Orthopedic Devices Market Size, Share & Trends Analysis Report By Application (Hip, Knee, Spine, Cranio-Maxillofacial, Dental, SET), By Product (Accessories, Surgical Devices), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global orthopedic devices market size was valued at USD 40.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.1% from 2022 to 2030. Market growth can be attributed to the high incidence of orthopedic disorders, such as degenerative bone disease, as well as the growing aging population and the rising number of road accidents. Furthermore, the early onset of musculoskeletal disorders, caused primarily by a sedentary lifestyle and obesity, is projected to fuel market growth. According to data published by the Global Burden of Disease in 2021, musculoskeletal conditions affect about 1.71 billion people in the world. Hence, an increase in musculoskeletal disorders is likely to drive the market from 2022 to 2030.

Currently, available trauma management techniques cannot help restore body parts completely due to the lack of efficient surgical tools. As a result, manufacturers are investing significantly in R&D to develop innovative and efficient devices. This increase in R&D activities is anticipated to ensure high market growth in the near future. An increase in the number of other bone-related disorders and technological advancements are expected to further boost the market. Obesity is one of the primary factors that can cause arthritis. According to studies published in the BMJ Journal in 2020, being overweight or obese increased the risk of knee Osteoarthritis (OA) by 2.5 to 4.6 times compared to being of normal weight.

Growing awareness about the availability of innovative products is pushing hospitals to constantly upgrade their devices and services. In addition, reimbursement coverage for orthopedic treatments has fueled the adoption of orthopedic surgeries. These factors allow customers to opt for advanced and higher-priced treatment options, thus, adding to the total revenue generated.

The introduction of advanced orthopedic devices is likely to reduce the price of older ones significantly. This helps increase the adoption of the latter across developing economies in Asia Pacific and the Middle East, where medical reimbursement availability is meager. The cumulative effect of these activities is expected to boost the procedural volume and market growth in the near future.

The COVID-19 pandemic adversely impacted the market due to the cancellation of elective procedures, low demand, and poor sales. Companies also had to face operational challenges due to supply chain disruptions, business closures, travel restrictions, employee illness or quarantines, stay-at-home protocols, and other extended interruptions. In the U.S., for instance, several public health bodies recommended postponing elective surgeries to prevent cross-infection and meet the demand for managing COVID-19 patients.

With the incidence of COVID-19 decreasing, several regulatory bodies released guidelines to help safely resume elective surgeries. These include guidelines prescribed by the American Hospital Association, American College of Surgeons, American Society of Anesthesiologists (ASA), and Association of Perioperative Registered Nurse. Gradual market recovery is anticipated over the coming years, owing to an increase in the target population, resumption of elective surgeries, and a backlog of planned surgeries.

Application Insights

The knee orthopedic devices segment captured the largest market share of over 28.2% 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 3.0% 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 Companies & Market Share Insights

The global market is oligopolistic with a few international players holding over 80.0% of the market share. The companies focus on product development and offering orthopedic devices at competitive prices, especially in developing economies. The introduction of minimally invasive orthopedic devices for one-time procedures is expected to boost the number of procedures in developed and developing economies.

New key developments, such as partnerships, product approvals, acquisitions, and product launches, can positively impact the market in the coming years. For instance, in November 2020, Medtronic PLC launched Adaptix Interbody System a titanium spinal implant. Medtronic also purchased Titan Spine, privately-held surface technology and titanium spine interbody implant firm, in 2019. Such initiatives can further contribute to market growth. Some prominent players in the global orthopedic devices market include:

• Medtronic PLC

• Stryker Corporation

• Zimmer-Biomet Holdings, Inc.

• DePuy Synthes

• Smith and Nephew PLC

• Aesculap Implant Systems, LLC

• Conmed Corporation

• Donjoy, Inc.

• NuVasive, Inc.

Orthopedic Devices Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global orthopedic devices market report based on product, application, and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Hip

  • Knee

  • Spine

  • Cranio-Maxillofacial (CMF)

  • Dental

  • Sports Injuries, Extremities and Trauma (SET)

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Accessories

    • Braces

    • Consumables

    • Others

  • Surgical Devices  

    • Drill Guide

    • Guide Tubes

    • Implant Holder

    • Custom Clamps

    • Distracters

    • Screw Drivers

    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia