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Distracters
- Screw Drivers
- Others
By Application:
- Hip
- Knee
- Spine
- Cranio-Maxillofacial (CMF)
- Dental
- Sports Injuries, Extremities and Trauma (SET)
By End-User:
- Hospitals
- Orthopedic Clinic
- Ambulatory Surgical Centers
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis:
Geographically, North America dominated the global orthopedic devices market in 202 and accounted to hold the largest revenue share of over one-third market share by the end of the analysis period. The presence of well-structured healthcare infrastructure, increasing demand for advanced treatment facilities, and the presence of some major players are some major factors to drive the market growth in the region. Furthermore, the increasing prevalence rate of orthopedic disorders and the growing aging populations is further anticipated to fuel the market growth in North America. On the flip side, the Asia Pacific is accounted to register the fastest growth rate over the forecast period.
Competitive Assessment:
Some of the major market players operating in the global orthopedic devices market are Smith & Nephew PLC, Stryker Corporation, B. Braun Melsungen AG, Medtronic PLC, and AGIS Network Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.
Key Companies:
- Smith & Nephew PLC
- Stryker Corporation
- Braun Melsungen AG
- Medtronic PLC
- AGIS Network Inc.
- Zimmer Biomet
- DePuy Synthes
- Aesculap Implant Systems, LLC
- Conmed Corporation
- Donjoy, Inc.
Key Questions Answered by Orthopedic Devices Market Report
- Global orthopedic devices market forecasts from 2022-2028
- Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
- Country-level forecasts from 2022-2028 covering 15 major countries from the regions mentioned above
- Orthopedic devices submarket forecasts from 2022-2028 covering the market by product, by application, by end-user, and geography
- Various industry models such as SWOT analysis, Value Chain Analysis about the market
- Analysis of the key factors driving and restraining the growth of the global, regional, and country-level orthopedic devices markets from 2022-2028
- Competitive Landscape and market positioning of top 10 players operating in the market
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions
2. Executive Summary
2.1. Global Orthopedic Devices Market Portraiture
2.2. Global Orthopedic Devices Market, by Product, 2021 (USD Mn)
2.3. Global Orthopedic Devices Market, by Application, 2021 (USD Mn)
2.4. Global Orthopedic Devices Market, by End-User, 2021 (USD Mn)
2.5. Global Orthopedic Devices Market, by Geography, 2021 (USD Mn)
3. Global Orthopedic Devices Market Analysis
3.1. Orthopedic Devices Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. COVID-19 Impact Analysis
4. Global Orthopedic Devices Market By Product, 2019 – 2028 (USD Mn)
4.1. Overview
4.2. Accessories
4.2.1. Braces
4.2.2. Consumables
4.2.3. Others
4.3. Surgical Devices
4.3.1. Drill Guide
4.3.2. Guide Tubes
4.3.3. Implant Holder
4.3.4. Custom Clamps
4.3.5. Distracters
4.3.6. Screw Drivers
4.3.7. Others
5. Global Orthopedic Devices Market By Application, 2019 – 2028 (USD Mn)
5.1. Overview
5.2. Hip
5.3. Knee
5.4. Spine
5.5. Cranio-Maxillofacial (CMF)
5.6. Dental
5.7. Sports Injuries, Extremities, and Trauma (SET)
6. Global Orthopedic Devices Market By End-User, 2019 – 2028 (USD Mn)
6.1. Overview
6.2. Hospitals
6.3. Orthopedic Clinic
6.4. Ambulatory Surgical Centers
6.5. Others
7. North America Orthopedic Devices Market Analysis and Forecast, 2019 – 2028 (USD Mn)
7.1. Overview
7.2. North America Orthopedic Devices Market by Product, (2019-2028 USD Mn)
7.3. North America Orthopedic Devices Market by Application, (2019-2028 USD Mn)
7.4. North America Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
7.5. North America Orthopedic Devices Market by Country, (2019-2028 USD Mn)
7.5.1. U.S.
7.5.1.1. U.S. Orthopedic Devices Market by Product, (2019-2028 USD Mn)
7.5.1.2. U.S. Orthopedic Devices Market by Application, (2019-2028 USD Mn)
7.5.1.3. U.S. Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
7.5.2. Canada
7.5.2.1. Canada Orthopedic Devices Market by Product, (2019-2028 USD Mn)
7.5.2.2. Canada Orthopedic Devices Market by Application, (2019-2028 USD Mn)
7.5.2.3. Canada Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8. Europe Orthopedic Devices Market Analysis and Forecast, 2019 – 2028 (USD Mn)
8.1. Overview
8.2. Europe Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.3. Europe Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.4. Europe Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8.5. Europe Orthopedic Devices Market by Country, (2019-2028 USD Mn)
8.5.1. Germany
8.5.1.1. Germany Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.5.1.2. Germany Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.5.1.3. Germany Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8.5.2. U.K.
8.5.2.1. U.K. Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.5.2.2. U.K. Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.5.2.3. U.K. Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8.5.3. France
8.5.3.1. France Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.5.3.2. France Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.5.3.3. France Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8.5.4. Italy
8.5.4.1. Italy Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.5.4.2. Italy Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.5.4.3. Italy Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
8.5.5. Rest of Europe
8.5.5.1. Rest of Europe Orthopedic Devices Market by Product, (2019-2028 USD Mn)
8.5.5.2. Rest of Europe Orthopedic Devices Market by Application, (2019-2028 USD Mn)
8.5.5.3. Rest of Europe Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
9. Asia Pacific Orthopedic Devices Market Analysis and Forecast, 2019 – 2028 (USD Mn)
9.1. Overview
9.2. Asia Pacific Orthopedic Devices Market by Product, (2019-2028 USD Mn)
9.3. Asia Pacific Orthopedic Devices Market by Application, (2019-2028 USD Mn)
9.4. Asia Pacific Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
9.5. Asia Pacific Orthopedic Devices Market by Country, (2019-2028 USD Mn)
9.5.1. China
9.5.1.1. China Orthopedic Devices Market by Product, (2019-2028 USD Mn)
9.5.1.2. China Orthopedic Devices Market by Application, (2019-2028 USD Mn)
9.5.1.3. China Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
9.5.2. Japan
9.5.2.1. Japan Orthopedic Devices Market by Product, (2019-2028 USD Mn)
9.5.2.2. Japan Orthopedic Devices Market by Application, (2019-2028 USD Mn)
9.5.2.3. Japan Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
9.5.3. India
9.5.3.1. India Orthopedic Devices Market by Product, (2019-2028 USD Mn)
9.5.3.2. India Orthopedic Devices Market by Application, (2019-2028 USD Mn)
9.5.3.3. India Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
9.5.4. Rest of Asia Pacific
9.5.4.1. Rest of Asia Pacific Orthopedic Devices Market by Product, (2019-2028 USD Mn)
9.5.4.2. Rest of Asia Pacific Orthopedic Devices Market by Application, (2019-2028 USD Mn)
9.5.4.3. Rest of Asia Pacific Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
10. Latin America (LATAM) Orthopedic Devices Market Analysis and Forecast, 2019 – 2028 (USD Mn)
10.1. Overview
10.2. Latin America Orthopedic Devices Market by Product, (2019-2028 USD Mn)
10.3. Latin America Orthopedic Devices Market by Application, (2019-2028 USD Mn)
10.4. Latin America Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
10.5. Latin America Orthopedic Devices Market by Country, (2019-2028 USD Mn)
10.5.1. Brazil
10.5.1.1. Brazil Orthopedic Devices Market by Product, (2019-2028 USD Mn)
10.5.1.2. Brazil Orthopedic Devices Market by Application, (2019-2028 USD Mn)
10.5.1.3. Brazil Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
10.5.2. Mexico
10.5.2.1. Mexico Orthopedic Devices Market by Product, (2019-2028 USD Mn)
10.5.2.2. Mexico Orthopedic Devices Market by Application, (2019-2028 USD Mn)
10.5.2.3. Mexico Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
10.5.3. Rest of Latin America
10.5.3.1. Rest of Latin America Orthopedic Devices Market by Product, (2019-2028 USD Mn)
10.5.3.2. Rest of Latin America Orthopedic Devices Market by Application, (2019-2028 USD Mn)
10.5.3.3. Rest of Latin America Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
11. Middle East and Africa Orthopedic Devices Market Analysis and Forecast, 2019 – 2028 (USD Mn)
11.1. Overview
11.2. MEA Orthopedic Devices Market by Product, (2019-2028 USD Mn)
11.3. MEA Orthopedic Devices Market by Application, (2019-2028 USD Mn)
11.4. MEA Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
11.5. Middle East and Africa Orthopedic Devices Market, by Country, (2019-2028 USD Mn)
11.5.1. GCC
11.5.1.1. GCC Orthopedic Devices Market by Product, (2019-2028 USD Mn)
11.5.1.2. GCC Orthopedic Devices Market by Application, (2019-2028 USD Mn)
11.5.1.3. GCC Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
11.5.2. South Africa
11.5.2.1. South Africa Orthopedic Devices Market by Product, (2019-2028 USD Mn)
11.5.2.2. South Africa Orthopedic Devices Market by Application, (2019-2028 USD Mn)
11.5.2.3. South Africa Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
11.5.3. Rest of MEA
11.5.3.1. Rest of MEA Orthopedic Devices Market by Product, (2019-2028 USD Mn)
11.5.3.2. Rest of MEA Orthopedic Devices Market by Application, (2019-2028 USD Mn)
11.5.3.3. Rest of MEA Orthopedic Devices Market by End-User, (2019-2028 USD Mn)
12. Company Profiles
12.1. Smith & Nephew PLC
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. Stryker Corporation
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. B. Braun Melsungen AG
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. Medtronic PLC
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. AGIS Network Inc.
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. Zimmer Biomet
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. DePuy Synthes
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. Aesculap Implant Systems, LLC
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Conmed Corporation
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
12.10. Donjoy, Inc.
12.10.1. Business Description
12.10.2. Financial Health and Budget Allocation
12.10.3. Product Positions/Portfolio
12.10.4. Recent Development
12.10.5. SWOT Analysis
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