Orthopedic Devices Market Size, Share & Trends Analysis Report By Product (Drill Guides, Guide Tubes, Implant Holder), By End-use (Hospitals, Outpatient Facilities), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global orthopedic devices market size was exhibited at USD 73.00 billion in 2023 and is projected to hit around USD 123.52 billion by 2033, growing at a CAGR of 5.4% during the forecast period of 2024 to 2033.

Key Takeaways:

• North America led the global market for orthopedic devices with a market share of 47.0% in 2023.
• The hospital segment held the majority share of the market in 2023.

Orthopedic Devices Market Report Scope

The market is driven by high incidence of orthopedic disorders, such as growing aging population, degenerative bone disease, and increasing number of road accidents. The early onset of musculoskeletal disorders caused by sedentary routines and obesity is projected to fuel growth. According to WHO, in 2023, around 1.71 billion people are suffering from musculoskeletal conditions across the globe.

COVID-19 has significantly impacted the market as initial phases saw manufacturing and supply chain disruptions, elective orthopedic surgeries were postponed allocating resources for COVID-19 patients. This led to reduced demand for non-urgent orthopedic procedures and devices. However, as healthcare systems adapted, there has been a gradual recovery. The emphasis on infection control and patient safety has driven innovation in implant materials and surgical techniques. Telemedicine also gained prominence for post-operative care and consultations.

Moreover, the availability of advanced orthopedic devices and rapid development in healthcare infrastructure globally are anticipated to influence market growth positively. Growing awareness and availability of minimally invasive surgical techniques owing to multiple benefits these surgeries offer is another key driving force responsible for market growth. In addition, growing participation in sporting & physical activities directly impacts the growing number of sports injuries requiring medical assistance, which is expected to impact market development.

Introduction of advanced orthopedic devices reduces the prices of older versions significantly. This helps in increasing their adoption across developing countries such as Asia Pacific and Middle East, where none to partial medical reimbursement is available. The cumulative effect of these activities is expected to result in increasing procedural volume and market growth over the forecast period.

Presence of a stringent regulatory framework and an increased number of product recalls are restricting the market growth. According to the Journal of Orthopedic Surgery and Research, an analysis of product recalls between 2011 and 2021 in China, Australia, Canada, and the U.S. recorded recall of 286 joint replacement implants & 315 osteosynthesis implants between 2016 to 2021, and these recalls were classified as Class II medical device recalls. However, key players in the market are investing in research and development of technologically advanced orthopedic devices that are non-corrosive.

Market Concentration & Characteristics

The global market is characterized by new technologies and methods being developed and introduced regularly. It has become a popular option as a minimally invasive procedure, such as computer-assisted and robotic surgeries, that provides relief from lower pain and fatigue. As a result, market players are investing in innovative technologies and procedures to keep up with the demand.

Several market players such as Medtronic, Smith+Nephew, Stryker, and Zimmer Biomet are involved in merger and acquisition activities. Through M&A activity, these companies can expand their geographic reach and enter new territories.

Companies invest in clinical trials and submissions to obtain regulatory approval for pipeline products. The Orthopedic Devices Program conducts regulatory science research in the FDA's Center for Devices and Radiological Health (CDRH) to ensure patients have access to novel orthopedic devices that are safe and effective. This may result in increasing the cost of developing novel orthopedic devices.

By products, market is categorized into drill guides, guide tubes, implant holders, custom clamps, distractors, screwdrivers, accessories, orthopedic implants, and other orthopedic devices segments. Orthopedic implants segment held the majority share of the market in 2023, with a revenue of USD 37.1 billion, and is anticipated to record the fastest CAGR of 6.2% over the forecast period.

This can be attributed to the rapidly rising number of knee surgeries, hip replacement surgeries, spinal implant surgeries, dental & cosmetology surgeries, adoption of unhealthy lifestyles, and increasing prevalence of musculoskeletal & bone degenerative disorders. Moreover, increasing incidence of sports-related injuries, trauma, and increasing adoption of minimally invasive surgeries are anticipated to fuel the market growth from 2023 to 2033. For instance, according to the National Safety Council, recreational and sports injuries increased by 20% in 2021 and 12% in 2023.

Segments Insights:

End-use Insights

By end-use, market is segmented into hospitals and outpatient facilities. Hospitals segment held the majority share of the market in 2023, with a revenue of USD 42.6 billion. This can be attributed to significant infrastructure advancements and availability of world-class treatment solutions. Furthermore, rising number of hospital admissions in case of bone fractures and injuries caused by road accidents is estimated to boost the market growth. According to WHO, every year, around 1.3 million people die due to road accidents, and 20 to 50 million people suffer non-fatal injuries, with many requiring hospitalizations every year.

Outpatient facilities segment is expected to record the fastest CAGR of 5.9% over the forecast period owing to the high adoption of outpatient facilities and the growing shortage of hospital beds. Advantages of day-care surgeries at outpatient facilities include a shorter waiting list, quick discharge, reduced procedural cost, and higher efficiency. Moreover, these facilities provide added advantages to the patient with adequate postoperative pain control, rapid patient discharge, minimal side effects, and overall cost containment.

Regional Insights

North America led the global market for orthopedic devices with a market share of 47.0% in 2023. The growth is attributed to growing need for advanced healthcare services, owing to presence of major industry players, well-established healthcare infrastructure, and comprehensive reimbursement coverage. Increasing number of orthopedic surgeries in the region is primarily driven by a continually growing target patient population due to aging and a rising number of car accidents. Moreover, high incidence of orthopedic conditions and adoption of advanced treatment methods are expected to contribute significantly to market expansion in the U.S.

The U.S. accounted for North America's largest share of this market in 2023. Increasing number of joint surgical procedures, growing technological developments, and high prevalence of orthopedic disorders drive the market growth in the U.S. Furthermore, a well-established healthcare infrastructure and strong distribution network in the country fuels market growth. For instance, according to Johns Hopkins Arthritis Center in the U.S., average incidence of rheumatoid arthritis is about 70 per 100,000 annually.

Asia Pacific is anticipated to witness the fastest CAGR of 7.7% over the forecast period. China and India boast the world's largest elderly population, making them significant contributors to the increasing demand for orthopedic devices. Furthermore, growing medical tourism sector, driven by the accessibility of advanced yet affordable healthcare options, is expected to attract the target patient population. In addition, increasing adoption of technologically advanced orthopedic devices in the region is expected to contribute to the market growth over the forecast period.

The Japanese market is anticipated to show lucrative growth over the forecast period. Factors such as a rise in the prevalence of orthopedic diseases such as osteoporosis, osteoarthritis, rheumatoid arthritis, and traumatic fractures, increasing geriatric population, growing number of sports injuries, and road accidents are attributed to market growth.

Key Companies & Market Share Insights

• Medtronic, Stryker, Smith+Nephew, and Zimmer Biomet are some of the dominant players operating in the global market.
• Medtronic has a global presence and operates from over 370 locations in approximately 160 countries.
• Stryker offers medical and surgical devices, neurotechnology, orthopedic devices and spine that help improve patient and healthcare outcomes.
• Smith+Nephew has been listed on the London Stock Exchange since 1937. The company distributes its products in more than 100 countries.
• NuVasive, Inc, CONMED Corporation, DePuy Synthes (Johnson & Johnson) and Enovis (DJO, LLC) are some of the emerging market players functioning in global market.
• DePuy Synthes (Johnson & Johnson) offers a wide range of orthopedic and neurological products. Its various divisions cater to spinal medicine, trauma cases, joint reconstruction, sports medicine, power tools, neurology, craniomaxillofacial reconstruction, and biomaterials.
• CONMED Corporation caters to orthopedic, general surgery, gynecology, gastroenterology, pulmonology, anesthesiology, and sports medicine markets.

Recent Developments

• In January 2023, Zimmer Biomet announced its plan to acquire Embody, Inc. The acquisition is anticipated to complement the company’s product portfolio.
• In June 2023, Smith+Nephew expanded its orthopedic business by opening a manufacturing unit in Malaysia. It was an investment of more than USD 100 million.

Some of the prominent players in the orthopedic devices market include:

• NuVasive, Inc
• Medtronic
• Stryker
• Zimmer Biomet
• Smith+Nephew
• Aesculap Implant Systems, LLC (B.Braun)
• CONMED Corporation.
• DePuy Synthes (Johnson & Johnson)
• Enovis (DJO, LLC).

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global orthopedic devices market.

Product

• Drill Guides
• Guide Tubes
• Implant Holder
• Custom Clamps
• Distractor
• Screwdrivers
• Accessories

• • Braces
  • Others

• Orthopedic Implants

• • Lower Extremity Implants
  • Dental Implants
  • Spinal Implants
  • Upper Extremity Implants

• Other Orthopedic Devices

End-use

• Hospitals
• Outpatient Facilities

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)