Orthopedic Devices Market Size to Hit US$ 61,321.44 Million By 2031 | Analysis Report

New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global Orthopedic Devices Market is expected to witness significant growth at a remarkable CAGR of 4.2% during the forecast period of 2023-2031. Factors such as the growing number of patients with orthopedic disorders, increasing innovations in orthopedic devices, and others are accelerating the demand for orthopedic devices, which, in turn, is boosting market growth. In addition, the increasing prevalence of sports injuries and accidents will further boost market growth during the forecast period.     

According to a recent report by Consegic Business Intelligence, the orthopedic devices market is poised for strong expansion and is expected to reach USD 61,321.44 Million by 2031 and USD 44,120.95 million in 2023 with a compound annual growth rate of 4.2% during the period of 2023-2031. The market was valued at USD 42,560.15 million in 2022. The report highlights the growing number of patients with orthopedic disorders fibers across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the orthopedic devices market.

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Orthopedic devices are medical devices that are used to replace or support joints, bones, or cartilage. They are used to treat damage or deformity caused by breaking a leg, losing a limb, congenital damage, and others. Orthopedic devices are used to replace bones and joints, stabilize fractured bones, and provide support for damaged bones. They can also be used to manage fractures and relieve pain.

Several factors are contributing to the growth in demand for orthopedic devices such as the increasing prevalence of osteoporosis and musculoskeletal diseases, the growing number of patients with orthopedic disorders, the rapid rise in the geriatric patient population, the rising number of sports-related injuries, the advancements in orthopedic surgeries, and others. Furthermore, improving accessibility and increasing innovation in the healthcare industry are the factors driving the growth of the orthopedic devices market.

Global Orthopedic Devices Market: Report Attributes

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Global Orthopedic Devices Market Segmentation Details:

Based on Product Type, the joint reconstruction devices segment contributed the largest shares to the market growth in 2022. Joint reconstruction devices are used to replace or repair damaged or diseased joints. The most common joint reconstruction procedures are knee replacement, hip replacement, and shoulder replacement. Also, a wide number of joint replacement surgeries are being performed worldwide, which is driving the growth of this segment.

Based on Site, in 2022, the knee segment accounted for the highest market share in the orthopedic devices market. The increasing aging population, rising obesity rates, increased sports participation, and others are driving the usage of orthopedic devices for knees. Some of the most common knee orthopedic devices that are widely demanded are knee braces, knee implants, knee arthroscopy, and others.

Based on Application, the fracture treatment and recovery segment accounted for the largest market share in the year 2022. The fracture treatment and recovery application include a wide range of devices such as fracture fixation devices, bone grafts, external fixators, braces and splints, and others.  Furthermore, the increasing incidence of osteoporosis and growing demand for minimally invasive surgical procedures is also contributing to the growth of this segment.

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Based on End User, the hospitals and surgical centers segment accounted for the largest market share in the year 2022. This is owing to hospitals and surgical centers being the primary areas where orthopedic devices are used. Hospitals and surgical centers widely use orthopedic devices for a variety of procedures such as joint replacement, spinal surgery, sports medicine surgery, and others. Also, the increasing number of hospitals and surgical centers across the globe is driving further demand for orthopedic devices.

Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. The significant growth in research on orthopedic medical devices along with the growing demand for advanced healthcare services across North America region is driving the orthopedic devices market growth.

Competitive Landscape

Stryker Corporation, Johnson & Johnson, Smith & Nephew, and Medtronic are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of orthopedic devices. Further, the orthopedic devices market is expected to grow steadily due to the increasing prevalence of sports injuries and accidents, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend of using cleaning and sanitizing agents in the healthcare and pharmaceutical industries is benefitting the market growth globally.

Recent Developments

• In August 2023, Smith+Nephew, a global medical technology company, announced today the launch of its OR3O Dual Mobility System for primary and revision hip arthroplasty in India. Dual mobility implants are a type of hip replacement that uses two bearing surfaces instead of one. This provides greater stability and reduces the risk of dislocation, while also improving range of motion.
• In June 2023, Smith+Nephew, a global medical technology company, announced that it received 510(k) clearance from the United States Food and Drug Administration (FDA) for its AETOS Shoulder System. The system is designed to restore patients' range of motion and help minimize arthritic shoulder pain. It features a Meta Stem that was engineered to maximize stability, preserve bone, and maintain patient anatomy.
• In August 2022, Conmed, a medical technology company, announced the acquisition of Biorez, the developer of the BioBrace implant technology. The acquisition was expected to cost up to USD 250 million.

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Key Market Takeaways

• North America accounted for the highest market share at 38.50% valued at USD 16,385.66 million in 2022 and will reach USD 17,008.63 million in 2023 and is expected to reach USD 23,682.34 million in 2031. Moreover, in North America, U.S. accounted for the highest market share of 64.15% during the base year of 2022.
• Based on product type, the joint reconstruction devices segment accounted for the highest share contribution to the orthopedic devices market statistics in 2022.
• In the site, the knee segment are expected to contribute significant shares to the growth of orthopedic devices market statistics during the forecast period.
• Based on application, the fracture treatment and recovery segment accounted for the highest share contribution to the orthopedic devices market statistics in 2022.
• In the end user, the hospitals and surgical centers segment is expected to contribute significant shares to the growth of orthopedic devices market statistics during the forecast period.
• Asia Pacific is expected to boost the market demand for orthopedic devices due to the growing healthcare expenditure across the region. The growing number of aging populations across the region driving market growth in Asia Pacific.

List of Major Global Orthopedic Devices Market:

• Stryker Corporation
• Johnson & Johnson
• Zimmer Biomet
• Medtronic
• Smith & Nephew
• NuVasive
• Arthrex
• Globus Medical Inc.
• Integra LifeSciences
• Conmed
• Orthofix Medical

Global Orthopedic Devices Market Segmentation: 

• By Product Type
  • Joint Reconstruction Devices
  • Spinal Implants and Surgical Devices
  • Orthopedic Fixation Devices
  • Orthopedic Replacement Devices
  • Orthopedic Prosthetics
  • Orthobiologics Devices
  • Arthroscopy Instruments
  • Orthopedic Braces and Supports
  • Others
• By Site
  • Wrist and Shoulder
  • Hip & Pelvis
  • Knee
  • Foot & Ankle
  • Others
• By Application
  • Fracture Treatment and Recovery
  • Osteoarthritis and Rheumatoid Arthritis Treatment
  • Spine Fusion, Fixation, and Decompression
  • Neurological Disorders
  • Dental orthopedics
  • Others
• By End User
  • Hospitals and Surgical Centers
  • Ambulatory and Trauma Care Centers
  • Orthopedic Clinics
  • Others

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Frequently Asked Questions in the Orthopedic Devices Market Report

• What was the market size of the orthopedic devices industry in 2023?
  • In 2023, the market size of orthopedic devices is USD 44,120.95 million.
• What will be the potential market valuation for the orthopedic devices industry by 2031?
  • In 2031, the market size of orthopedic devices will be expected to reach USD 61,321.44 million.
• What are the key factors restraining the growth of the orthopedic devices market?
  • The high cost of orthopedic devices along with their post-surgery complications is restraining the market growth at the global level.
• What is the dominating segment in the orthopedic devices market by the end user?
  • In 2022, the hospitals and surgical centers segment accounted for the highest market share in the overall orthopedic devices market.
• Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the orthopedic devices market?
  • Asia Pacific region accounted for the highest CAGR in the overall orthopedic devices market.

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