Orthopedic devices are medical devices that are used to treat and prevent musculoskeletal injuries and abnormalities. These devices aid in the replacement of missing or broken bones, as well as providing support for the fractured bone. They are frequently employed for anchoring fractured bones, and internal fixation surgery, which entails the placement of implants to cure broken bones. With accidents and sports injuries becoming more common, the number of orthopedic surgeries is increasing around the globe, which is hastening the adoption of orthopedic devices. In addition, technological advancements are increasing the demand for orthopedic equipment.
Additionally, the increasing frequency of orthopedic ailments, such as degenerative bone disease, as well as the growing aging population, and the rising number of road accidents are driving market expansion. As per a report by the World Health Organization (WHO), musculoskeletal problems affect 20-33% of persons across the globe. This will expand the market on account of the improved diagnostics that aid in the detection of osteoporosis fractures and early onset of musculoskeletal problems, which are mostly caused by a sedentary lifestyle and obesity. Moreover, the incorporation of advanced technology across medical devices has made it possible for healthcare specialists to observe patients on a micro-level with great efficiency. In recent times, industry players are working on the development of smart implants including smart spinal implants which are further expected to provide significant thrust to the market growth.
The increasing use of joint repair devices to augment the expansion
Orthopedic operations include joint reconstruction as a standard procedure. Osteoporosis, arthritis, and bone degenerative illnesses are among the most common ailments that cause joint damage. According to the orthopedic devices market trends, the market across the globe is expected to lead the joint reconstruction segment. The presence of a huge patient pool in need of knee, elbow, and shoulder replacement procedures, as well as increased investment in R&D by key market participants, are important growth levers for the joint reconstruction segment. The rise in minimally invasive and interbody fusion surgeries, as well as the increased use of synthetic cages and the addition of pedicle screws as fixation devices, are all contributing to the growth of the orthopedic devices market. Emerging players in the hip implants sub-segment are expected to benefit from advances in 3D printing and personalized implant technology. The market for joint reconstruction devices is expected to be driven by the rising frequency of orthopedic disorders and an aging population.
The price gap is strengthening the market for orthopedic devices in the Asian Countries
Elective surgeries are being prioritized as the global healthcare system recovers from the pressures of COVID-19. In the near future, this is projected to increase demand for orthopedic devices. The regional orthopedic devices market share in the Asia Pacific is likely to be driven by the significant incidences of orthopedic disorders, such as degenerative bone disease, as well as the growing aging population and the rising number of road accidents across the countries of the region. Moreover, increasing medical tourism industry in the region as well as an increase in per capita healthcare spending. Overseas patients are cited to be attracted to India because of the lower cost of orthopedic operations. According to the survey, India has a 20% lower cost of healthcare than the US, while Thailand has a 30% lower cost.
The market in North America is due to an increase in the number of individuals who require orthopedic surgery and is expected to grow at a steady pace owing to a range of third-party payers such as governments, local dealers, and private health insurance organizations. As a result, the need for technologically advanced orthopedic devices has increased, compelling major market players to set up shop in the region. The growth of the market for joint reconstruction orthopedic devices in Europe is cited to rise owing to a growing preference for minimally invasive treatments and an increase in the number of joint reconstruction surgeries. In addition, in Europe, easy access to minimally invasive operations has aided in expanding the area of demand for joint reconstruction devices.
Market Structure and Competitive Landscape
The market across the globe is extremely fragmented, with a variety of multinational and regional manufacturers competing. The companies concentrate on product development and providing orthopedic devices at affordable prices, particularly in emerging markets. In both established and developing countries, the introduction of minimally invasive orthopedic devices for one-time treatments is predicted to increase their adoption in a wide number of procedures. Regulatory approvals, technologically sophisticated products, the launch of new products, and acquisitions and collaboration agreements with other companies are all priorities for key competitors in the orthopedic devices market. The global orthopedic devices market size is expected to increase as a result of these strategies. The prominent players in the market are Medtronic PLC, DePuy Synthes (Johnson & Johnson), Stryker Corp., NuVasive Inc., B.Braun Melsungen AG, Zimmer Biomet, Globus Medical Inc., Orthofix Medical Inc., Aesculap Inc., CONMED Corp., and Donjoy Inc. among others. Some of the recent developments in the market include,
- In March 2021, Implanet, a medical technology company specializing in knee-surgery implants, acquired Orthopaedic & Spine Development (OSD).
- In November 2020, Medtronic PLC launched the Adaptix Interbody System, a titanium spinal implant. Titan Spine, a privately held surface technology and titanium spine interbody implant company, was also purchased by Medtronic. Such measures will help the market flourish even further.
- In September 2020, Smith & Nephew announced the purchase of Integra LifeSciences’ extremities orthopedics division for US$ 240 Million. The company was able to grow and strengthen its product line as a result of this acquisition.
- In March 2018, Stryker Spine acquired FDA 510(k) clearance to market Tritanium TL, a 3D-printed curved posterior lumbar interbody fusion cage that is hollow and has solid and porous materials that are manufactured at the same time using AMagine, Stryker’s proprietary additive manufacturing technology.
Key Market Segmentation
RationalStat has segmented the global orthopaedic devices market on the basis of application, product, surgery type, end user, and region.
- By Application
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Dental Orthopedic Devices
- Sports Injuries, Trauma, and Extremities (SET) Orthopedic Devices
- Craniomaxillofacial (CMF) Orthopedic Devices
- By Product
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Screw Drivers
- By Surgery Type
- Open Surgery
- Minimally Invasive Surgery
- By End User
- Orthopedic Clinics
- Others (Ambulatory Surgical Centers etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, company documents, International Air Transport Association (IATA),
- Industry and market-related documents available in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for medical device companies, healthcare facilities, surgical devices companies, educational organizations, investment firms, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global orthopedic devices market is expected to grow at a CAGR of approximately 2.9% during the forecast period 2022-2028.
Asia Pacific holds a prominent share of the global orthopedic market.
The global market for orthopedic was US$ 39 Billion in 2021.
The emergence of smart implants and the growing orthopedic disorders among the global population are the major factors to influence the growth of the global orthopedic market.
Major companies operating in the global orthopedic market are Medtronic PLC, DePuy Synthes (Johnson & Johnson), Stryker Corp., NuVasive Inc., B.Braun Melsungen AG, Zimmer Biomet, Globus Medical Inc., Orthofix Medical Inc., Aesculap Inc., CONMED Corp., and Donjoy Inc. among others.