Global Orthopedic Devices Market to Reach USD 61,321.44 Million by 2031 | CAGR of 4.2%
Category : Medical Devices | Published Date : Oct 2024 | Type : Press Release
Orthopedic Devices Market Scope & Overview:
As per the Consegic Business Intelligence analysis Orthopedic Devices Market size was valued at USD 42,560.15 Million in 2022 and is projected to reach USD 61,321.44 Million by 2031, growing at a CAGR of 4.2% during the forecast period from 2023 to 2031. Orthopedic devices are specialized medical instruments designed to treat and manage musculoskeletal disorders, which involve bones, joints, muscles, ligaments, tendons, and nerves. Orthopedic devices are essential for improving mobility, reducing pain, and correcting deformities.
The report comprises the Orthopedic Devices Market Share, Size & Industry Analysis, 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, and Others), By Site (Wrist and Shoulder, Hip & Pelvis, Knee, Foot & Ankle, and Others), By Application (Fracture Treatment and Recovery, Osteoarthritis and Rheumatoid Arthritis Treatment, Spine Fusion, Fixation, and Decompression, Neurological Disorders, Dental Orthopedics, and Others), By End User (Hospitals and Surgical Centers, Ambulatory and Trauma Care Centers, Orthopedic Clinics, and Others), and Forecast, 2023-2031.
The report contains detailed information on Orthopedic Devices Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The growing number of patients with orthopedic disorders, such as fractures, osteoarthritis, and rheumatoid arthritis, is driving market demand. Additionally, technological advancements in orthopedic devices, including 3D printing and biomaterials, are expected to create significant opportunities for market growth.
Segmental Analysis :
Based on product type, the market is segmented into joint reconstruction devices, spinal implants and surgical devices, orthopedic fixation devices, orthopedic replacement devices, orthopedic prosthetics, orthobiologics devices, arthroscopy instruments, orthopedic braces and supports, and others.
- Joint reconstruction devices held the largest market share in 2022, driven by the increasing number of joint replacement surgeries, especially knee and hip replacements.
- Orthobiologics devices are expected to witness the fastest growth due to advancements in biological materials that promote bone and tissue healing.
Based on site, the market is segmented into wrist and shoulder, hip & pelvis, knee, foot & ankle, and others.
- Knee segment accounted for the highest market share in 2022, driven by the increasing prevalence of knee-related disorders, including osteoarthritis and sports injuries.
- The foot & ankle segment is projected to grow at the fastest rate, supported by advancements in foot and ankle treatments and increasing demand for custom-made orthotics.
Based on application, the market is categorized into fracture treatment and recovery, osteoarthritis and rheumatoid arthritis treatment, spine fusion, fixation, and decompression, neurological disorders, dental orthopedics, and others.
- Fracture treatment and recovery dominated the market in 2022 due to the high number of fractures, particularly in the aging population.
- Spine fusion, fixation, and decompression are expected to grow rapidly as the demand for minimally invasive spinal procedures increases.
Based on end-user, the market is segmented into hospitals and surgical centers, ambulatory and trauma care centers, orthopedic clinics, and others.
- Hospitals and surgical centers accounted for the largest market share of 45.55% in 2022, benefiting from the wide range of orthopedic procedures performed in these settings.
- Orthopedic clinics are expected to witness significant growth, driven by the increasing demand for specialized care in orthopedic treatments.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- North America held the largest market share in 2022, driven by the region's advanced healthcare infrastructure and the increasing number of orthopedic surgeries in the U.S.
- Asia Pacific is projected to witness the fastest growth, supported by rising healthcare investments and increasing adoption of orthopedic treatments in countries such as China and India.
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2031 | USD 61,321.44 Million |
| CAGR (2024-2031) | 4.2% |
| 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 |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Orthopedic Devices Industry:
- Stryker Corporation
- Johnson & Johnson
- Zimmer Biomet
- Medtronic
- Smith & Nephew
- NuVasive
- Arthrex
- Globus Medical Inc.
- Integra LifeSciences
- Conmed
- Orthofix Medical
Recent Industry Developments :
- In July 2023, Smith+Nephew launched the REGENETEN Bioinductive Implant in India to repair rotator cuff injuries, expanding its product portfolio for soft tissue repair.
- In January 2023, Zimmer Biomet announced the acquisition of Embody, Inc., a medical device company focused on soft tissue healing, to strengthen its position in the orthopedic device market.
