Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and the prevalence of orthopedic diseases.
The Orthopedic Devices market was valued at US$ 46.1 billion in 2020 and is expected to hit around US$ 57.7 billion by 2030 with a CAGR of 5.1% during forecast period 2021 to 2030.
Growth Factors
Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and the prevalence of orthopedic diseases.
The rise in geriatric population prone to orthopedic conditions is primarily pushing the demand for orthopedic solutions globally. Effects of aging such as lowering of bone density and weakening of bones due to excessive loss of bone mass are prominent in people from 25 to 54 years age group that become more noticeable after 55 years.
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High adoption of minimally invasive surgeries and an increasing number of sports and road traffic accidents are expected to fuel the growth of the orthopedic devices market growth during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
| Report Scope | Details |
| Market Size by 2030 | USD 57.7 Billion |
| Growth Rate from 2021 to 2030 | CAGR of 5.1 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Data | 2021 to 2030 |
Report Highlights
The knee orthopedic devices segment captured the largest market share in 2020. This segment is anticipated to maintain its leading position owing to the rising volume of knee surgeries. However, high costs and a longer follow-up period are the major factors challenging the growth. Moreover, stringent regulatory guidelines for approval of class III medical devices are slowing down the approval of these devices.
Sports medical, Extremities and Trauma (SET) segment is expected to register the fastest CAGR during the forecast period. Rise in sports and road injuries coupled with high awareness regarding the availability of treatments is anticipated 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 in the orthopedic devices market. In addition, sports organizations working to boost the morale of sportspersons disabled by sports injuries are expected to boost R&D activities in the sports industry.
On the basis of products, the market is categorized into accessories and surgical devices. The surgical device segment is further divided into drill guide, custom clamps, guide tubes, screwdrivers, and distracters, among others. 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 accessories segment is expected to expand at the fastest CAGR over the forecast period.
Advancements in these devices and tools are anticipated to further propel the demand in the near future. Technologies and types of implants used in surgical procedures are expected to further impel the market growth over the forecast period. Reduced prices of older versions owing to the rapid pace of innovation and upgrades are anticipated to create business opportunities, especially in emerging regions.
North America led the global market for orthopedic devices in 2020. High demand for advanced healthcare services owing to the presence of well-developed healthcare infrastructure, industry giants, and reimbursement coverage are some of the factors driving regional growth. Constantly rising target patient population owing to aging coupled with rising car accidents are fueling the number of orthopedic surgeries in the region. High prevalence of orthopedic conditions coupled with the adoption of advanced treatment procedures is anticipated to fuel market growth in the U.S.
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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