The global orthopedic devices market was valued at US$ 43.68 billion in 2020 and would reach US$ 66.13 by 2028; registering a CAGR of 5.3% from 2021 to 2028.
An orthopedic device is specialized equipment that is designed to correct musculoskeletal deformities and provide support by eliminating the motion in the deformed organ. As we get older, we begin to feel pain in our joints and bones, such types of pain may be acute in case of injury or long term because of a chronic condition. In such a case, the patient must consult a surgeon for the treatment. If medicines fail to work, the surgeon advises opting for implants. Orthopedics devices are widely used in fixation surgeries that aim to anchor damaged bones by the usage of implants like in the treatment of fractures, reconstructive surgery, and soft-tissue injuries. The orthopedic devices are made of stainless steel and titanium alloys, which are very strong and durable for the treatment of bone and muscles. In every 1000 people, 25 people go for orthopedic surgeries due to osteoarthritis. Research by the United Health Foundation states that every year, approx. 300,000 patients above 65 years were hospitalized for hip fractures caused by falling. The increasing number of musculoskeletal diseases and orthopedic injuries is giving rise to limited mobility henceforth, marking a hike in the global orthopedics devices market. In addition, increasing accidents and injuries in sports are boosting the global market growth. The orthopedic devices market ranks third in medical technology after cardiology and in-vitro diagnostics. Furthermore, MicroPort launched its Evolution NitrX Medial-Pivot Knee System which is highly efficient in reducing pain, very easy to use, and facilitates speedy recovery further boosting the global market.
The key factors such as the increasing number of orthopedic diseases, the rising geriatric population, growth in the number of musculoskeletal deformities, increasing aging population, accidents causing injuries, and increasing awareness among the people are certain factors that are responsible for the market growth of orthopedic devices globally. In addition, technological advancements of orthopedic devices and the introduction of innovative design along with increased efficiency of the devices further drive the global orthopedics devices market.
High costs of the implants, limited availability of specialty hospitals, stringent government policies, costly surgeries, low investments in the healthcare industry, and associated risks of side effects post-surgery hinder the global orthopedic devices market growth. However, the limited availability of skilled surgeons along with sky-high costs of the surgeries is the major factor that produces a hurdle in the growth of the global orthopedics market, especially in developing economies.
Extensive R&D is going on to extemporize the current technologies in orthopedic devices and to provide a better & innovative way of treatment. Furthermore, extensive investments and strategies like partnerships, collaborations, expansions, and product developments by the market players provide lucrative opportunities to the global orthopedic devices market growth.
The global orthopedic devices market is bifurcated on the basis of Product, Anatomical Location, Type of Consumables, and Region. The Product segment is classified into Implant holders, Guide tubes, Drill guides, Distracters, Custom clamps, and Screwdrivers. The Drill segment holds the largest market share among the other Product segments. The Anatomical Location segment is further sub-segmented into Knee, Shoulder, Foot, Ankle, Spine, Elbow, and Hip. The knee & hip segment is highly boosting the global market among all the segments due to an increase in the number of surgeries globally. Based on the Type of Consumables, the global orthopedic devices market is fragmented into Orthopedic Staples and Orthopedic Suture Anchors. The Orthopedic Suture sub-segment is further classified into Resorbable suture anchors & Metallic suture anchors. In the Type of Consumables segment, the Orthopedic suture anchors segment dominates the global market.
Based on region, the global orthopedic devices market is fragmented into North America, Europe, Asia-Pacific (APAC), and RoW. North America is further classified into U.S. & Canada. Europe is further segmented into Germany, the U.K., France, rest of Europe. Asia-Pacific is segmented into China, Japan, India, rest of APAC. RoW covers Southern America and MEA. Currently, North America dominates the global orthopedic devices market due to specific reasons like extensive investments in the healthcare industry, improved infrastructure, accelerated R&D, and advanced healthcare systems. Europe ranks second in the global orthopedic devices market. However, APAC is expected to register the highest number of CAGR in the forecast period 2021 – 2028 due to the growing geriatric population along with the increasing obesity in developing countries like China & India respectively.
Medtronic, Zimmer Biomet, Stryker, ConforMIS, DJO Global, NuVasive, Globus Medical, Medacta, DePuy Synthes, MicroPort Scientific Corporation (Wright Medical Group), Smith & Nephew, and Biome are the prominent players of the global orthopedic devices market.
Market Segmentation and Scope of the Global Orthopedic Devices Market
Prominent Players of the Global Orthopedic devices market