Global Orthopedic Devices Market, By Products (Orthopedic Fixation Devices, Orthopedic Replacements Devices, Orthopedic Prosthetics, Orthopedic Braces and Support Products, Spinal Implants and Surgical Devices, Arthroscopy Instruments, Orthobiologics, Bone Graft Substitutes), Site (Knee and Thigh Implants, Shoulder, Hip Implants, Hand and Wrist, Foot and Ankle Implants, Spine, Arm and Elbow, and Craniomaxillofacial Implants), Application (Fracture Treatment and Recovery, Ligament Injuries, Neurological Disorder, Diabetic Foot Diseases, and Spinal Fusion, Fixatation, and Decompression) End User (Hospitals, Ambulatory Care Center, Specialized Clinics, Orthopedic Centers, Home Care Settings, and Others) – Industry Trends and Forecast to 2031.
Orthopedic Devices Market Analysis and Size
The orthopedic devices market experiences continuous advancement, leveraging the latest methods and technologies to cater to growing needs. With innovations such as 3D printing and minimally invasive techniques, orthopedic devices are becoming more precise and efficient. This growth is fueled by increasing cases of orthopedic conditions globally, emphasizing the importance of cutting-edge solutions to enhance patient outcomes and quality of life.
The global orthopedic devices market size was valued at USD 5.20 billion in 2023 and is projected to reach USD 8.47 billion by 2031, with a CAGR of 6.3% during the forecast period 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Products (Orthopedic Fixation Devices, Orthopedic Replacements Devices, Orthopedic Prosthetics, Orthopedic Braces and Support Products, Spinal Implants and Surgical Devices, Arthroscopy Instruments, Orthobiologics, Bone Graft Substitutes), Site (Knee and Thigh Implants, Shoulder, Hip Implants, Hand and Wrist, Foot and Ankle Implants, Spine, Arm and Elbow, and Craniomaxillofacial Implants), Application (Fracture Treatment and Recovery, Ligament Injuries, Neurological Disorder, Diabetic Foot Diseases, and Spinal Fusion, Fixatation, and Decompression) End User (Hospitals, Ambulatory Care Center, Specialized Clinics, Orthopedic Centers, Home Care Settings, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Zimmer Biomet (U.S), Smith+Nephew (Germany), Medtronic (Ireland), Stryker (U.S), B. Braun SE (Germany), NuVasive, Inc. (U.S), Enovis Corporation (U.S), Institut Straumann AG (Switzerland), OSSTEM IMPLANT CO., LTD. (South Korea), Narang Medical Limited (U.S), Globus Medical (U.S), Arthrex, Inc. (U.S), CONMED Corporation (U.S), Integra LifeSciences Corporation (U.S), RTI Surgical (U.S), W. L. Gore & Associates, Inc. (U.S), Corin Group (U.S), and Johnson & Johnson Services, Inc. (U.S)
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Market Opportunities
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Market Definition
Orthopedic devices are specialized tools designed to support, protect, or correct musculoskeletal issues. They encompass a wide range of products, including braces, splints, casts, and joint implants. These devices are used to treat injuries, relieve pain, aid rehabilitation, and improve mobility for conditions such as fractures, arthritis, and sports injuries. They play a crucial role in orthopedic care and rehabilitation.
Orthopedic Devices Market Dynamics
Drivers
- Increasing Sports Injuries
The surge in sports-related injuries, owing to increased participation in physical activities, propels the demand for orthopedic implants and devices. For instance, the rise in professional and amateur athletes has led to a higher incidence of injuries such as ACL tears, requiring surgical intervention and rehabilitation. This trend drives the orthopedic devices market as athletes seek advanced treatment options to recover quickly and return to their sports activities.
- Insurance Coverage and Reimbursement Policies
Adequate insurance coverage and favorable reimbursement policies play a crucial role in driving the orthopedic devices market by easing financial burdens for patients. For instance, in countries such as Germany and Japan, where comprehensive healthcare coverage is provided by the government, patients have easier access to orthopedic procedures such as joint replacements and spinal surgeries. This encourages more individuals to seek timely treatment, thereby contributing to the market's growth.
Opportunities
- Rising Prevalence of Chronic Diseases
Rising prevalence of chronic diseases such as obesity and diabetes significantly drives the orthopedic devices market. These conditions increase the risk of musculoskeletal disorders and joint pain, necessitating orthopedic interventions. For instance, obesity can lead to osteoarthritis, requiring joint replacement surgeries. As more individuals are diagnosed with such chronic ailments, the demand for effective orthopedic devices to manage and treat these conditions escalates, propelling market growth.
- Rising Patient Preference for Minimally Invasive Procedures
The orthopedic devices market is being propelled by a surge in patient demand for minimally invasive procedures. These techniques offer shorter recovery periods, diminished discomfort, and decreased complication risks. For instance, the demand for arthroscopic knee surgeries has risen significantly due to their minimally invasive nature, enabling quicker rehabilitation and enhanced patient satisfaction. This preference is stimulating the market for associated orthopedic devices catering to such procedures.
Restraints/Challenges
- Lack of Skilled Professionals
The shortage of skilled orthopedic surgeons and healthcare professionals trained to use advanced orthopedic devices hinders market growth. This gap in expertise limits the adoption and effective utilization of new technologies, reduces the quality of patient care, and delays surgical procedures, impacting overall market expansion and innovation within the orthopedic devices industry.
- High Cost of Orthopedic Devices
High costs of orthopedic devices and surgical procedures significantly limit patient access, particularly for those without adequate insurance coverage. This financial barrier hinders market growth, as many patients are unable to afford necessary treatments, thereby reducing overall demand and restricting market expansion.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In March 2022, Exactech, Inc., a leading manufacturer of innovative orthopedic implants, introduced its Equinoxe Humeral Reconstruction Prosthesis to the European market. This advanced device, designed to address a wide range of proximal humeral bone loss, became available in major markets including Italy, France, Spain, Germany, and Great Britain, enhancing treatment options for patients in these countries
- In October 2020, Medtronic announced the availability of their Adaptix Interbody System in the United States. This system, distinguished as the first guided titanium implant featuring Titan nanoLOCK Surface Technology, significantly bolstered Medtronic’s market credibility and demand. The innovative product has contributed to increased revenue and a strengthened market presence in the region
- In September 2020, Smith & Nephew plc revealed the launch of its REDAPT System for revision total hip arthroplasty (rTHA) in the Chinese market. This introduction has markedly increased the company's sales and demand in the Asia-Pacific area, highlighting the growing acceptance and success of Smith & Nephew’s advanced orthopedic solutions in this significant market
Orthopedic Devices Market Scope
The market is segmented on the basis of products, site, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Products
- Orthopedic Fixation Devices
- Orthopedic Replacements Devices
- Orthopedic Prosthetics
- Orthopedic Braces and Support Products
- Spinal Implants and Surgical Devices
- Arthroscopy Instruments
- Orthobiologics
- Bone Graft Substitutes
Site
- Knee and Thigh Implants
- Shoulder
- Hip Implants
- Hand and Wrist
- Foot and Ankle Implants
- Spine, Arm and Elbow
- Craniomaxillofacial Implants
Application
- Fracture Treatment and Recovery
- Ligament Injuries
- Neurological Disorder
- Diabetic Foot Diseases
- Spinal Fusion, Fixatation, and Decompression
End User
- Hospitals
- Ambulatory Care Center
- Specialized Clinics
- Orthopedic Centers
- Home Care Settings
- Others
Orthopedic Devices Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by country, products, site, application, and end user as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia Pacific is expected to grow at the fastest rate in the orthopedic devices market due to developing economies such as China and India. Government initiatives on research and development projects and investment in enhancing healthcare infrastructure will drive significant market expansion in this region.
North America is expected to dominate the orthopedic devices market due to an aging population and rising incidences of orthopedic disorders. The presence of key companies in the region further fuels market expansion, driving innovation and accessibility in orthopedic care and treatments.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.
Competitive Landscape and Orthopedic Devices Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Zimmer Biomet (U.S)
- Smith+Nephew (Germany)
- Medtronic (Ireland)
- Stryker (U.S)
- B. Braun SE (Germany)
- NuVasive, Inc. (U.S)
- Enovis Corporation (U.S)
- Institut Straumann AG (Switzerland)
- OSSTEM IMPLANT CO., LTD. (South Korea)
- Narang Medical Limited (U.S)
- Globus Medical (U.S)
- Arthrex, Inc. (U.S)
- CONMED Corporation (U.S)
- Integra LifeSciences Corporation (U.S)
- RTI Surgical (U.S)
- W. L. Gore & Associates, Inc. (U.S)
- Corin Group (U.S)
- Johnson & Johnson Services, Inc. (U.S)
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