Summation
- 2% in 2022 owing to the presence of a large number of major market players and high adoption of advanced technologies are the major driving factors.
- High adoption of minimally invasive surgeries and an increasing number of sports and road traffic accidents are expected to fuel growth of the market during the forecast period.
- Based on products, orthopedic implants segment held the majority share of the market in 2023, with a revenue of USD 37.
Orthopedic Devices Market
The “Global Orthopedic Devices Market Size, Share & Trends Analysis Report by Product (Drill Guides, Guide Tubes, Implant Holder), End-use (Hospitals, Outpatient Facilities), Region, and Segment Forecasts, 2024-2030″ report has been added to ResearchAndMarkets.com’s offering.
The global orthopedic devices market size is anticipated to reach USD 103.9 billion by 2030 and it is projected to grow at a CAGR of 5.3% from 2024 – 2030.
Major factors driving the market growth include high demand for orthopedic surgeries due to rising road accidents and prevalence of orthopedic diseases. Rise in geriatric population prone to orthopedic conditions primarily drives the global demand for orthopedic solutions. Effects of aging, such as lowering bone density and weakening of bones due to excessive loss of bone mass, are prominent in people from 25 to 54 years of age and becomes more noticeable after 55 years.
High adoption of minimally invasive surgeries and an increasing number of sports and road traffic accidents are expected to fuel growth of the market during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
Stringent procedures of regulatory approvals are anticipated to hinder market growth over the forecast period. In addition, high cost of devices and surgeries are some other factors likely to impede growth.
COVID-19 pandemic had a significant impact on the market. Elective orthopedic surgeries were postponed allocating resources for COVID-19 patients, leading to reduced demand. However, over time, the market adapted, focusing on infection control, remote consultations, and tele-rehabilitation. This pandemic accelerated digital health adoption, and implant materials evolved for patient safety.
Moreover, key players in the market, such as NuVasive, Inc.; Medtronic plc; Stryker Corporation; Zimmer Biomet; and Smith+Nephew, among others, are engaging in strategic initiatives such as partnerships, collaborations, new product launches, acquisitions, and expansions to strengthen their market position.
In January 2022, Smith+Nephew acquired Engage Surgical, which is involved in manufacturing cementless knee systems in the U.S. This acquisition is anticipated to enhance company’s position in meniscal tear solutions and other knee arthroscopy devices.
Orthopedic Devices Market Report Highlights
- Based on products, orthopedic implants segment held the majority share of the market in 2023, with a revenue of USD 37.1 billion owing to rapidly rising number of knee surgeries, hip replacement surgeries, and spinal implant surgeries
- Based on end-use, hospitals segment held the majority market share in 2023, with a revenue of USD 42.6 billion. This can be attributed to significant infrastructure advancements and availability of world-class treatment solutions
- North America captured the largest market share of 46.2% in 2022 owing to the presence of a large number of major market players and high adoption of advanced technologies are the major driving factors
- Asia-Pacific is anticipated to witness the fastest CAGR of 7.7% over the forecast period. Presence of a largely untapped market and supportive government regulations are expected to fuel the market growth in this region.
Competitive Landscape
- NuVasive, Inc
- Medtronic
- Stryker
- Zimmer Biomet
- Smith+Nephew
- Aesculap Implant Systems, LLC (B.Braun)
- CONMED Corporation.
- DePuy Synthes (Johnson & Johnson)
- Enovis (DJO, LLC).
Key Topics Covered:
Chapter 1. Research Methodology and Scope
Chapter 2. Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Regional Insights
2.4 Competitive Insights
2.5 Orthopedic Devices Market Snapshot
2.6 Orthopedic Devices Market Segment Snapshot
2.7 Orthopedic Devices Market Competitive Landscape Snapshot
Chapter 3. Orthopedic Devices Market Variables, Trends & Scope
3.1 Ancillary Market Outlook
3.2 Market Dynamics
3.3 Market Driver Analysis
3.3.1 Growing population aged 25 to 65 years and increasing burden of global geriatric population
3.3.2 Increasing adoption of minimally invasive treatments
3.3.3 Increasing number of sports injuries and road traffic accidents
3.3.4 Increasing reimbursement coverage
3.4 Market Restraint Analysis
3.4.1 Stringent regulatory framework
3.4.2 Increasing number of product recalls
3.4.3 Availability of alternative treatments
3.5 Orthopedic Devices Market Analysis Tools
3.5.1 Industry analysis – PORTER’S
3.5.2 Industry Analysis – PEST
3.6 Orthopedic Devices Market: Technology Trend Analysis
3.7 Orthopedic Devices Market: Product Pipeline Analysis
3.8 Orthopedic Disease Prevalence
3.8.1 North America
3.8.2 Europe
3.8.3 Asia-Pacific
3.8.4 Latin America
3.8.5 MEA
3.9 Impact of COVID-19 Pandemic on Orthopedic Devices Market
3.9.1 Current impact analysis
3.9.2 Future impact analysis
3.9.3 Impact on market players
Chapter 4. Orthopedic Devices Regulatory Framework
4.1 Regulatory Forces
Chapter 5. Orthopedic Devices Market: Product Estimates & Trend Analysis
5.1 Segment Dashboard
5.2 Orthopedic Devices Market: Product Movement Analysis, USD Million, 2022 & 2030
5.3 Drill Guides
5.3.1 Drill guides market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.4 Guide Tubes
5.5 Implant Holder
5.6 Custom Clamps
5.7 Distractor
5.8 Screw Drivers
5.9 Accessories
5.9.1 Accessories market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.9.1.1 Braces market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.9.1.2 Other Accessories market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10 Orthopedic Implants
5.10.1 Lower extremity implants
5.10.1.1 Hip implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10.1.2 Knee implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10.1.3 Foot and ankle implants market revenue estimates and forecasts, 2018-2030 (USD Million)
5.10.2 Upper extremity implants
5.10.2.1 Shoulder implants market revenue estimates and forecasts, 2018-2030 (USD Million)
5.10.2.2 Elbow implants market revenue estimates and forecasts, 2018-2030 (USD Million)
5.10.2.3 Hand & Wrist implants market revenue estimates and forecasts, 2018-2030 (USD Million)
5.10.3 Spinal implants
5.10.3.1 Spinal Fusion implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10.3.2 Spinal Non-Fusion implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10.4 Dental implants
5.10.4.1 Dental implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.10.4.2 Craniomaxillofacial implants market revenue estimates and forecasts, 2018-2030 (USD Billion)
5.11 Other Orthopedic Devices
5.11.1 Other orthopedic devices market revenue estimates and forecasts, 2018-2030 (USD Billion)
Chapter 6. Orthopedic Devices Market: End-use Estimates & Trend Analysis
6.1 Segment Dashboard
6.2 Orthopedic Devices Market: End Use Movement Analysis, USD Million, 2022 & 2030
6.3 Hospitals
6.4 Out Patient Facilities
Chapter 7. Orthopedic Devices Market: Regional Estimates & Trend Analysis By Product and By End-use
7.1 Orthopedic Devices Market Share, By Region, 2022 & 2030, USD Billion
Chapter 8. Competitive Landscape
8.1 Company Categorization
8.2 Company Overview
8.3 Financial Performance
8.4 Product Benchmarking
8.5 Company Heat Map Analysis
8.6 Strategy Mapping
8.6.1 Expansion
8.6.2 Partnership
8.6.3 Acquisition
8.6.4 Product/Service launch
8.6.5 Others
8.7 Participant Categorization
8.7.1 List of key emerging companies/technology disruptors/innovators
8.7.2 List of private and other companies
For more information about this report visit https://www.researchandmarkets.com/r/dbummb
