Orthopedic Devices Market - By Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Ortho biologics, Arthroscopic Devices) & Forecast, 2023-2032

Orthopedic Devices Market - By Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Ortho biologics, Arthroscopic Devices) & Forecast, 2023-2032

Orthopedic Devices Market Size

Orthopedic Devices Market size valuation exceeded USD 49.5 billion in 2022. Driven by the significant upsurge in the number of people suffering from orthopedic diseases, the industry is anticipated to progress at more than 3.5% CAGR from 2023 to 2032.
 

The escalating rate of orthopedic surgeries in developed nations is expected to foster market growth. The proliferating geriatric population, especially in Australia, is responsible for the increase in surgical procedures, particularly for knee and hip replacements. According to the Australian Institute of Health and Welfare, musculoskeletal procedures increased by 18%, and the most common age range for these surgeries was between 55 and 64. The demand for revision implants is also rising with an increase in the number of orthopedic surgeries conducted in recent years.
 

Likewise, mounting occurrences of orthopedic diseases are propelling product adoption on account of high incidence rates of osteoarthritis (degenerative bone disease) and osteoporosis caused by extreme obesity. Obesity is a key factor raising concerns regarding osteoarthritis due to unhealthy body weight combined with a lack of exercise among people. Osteoarthritis inhibits over 25% of people from performing their regular activities and causes concerns about movement in over 80% of patients in emerging countries, which is providing lucrative opportunities for the orthopedic devices market expansion.
 

High prices of these devices may restrain industry progression

The excessive cost of orthopedic devices is a major factor restraining the orthopedic devices market growth. The adoption of orthopedic devices may decline in low-income nations due to their expense. The market's expansion is further hampered by costly joint reconstruction devices and necessary orthopedic implant accessories. Nonetheless, several governments across regions are implementing various schemes to lower the cost of these procedures, which is foreseen to aid market players in eventually overcoming this constraint.
 

Orthopedic Devices Market Analysis

In terms of product, the orthopedic devices market is categorized into joint reconstruction devices, trauma fixation devices, spinal devices, arthroscopic devices, ortho biologics, and others. The spinal devices segment is estimated to progress at more than 2.5% CAGR from 2023 to 2032. Ongoing technological advancements in spinal devices are stimulating segment growth. Moreover, increasing cases of spinal disorders, a growing obese population base, expanding geriatric population pool, the introduction of advanced cost-effective devices, and the soaring demand for minimally invasive procedures are some additional factors that are driving the segment progress.
 

Asia Pacific orthopedic devices market is foreseen to reach USD 15 billion by 2032. This is attributed to substantial investments and R&D projects by industry players and surging incidences of orthopedic injuries, traumatic fractures, and road accidents, among others, in the APAC region. As per recent studies, China accounted for around 1.2 billion individuals suffering from osteoarthritis, with over 55% of them being above 60 years of age.
 

Orthopedic Devices Market Share

• Alphatec Spine Inc.
• Stryker Corporation
• AAP Implantate AG
• B. Braun Melsungen AG
• Arthrex
• ConforMIS, Inc.
• DePuy Synthes (Johnson and Johnson)
• CONMED Corporation
• DJO Global
• Integra LifeSciences
• Globus Medical
• Medacta
• Medtronic plc
• NuVasive
• Microport Scientific Corporation
• Smith & Nephew
• Waldemar LINK
• TriMed Inc.
• Zimmer Biomet

are some key companies in the market. These firms engage in strategic acquisitions & mergers to enhance their market standing.

Impact of COVID-19 Pandemic

During the COVID-19 pandemic, the conservation of important healthcare resources was prioritized, which pushed surgeons to only conduct essential surgical procedures. This impacted the market expansion for orthopedic devices negatively. However, several hospitals, surgeons, and healthcare organizations are working on restoring the pre-pandemic flow of orthopedic surgeries. In order to modify COVID-19 standards and ensure the safety of patients and employees, policies such as the Enhanced Recovery after Surgery (ERAS) programs are being enhanced to minimize hospital stays, surgical complications, and morbidity. Consequently, such improvements in surgical techniques are likely to support the orthopedic devices industry progress.
 

The orthopedic devices market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments

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By Product

• Joint Reconstruction Devices
  • Hip Replacement
  • Knee Replacement
  • Ankle Replacement
  • Shoulder Replacement
  • Others
• Spinal Devices
• Trauma Fixation Devices
• Ortho biologics
• Arthroscopic Devices
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE