Orthopedic Device Market by Product Type (Joint Reconstruction Device, Spinal Device, Orthopedic Braces & Supports, Arthroscopy Device, Trauma Fixation Device, Orthopedic Prosthesis, and Orthobiologic Device), End-User (Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global orthopedic devices market was pegged at ~US$ 49.2 billion in 2020. The market is expected to witness a CAGR of ~3.2% from 2021 to 2031.
Rising geriatric population and increasing incidence of orthopedic diseases such as osteoarthritis, osteoporosis, knee pain, hip fracture are the major factors propelling the global orthopedic device market. Moreover, ncreasing technological advancements, increasing use of surgical robots, and new product launches are some of the other factors driving the orthopedic devices market. However, higher costs of orthopedic devices and product recalls are likely to restrain the market growth to a certain extent.
The incidences of sports-related injuries and fractures have increased in the past years and are also fueling the growth of the orthopedic devices market. According to the U.S. Department of Health and Human Services report, an estimated 8.6 million sports injuries occur each year. Similarly, according to a report published by the Australian Institute and Welfare, in 2016–17, almost 60,000 people were hospitalized for sports injuries. Additionally, a growing number of road accidents and surging demand for minimally invasive surgeries are also anticipated to positively drive the market growth.
Growing geriatric population is anticipated to play a pivotal role in the rapidly increasing number of surgeries as elderly people are more prone to hip fractures, knee pains, and injuries. According to the American Academy of Orthopaedic Surgeons, musculoskeletal diseases affect more than one out of every two persons in the United States age 18 and over, and nearly three out of four age 65 and over. With the aging population, musculoskeletal diseases are becoming a greater burden every year. This trend is leading to the growing number of surgeries which in turn is boosting the orthopedic devices market.
The surge in the adoption of technologically advanced products and new product launches by players are creating lucrative growth opportunities for manufacturers operating in the market. For instance, in Jan 2019, Medtronic announced the launch of Mazor X Stealth Edition for robotic-assisted spine surgery. Mazor X Stealth Edition offers a fully integrated procedural solution for surgical planning, workflow, execution, and confirmation. Similarly, in Sept 2020, Zimmer Biomet, a global leader in musculoskeletal healthcare, announced FDA 510(k) clearance for the Persona Revision Knee System for revision knee replacement procedures.
However, orthopedic device recalls are one of the major concerns among the patient population. According to a research study published on ‘Medical Device Recalls in Orthopedics’, orthopedic devices constituted, on an average, 16.6% of all class II medical device recalls from 2015 to 2019. In Oct 2019, Stryker recalled their Class II X-Change Medial Wall Mesh Small (6-Petal)-Intended to be implanted to replace a hip joint. Similarly, in Aug 2019, Zimmer Biomet, Inc. recalled Class II device BIOMOD PORCOAT HA GLENTRAY; custom shoulder products. Product recalls have led to rising concerns that are hindering market growth to a certain extent.
Regionally, Asia-Pacific is anticipated to witness the highest CAGR during the forecast period. Rising geriatric population, increasing prevalence of patients suffering from musculoskeletal conditions, and the increasing number of orthopedic surgeries are the major factors driving the Asia-Pacific orthopedic devices market. Increasing healthcare spending by the government, rising medical tourism, and increasing patient awareness regarding the use of technologically advanced orthopedic devices are also influencing the growth of the market in this region.
Some of the prominent players operating in the global orthopedic devices market include Stryker, Smith+Nephew, Zimmer Biomet, Medical Devices Business Services, Inc. (DePuy Synthes), Medtronic, NuVasive, Inc., CONMED Corporation, Aesculap, Inc. (a subsidiary of B. Braun), Alphatec Spine, Inc., DJO, LLC, among others.