Orthopedic Device Market

Market Overview

The global orthopedic devices market size was valued at USD 60.12 billion in 2022. It is projected to reach USD 88.57 billion by 2031, growing at a CAGR of 4.4% throughout the forecast period (2023-2031). 

Orthopedic devices are used to detect and treat muscle-skeletal deformities and injuries and can be categorized into arthroscopic devices, spinal devices, joint reconstruction, trauma fixation devices, accessories, braces, and orthobiologics. The market for medical devices is fueled by a number of factors, including the rising incidence of musculoskeletal disorders and osteoporosis, technological advancements, sports, and traumatic injuries, and an aging population. For instance, orthopedic concerns are the main cause of patient visits to doctors in the U.S., according to Definitive Healthcare, LLC. Orthopedic devices are made to treat musculoskeletal issues that affect the bones or joints. Pins, cages, rods, spacers, plates, and screws that function as an anchor to better align broken bones are the most popular devices. Growing surgical procedures utilizing a range of orthopedic implant and instrument categories are anticipated to drive market expansion.

Market Dynamics

Global Orthopedic Devices Market Drivers

Rising Cases of Orthopedic Deformities and Injuries

A rapid increase in the prevalence of musculoskeletal diseases and orthopedic injuries resulting in limited mobility and excruciating physical pain will be the primary factors driving demand for these devices over the forecast period. Based on a report published by the American Academy of Orthopedic Surgeons, approximately 6.8 million orthopedic injury patients seek medical treatment annually in the United States alone. In addition, a substantial increase in the incidence of osteoporosis (brittle bone), which is characterized by a low bone-to-mass density ratio and physical deterioration of bone tissues, is anticipated to drive the demand for orthopedic surgical devices in the coming years. According to data published by the National Institutes of Health (NIH), over 53 million people in the United States are anticipated to have osteoporosis and have an increased risk of developing the disease due to their low bone-to-mass ratio.

Rising Geriatric Population

The growing geriatric population and increase in orthopedic disorders will stimulate market expansion. The report on the aging of the world population by the United Nations estimates that 727 million people worldwide are 65 or older. By the end of 2050, the population is projected to double and reach 1.5 billion. According to projections, the proportion of older people in the global population will increase from about 9.3% in 2020 to 16% by 2050. The majority of orthopedic conditions are caused by aging and are anticipated to rise as the population ages. Adults aged over the age of 70 may experience an increase in medical comorbidities and a reduction in physiological reserve, mortality, and morbidity after trauma, respectively. Due to falls and other likely incidents, people in the 70+ age group are more inclined to sustain critical injuries. The National Trauma Database estimates that 25% of all trauma patients in the United States are elderly patients 65 years of age and older. The aging population increases the musculoskeletal system's vulnerability to injuries and diseases.

Global Orthopedic Devices Market Restraints

High Cost of Orthopedic Treatments

Despite the rising number of injuries and the aging population worldwide, the market growth is being constrained by the significant expense of treatment and post-surgical complications. Postoperative illnesses and an inability to reach the full range of motion are a few risks and complications connected with orthopedic surgical procedures that could limit market expansion.

Global Orthopedic Devices Market Opportunities

Increasing Technological Advancements

There has been a shift toward minimally invasive orthopedic surgery as a result of the growing use of advanced technologies in the minimally invasive surgery market, such as the utilization of robotics and computer-aided surgical devices. Quick recovery and shorter hospital stays are additional advantages of minimally invasive procedures, which are precise and cost-effective. Robots that assist surgeons throughout knee, hip, or spine treatments are becoming more and more common in the portfolios of orthopedic companies. Exosomes made from stem cells have recently become an efficient treatment alternative for bone regeneration. These tiny vesicles, known as exosomes, are naturally produced by cells and contain a wide range of molecules with biological activity. Exosomes have proven to be successful at delivering therapeutics, such as genes, to target cells because of their small size and capacity to cross cell membranes. Orthopedics is one of the numerous disciplines that has benefited from the advancement of 3D printing technology in the medical field. As technology advances, the application of 3d bioprinted bones and joints will increase over the coming years.

Regional Analysis

The global market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America region is the highest contributor to the market and is anticipated to grow at a CAGR of 3.8% throughout the forecast period. The regional market's most prominent drivers are the rising demand for specialized healthcare facilities and the presence of robust healthcare infrastructure and reimbursement coverage. In the U.S., the rising prevalence of orthopedic diseases and the acceptance of new care methods drive the market. As per the Bone and Joints Burden Organization, nearly one in every two people above the age of 18 and three of every four people above the age of 65 are affected by musculoskeletal disorders. As per the Centers for Disease Control and Prevention (CDC), in the U.S., over 54 million people aged 18 and above have arthritis, and the number is anticipated to reach about 78 million by 2040. The prevalence of accidental injuries, arthritis, and orthopedic disorders is creating massive demand for devices. The Association for Safe International Road Travel (ASIRT) states that nearly 2.35 million people are injured in road accidents, of which over 37,000 people die every year in the U.S. The American Physical Therapy Association states that 2.9 million sports injuries occur annually.

North America's orthopedic device market has been observing tough competition among the leading players adopting aggressive strategies to gain a competitive edge. In the U.S., market players are actively working to receive regulatory permits for their products. For instance, Globus Medical, Inc., a U.S.-based corporation, received more than 82 FDA product approvals. Similarly, medical technology manufacturers are now acquiring Asian firms to widen their geographical reach and gain significant market share in the orthopedic industry.

Europe is anticipated to witness dynamic growth in the market throughout the forecast period due to an increase in surgeries, a rise in awareness of technologically superior orthopedic devices, and a rise in the amount of money the local population spends on healthcare. Some of the smartest and most skilled orthopedic doctors are found in Germany. The need for orthopedic procedures in Germany has been gradually rising as a result of an aging population, and orthopedic surgeons there have met the challenge. German orthopedic surgeons provide patients with excellent care to make sure they maintain a good quality of life by implementing new technologies and creating novel techniques. A study from the Federal Association of Medical Technology found that joint replacement procedures in Germany have high patient satisfaction rates, declining rates of complications, and a growing use of new medical technologies for improved outcomes.

Asia-Pacific is anticipated to witness significant growth in the market throughout the forecast period. China and India are anticipated to have the world's largest geriatric population pools. As a result, demand from Asian countries is anticipated to skyrocket shortly. Furthermore, the thriving medical tourism industry, due to the availability of advanced orthopedic treatment options at cost-effective rates, is anticipated to attract an increasing number of patients from the geriatric population. Japan has a significant number of implant manufacturers and spends more money on healthcare than most other countries in the region. Furthermore, the rapid adoption of emerging technology is anticipated to drive regional market growth.

The LAMEA region is anticipated to witness moderate growth in the global market throughout the forecast period. The market is driven by the growing geriatric population, increasing prevalence of osteoporosis and osteoarthritis, and increasing instances of sports injuries and road accidents. Experts warn that osteoporosis is on the rise due to a sedentary lifestyle, poor diet, and a deficiency of vitamin D. The United Arab Emirates has one of the highest vitamin D deficiency rates in the world, making this a particular concern for the rising prevalence of orthopedic disorders.

Segmental Analysis

The global market is segmented by product and end-user.

Based on product, the global market is bifurcated into arthroscopy/soft-tissue, joint reconstruction, spine, trauma, and orthobiologics.

The arthroscopy segment is the highest contributor to the market and is anticipated to grow at a CAGR of xx% throughout the forecast period. Degenerative knee disorder is the most prevalent in the geriatric population; as per the WHO, about 25% of people aged 50 and above suffer from knee pain due to degenerative knee disorder. Arthroscopic knee surgery is the conventional orthopedic treatment for degenerative knee disease in the U.S. and developing countries.

The joint reconstruction segment is anticipated to witness a higher CAGR. Overuse and aging cause joints to weaken and become painful, limiting free movement, which interferes with daily life. Joint reconstruction can range from minor repairs to complete joint replacement. These treatment options can provide temporary pain relief as well as long-term solutions for joint disorders. Treatment is determined by the type and severity of the joint disorder.

Based on the end-use, the global market is bifurcated into ambulatory surgical centers and hospitals, and clinics.

The hospitals and clinics segment is the highest contributor to the market and is anticipated to grow at a CAGR of xx% throughout the forecast period. Orthopedic devices are mostly used in hospitals because they are surgically implanted. Hospitals treat a large number of patients who have suffered orthopedic injuries. Aside from diagnosis and treatment, satisfactory reimbursement policies provided by hospitals are a major factor responsible for the greater proportion of patients being treated in hospitals.

The ambulatory surgical center segment is anticipated to grow at a significant rate due to the growing adoption of less invasive treatments worldwide. Ambulatory Surgery Centers (ASCs) are modern healthcare facilities that specialize in same-day surgical care, as well as early diagnosis and preventive procedures.

Recent Developments

• September 2022, Medtronic partners with Titan Medical to develop a surgical robot system.
• March 2022, Zimmer Biomet launched WalkAI artificial intelligence model to anticipate postoperative recovery progress.