The Global Orthopedic Devices Market was valued at USD 44.09 billion in 2021 | DelveInsight

The global orthopedic devices market was valued at USD 44.09 billion in 2021, growing at a CAGR of 4.78% during the forecast period from 2022 to 2027 to reach USD 57.79 billion by 2027.

The orthopedic devices market is slated to witness increasing revenue owing to factors such as a growing population of people above the age of 65, a rise in the cases of bone disorders such as osteoarthritis and osteoporosis among others, increasing cases of occupational injuries and non-occupational injuries along with latest technological developments in healthcare technology are further expected to result in the appreciable revenue growth in the orthopedic devices market during the forecast period (2022-2027).

Orthopedic Devices Overview

Orthopedic devices can be defined as any device, physical support, or implant assisting the human body, mostly in the skeletal system to restore damaged bones, joints, ligaments, and other neighboring structures to recover primary functional locomotive abilities.

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Regions covered in the report

• Global

Recent Developmental Activities in the Orthopedic Devices Market

• In May 2022, Orthofix US LLC got approval from the FDA for its orthopedic device AccelStim Bone Growth Stimulator in Texas, USA, which can be used in cases of bone fractures.
• In March 2022, Stryker launched the Insignia Hip stem, used for total hip stem arthroplasty and hemi-arthroplasty processes, at the American Academy of Orthopedic Surgeons Annual Meeting.
• In June 2021, Medtronic received FDA clearance for UNiD rods, screws, and fusion devices that uses Artificial Intelligence Technology for treating spinal injuries.

Key Takeaways from the Orthopedic Devices Market Report Study

• Market size analysis for current orthopedic device market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Orthopedic Devices market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global orthopedic devices market.
• Various opportunities available for the other competitor in the orthopedic device market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current orthopedic device market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for orthopedic devices market growth in the coming future?

COVID19 Impact on the Orthopedic Device Market

The orthopedic devices market reported a short period of setback due to the implementation of lockdown as necessary measures to break the chain of the COVID-19 infection transmission. The COVID-19 pandemic resulted in the massive reorganization of healthcare services and the carrying out of medical procedures. Many countries segregated medical procedures based on the need for urgent medical care to streamline the workflow during the COVID-19 crisis and saw various medical procedures considered elective being suspended. For instance, in March 2020, according to the Organization for Cooperation and Development (2021), most countries like Italy, Ireland, and Norway showed a sharp decline in the number of hip and knee replacement surgeries. Most countries adopted surgical procedures only in cases of immediate urgency to focus more on handling the COVID-19 situation. However, with the resumption of activities across industries including the healthcare sector, it has been uplifting the orthopedic devices market.

Orthopedic Device Market

Orthopedic Device Market Type By Product (Implants, Supports, And Others), By Application (Knee Orthopedic Devices, Hip Orthopedic Devices, Wrist Orthopedic Devices, Shoulder Orthopedic Devices, Spine Orthopedic Devices, Ankle Orthopedic Devices, And Others ), By End-User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, And Others), by geography is estimated to register growth at a remarkable CAGR forecast during 2022-2027 owing to upsurge in prevalence of ageing population and rise in the cases of bone disorders.

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Orthopedic Devices Market Dynamics

One of the noteworthy drivers of the orthopedic devices market is the rising population of old age people globally. As per the reports from World Population Prospects (2019), one in eleven people in the world are above the age of 65 and their proportion shall increase to one in six people in the world to be aged above 65 years, by the year 2050. The same source also stated that in regions like North America and Europe, it is expected that one in four people shall be above the age of 65 years by the year 2050. The increase in the geriatric population, also paves the way for various types of bone disorders like osteoarthritis, requiring surgical procedures, implants, and support therapies for long-term assistance. According to the Organization for Cooperation and Development (2021), age is the strongest factor for the occurrence of Knee and Hip Osteoarthritis, where implants are the most preferred devices among others.

Orthopedic Devices Market Segment Analysis
• Orthopedic devices Market Type by Product (Implants, Supports, and others),
• Orthopedic devices Market by Application (Knee Orthopedic Devices, Hip Orthopedic Devices, Wrist Orthopedic Devices, Shoulder Orthopedic Devices, Spine Orthopedic Devices, Ankle Orthopedic Devices, and Others),
• Orthopedic devices Market by End-User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centres and others),
• Orthopedic devices Market by Geography (North-America, Europe, Asia-Pacific, Rest of the World)

Orthopedic Devices Market is expected to dominate the North America

Among all the regions, North America is expected to lead in revenue generation in the global orthopedic devices market. This can be ascribed to the growing population of old-aged people in the region. For instance, according to the U.S. Census Bureau (2021), the old age population observed an increase of 34.2%, from 40.3 million U.S. residents aged 65 years in the year 2010 to 54.1 million or older in the year 2019.

Orthopedic Devices Market Growth Factors

One of the prominent factors supporting the growth of the North America orthopedic devices market is the rising prevalence of bone disorders like osteoarthritis, osteoporosis, etc. For example, as per the CDC report (2020), more than 32.5 million people are affected by Osteoarthritis which is one of the most common forms of joint disorders in the United States. Along with the growing aged population, the risk of bone disorders also increases. For instance, according to the Osteoarthritis Action Alliance (2022), in the year 2019, 43% of people aged above 65 years and 88% of people aged above 45 years were diagnosed with Osteoarthritis. The source further stated that more than 60% of people affected were women. Considering the rising number of bone disorders in the country, numerous products are receiving regulatory approvals thus paving the way for their market launch. For instance, in May 2022, the U.S. Food and Drug Administration (FDA) approved the AccelStim Bone growth Stimulator, manufactured by Orthofix US LLC, which can be used in cases of bone fractures. Also, In September 2020, Stryker Corporation launched its titanium-made AxSOS Ankle Fusion System for the tibiotalar joint with updated screw offerings.

Orthopedic Devices Market Companies

Some of the key market players operating in the orthopedic devices market include Stryker Corporation, Zimmer Biomet, Johnson and Johnson, Enovis, Smith & Nephew PLC, Medtronic PLC, Boston Scientific Corporation, NuVasive Inc., Globus Medical Inc., ConMed Corporation, Bioventus, Orthofix, Colson Medical LLC, Exactech Inc., Medacta International, Surgalign Holdings, Paragon 28 Inc, Orthofix, Arthrex Inc., Seimens, Bosch Global, and others.

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Table of Content
1. Orthopedic Devices Market Report Introduction
2. Orthopedic Devices Market Executive Summary
3. Regulatory Analysis
4. Orthopedic Devices Market Key Factors Analysis
5. Orthopedic Devices Market Porter's Five Forces Analysis
6. COVID-19 Impact Analysis on Orthopedic Devices Market
7. Orthopedic Devices Market Layout
8. Orthopedic Devices Market Global Company Share Analysis - Key 3-5 Companies
9. Orthopedic Devices Market Company and Product Profiles
10. KOL Views
11. Project Approach
12. About DelveInsight
13. Disclaimer & Contact Us

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