Orthopedic Devices Market Size Worth US$ 58.89 by 2032

The global orthopedic devices market size was valued at USD 48.08 billion in 2022, and it is expected to reach around USD 58.89 bn by 2032 with a CAGR of 2.10% from 2023 to 2032.

Orthopedic Devices Market Size 2023 to 2032

Table of Contents

Key Takeaway

North America region has accounted highest revenue share for 48% in 2022.
By application, the knee orthopedic devices segment has held revenue share of over 29.51% in 2022.
By products, the surgical devices segment has captured 56% revenue share in 2022. However, the accessories segment is growing at a CAGR of 3.5% from 2023 to 2032.
Asia Pacific is poised to grow at the fastest CAGR from 2023 to 2032.

Orthopedic devices are intended to inhibit or manage musculoskeletal harms, while straighten fragile limbs or joints. They are employed to substitute missing bone or joints or to offer support to the injured bone. Orthopedic surgeries that integrate robotics are less invasive and provide reproducible precision, subsequent in less hospital stays and quicker recovery times. In Switzerland, La Source clinics tasted a reduction in average hospitalization from 10 to 6 days by means of surgical robots. However, this technology is still costly to obtain, and robust, evidence-based studies are desirable to validate that robotic technology front-runners to improved outcomes.

Orthopedic devices are manufactured with the help of stainless steel and titanium alloys for strength, and plastic coating works as synthetic cartilage. In orthopedics, internal fixation is a surgery that involves incorporation of implants to heal the injured bone. Most general orthopedic medical devices are the pins, rods, screws, and plates that are utilized for fastening of fractured bones while they heal. At present, several biotechnology firms are employing stem cells for orthopedic treatment. For instance, BioTime emphases on stem cell therapies for age-linked degenerative ailments, Bio-Tissue on orthobiological solutions for cartilage flaws and IntelliCellBioSciences on adipose-derived stem cells for orthopedic diseases.

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Report Scope of the Orthopedic Devices Market

Report Highlights	Details
Market Size	USD 58.89 Billion by 2032
Growth Rate	CAGR of 2.10% from 2023 to 2032
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, End User, Region Type

Growth Factors

The global orthopedic devices market is expected to grow at a noteworthy rate during the estimate period on account of the increasing elderly population across the world. Aged people are highly prone to progress bone associated disorders which is estimated to upsurge demand for countless orthopedic devices and implants from this population. Further, escalating frequency of obesity and diabetes, absence of physical activity, poor diet, and intensifying trend of alcohol consumption and smoking are some more factors that can lead injury to bone health. This will offer alluring prospects for orthopedic devices market in the near future.

The number of people undertaking joint replacement surgeries like total knee and hip replacement has augmented gradually and endures to upsurge, owing to a growth in the aging population. The upsurge in the musculoskeletal diagnoses and osteoporosis-related fractures is motivating the demand for orthopedic implants amongst the populace aged 65 years or older. The global orthopedic device market is compelled by the rising government focus on plummeting disease charge burden due to rising incidence of aged population.

Report Highlights

Global orthopedic devices market is extremely fragmented. Market companies emphasis on constant product advancements and proposing orthopedic devices at competitive prices, particularly in emerging nations.
High pervasiveness of orthopedic conditions along with implementation of progressive treatment procedures is predicted to prosper growth of the market in the U.S.
Minimally invasive orthopedic devices that do not need repeat procedures are estimated to lift the quantity of procedures in the established and emergent regions.

Regional Snapshots

North America dominated global orthopedic devices market in 2019 due to high demand for progressive healthcare services and existence of well-built healthcare infrastructure. Further, presence of market giants and repayment coverage are some of the factors motivating the regional growth of the market.

As per Arthritis Research report (UK), on “The State of Musculoskeletal Health 2018”, approximately 17.8 million people are projected to live with a musculoskeletal disorder in the UK, which is about 28.9% of the total population. These statistics demonstrate that the number of orthopedic surgeries is growing progressively, which may lead to surge in the demand for orthopedic implants in this region.

Demand for orthopedic surgeries in India and China is also anticipated to grow extremely in the nearby future. Moreover, growing medical tourism, due to the obtainability of cost efficient and cutting-edge healthcare treatment selections, than other regions, and cumulative implementation of innovative technologies are boosting the demand for the orthopedic devices t in Asia Pacific.

Key Players & Strategies

Companies financing significantly in robotics include Stryker, Zimmer Biomet, Smith & Nephew, Mazor Robotics, OMNlife Science Inc., Think Surgical, Verb Surgical and Intuitive Surgical. For illustration, Zimmer Biomet incorporated the ROSA robotic device utilized for spine and brain surgeries to its product selection via its acquisition of Medtech. Stryker acquired Mako Surgical Corp. in order to construct total knee and total hip replacement robotic products. Further, Smith & Nephew acquired Blue Belt Holdings for partial knee replacements for a robotic-assisted surgery product.

Medacta
DePuySynthes
Smith & Nephew
Stryker
Medtronic
Zimmer Biomet
MicroPort Scientific Corporation (Wright Medical Group)
DJO Global
ConforMIS
NuVasive
Globus Medical

Segments Covered in the Report

By Product Type

Joint Reconstruction
- Knee Replacement
  - Revision Knee Replacement Implants
  - Total Knee Replacement Implant
  - Partial Knee Replacement Implant
- Elbow & Shoulder Replacement
- Hip Replacement
  - Hip Resurfacing Implant
  - Total Hip Replacement Implant
  - Partial Hip Replacement Implant
  - Revision Hip Replacement Implant
- Others
Orthopedic Prosthetics
- Upper Extremity Orthopedic Prosthetics
- Lower Extremity Orthopedic Prosthetics
Spinal Devices
- Spinal Non-fusion Devices
- Spinal Fusion Devices
Trauma Fixation
- Nails and Rods
- Metal Plates & Screws
- Pins/Wires
- Others
Arthroscopy Devices
Orthopedic Accessories
- Removal systems
- Bone cement
- Casting system
Orthopedic Braces and Supports
- Upper Extremity Braces and Supports
- Low Extremity Braces and Supports
Others