According to Vision Research Reports, the global orthopedic devices market size is expected to hit around US$ 57.7 billion by 2030 from valued at US$ 46.1 billion in 2020 and is growing at a CAGR of 5.1% from 2022 to 2030.
According to Vision Research Reports, the global orthopedic devices market size is expected to hit around US$ 57.7 billion by 2030 from valued at US$ 46.1 billion in 2020 and is growing at a CAGR of 5.1% from 2022 to 2030.
Orthopedic devices which are intended to stabilize the body posture, by treating the deformities and restore the normal skeletal function either by replacing or reinforcing the damaged part. In addition, these innovations coupled with modern diagnostic techniques and have significantly reduced the need of complex surgical procedures in orthopedics. Furthermore, as per World Health Organization (WHO), in 2017, the prevalence of musculoskeletal conditions increases with age. Moreover, Pattern and prevalence of orthopedic problems varies from region to region, due to difference in environmental, racial and geographic factors. For instance, as per the data published by WHO, in 2017, musculoskeletal condition was excessive in the East Mediterranean and African region.
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Scope of the Report
| Report Coverage | Details |
| Market Size in 2021 | USD 46.1 Billion |
| Revenue Forecast By 2030 | USD 57.7 Billion |
| CAGR | 5.1% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
Mergers, acquisitions, and new product launches are few strategies adopted by top key players. Recently, Wright Medical Group, Inc. and Tornier N.V. have entered into a merger agreement to strengthen the business expansion and broaden the global reach of their upper and lower extremity product portfolio, which resulted in uplifting the growth of the orthopedic devices market. Similarly, the companies such as Tecomet Inc. has acquired Symmetry Medical, for creating one of the largest business expansion across the globe such as 18 facilities across 5 countries. Moreover, in Feb 2019, Medtronic launched a first demineralized bone matrix product named Grafton (TM) Demineralized Bone Matrix (DBM) bone, in Japan. There are many such advances and product launches by these key players occurred recently, which lead to offer a lucrative opportunities for the growth of orthopedic devices during the forecast period.
Major factors such as rise in prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis. In addition rapid increase in the aging population across the globe are the factors that are driving the market. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies hamper the growth of the orthopedic devices market. On the contrary, emerging economies offer lucrative opportunities for the growth of the orthopedic devices market in near future.
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Application Insights
The knee orthopedic devices segment captured the largest market share of over 29% in 2021. This segment is anticipated to maintain its leading position from 2022 to 2030, owing to the growing volume of knee surgeries. However, high costs and longer follow-up periods are major factors challenging segment growth. Moreover, stringent regulatory guidelines for the approval of class III medical devices are slowing down the approval of these devices.
The Sports medical, Extremities & Trauma (SET) segment is expected to register the fastest CAGR from 2022 to 2030. A rise in sports and road injuries, coupled with high awareness about the availability of treatments, is anticipated to fuel the demand for orthopedic devices in foot and ankle applications.
High demand for devices that support immediate cure is anticipated to trigger the entry of innovative products into the orthopedic devices market. In addition, organizations working to boost the morale of athletes disabled by sports injuries are expected to boost R&D activities in the sports industry.
Product Insights
Based on products, the market is categorized into accessories and surgical devices. The accessories segment is expected to expand at the fastest CAGR of over 3.5% from 2022 to 2030. The accessories segment covers products such as braces, arthroscopes, and other consumables. This segment also includes other devices, such as sutures, plaster materials, and screws. The surgical device segment is further divided into drill guides, custom clamps, guide tubes, screwdrivers, and distracters, among others.
Advancements in these devices and tools are anticipated to further propel the demand in the near future. Improvements in technologies and types of implants used in surgical procedures are expected to further impel market growth from 2022 to 2030. Reduced prices of older versions, owing to the rapid pace of innovation and upgrades, are anticipated to create business major opportunities in emerging economies.
Regional Insights
North America led the global market for orthopedic devices with the largest revenue share of more than 46% in 2021. High demand for advanced healthcare services, owing to the presence of well-developed healthcare infrastructure, industry giants, and reimbursement coverage, is expected to drive the regional market. Constantly increasing target patient population owing to aging and rising car accidents are further fueling the number of orthopedic surgeries conducted in the region. The high prevalence of orthopedic conditions, coupled with the adoption of advanced treatment procedures, is anticipated to fuel market growth in the U.S.
Asia Pacific is expected to exhibit the fastest CAGR from 2022 to 2030. China and India are expected to account for the largest geriatric population pools in the world. Hence, demand from these countries is expected to grow significantly in the near future. In addition, the booming medical tourism industry owing to the availability of advanced healthcare treatments at cost-efficient rates is expected to attract more from the target patient population. Japan has a large number of implant manufacturers and higher healthcare expenditure than most other countries in its region. Moreover, the high adoption of new technology is expected to further fuel regional market growth.
Key Players
Medtronic PLC; Stryker Corporation; Zimmer-Biomet Holdings, Inc.; DePuySynthes; Smith and Nephew PLC; Aesculap Implant Systems, LLC; Conmed Corporation; Donjoy, Inc.; and NuVasive, Inc.
Market Segmentation
- Application Outlook
- Hip
- Knee
- Spine
- Cranio-Maxillofacial (CMF)
- Dental
- Sports Injuries, Extremities and Trauma (SET)
- Product Outlook
- Accessories
- Braces
- Consumables
- Others
- Surgical Devices
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Distracters
- Screw Drivers
- Others
- Accessories
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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