Orthopedic Devices Market

Report Overview

The global orthopedic devices market was pegged at US$ 49.2 billion in 2020 and is expected to witness a CAGR of 3.2% during the forecast period.

Market Fundamentals

Orthopedics is a branch of medicine concerned with the correction of functional impairments or deformities of the skeletal system. Most common types of orthopedic disorders include arthritis, osteoarthritis, bursitis, rheumatoid arthritis, elbow pain, osteoporosis, hip fracture, kyphosis, among others. The symptoms of orthopedic disorders vary depending on the specific condition and body part that is affected. Orthopedic injuries, such as joint dislocations and bone fractures lead to complications and require immediate medical attention.

The global burden of musculoskeletal disease in low and middle-income countries is quite higher and is constantly growing. According to World Health Organization (WHO), musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability globally. Musculoskeletal conditions and injuries are not just conditions of older age; they are prevalent across the life course. Between one in three and one in five people (including children) live with a musculoskeletal pain condition.

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Market Dynamics

The global orthopedic devices market is mainly driven by the growing geriatric population globally coupled with the increasing incidence of bone-related diseases such as osteoporosis and osteoarthritis and sports-related injuries. Moreover, improvised reimbursement policies, technological advances, and new product launch in 3D printing, robot-assisted surgical procedures, and smart implants, availability of technologically advanced materials, and biodegradable implants are also expected to fuel the growth of the orthopedic devices market. However, higher costs of orthopedic devices and product recalls are likely to hinder the market growth to a certain extent.

Market Ecosystem

The global orthopedic devices market has been analyzed from three perspectives: Product Type, End-User, and Region.

Orthopedic devices Market by Product Type

Based on product type, the orthopedic devices market has been segmented into joint reconstruction devices, spinal devices, orthopedic braces & supports, arthroscopy devices, trauma fixation devices, orthopedic prosthesis, orthobiologic devices, and others.  The joint reconstruction device segment is further sub-segmented into hip replacement (total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants), knee replacement (total knee replacement implants, partial knee replacement implants, and revision knee replacement implants), shoulder replacement, ankle replacement, and others. Similarly, the spinal devices segment is further bifurcated into spinal fusion devices and spinal non-fusion devices. The joint reconstruction device segment held the largest market share owing to factors such as the rising prevalence of osteoarthritis coupled with the increasing number of joint replacement surgeries such as knee, hip, and shoulder replacement surgeries.

Orthopedic Devices Market by End User

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Based on end-user, the market has been segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and other end users. The hospital's segment held the largest market share in 2020. The increased number of hospitals that are well equipped to carry out orthopedic surgical procedures and rising availability of insurance coverage for orthopedic surgeries are anticipated to boost the segmental growth.

Orthopedic Devices Market by Region

Regionally, the global orthopedic devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global orthopedic devices market. The rising geriatric population, increasing incidence of osteoarthritis, and increasing incidence of sports-related injuries are some of the factors driving the orthopedic devices market in this region. For instance, according to the Center for Disease Control and Prevention, osteoarthritis is the most common form of arthritis and affects over 32.5 million US adults. By 2040, an estimated 78 million (26%) US adults aged 18 years or older are projected to have doctor-diagnosed arthritis. The presence of prominent players and new product launches are some of the other factors propelling the North American orthopedic devices market.

Competitive Landscape

Some of the prominent players operating in the global orthopedic devices market includes:-

• 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

Strategic Developments

• In May 2020, Smith+Nephew launched a new JOURNEY II Unicompartmental Knee System. The system is paired with proprietary OXINIUM Technology and is designed such that it helps patients rediscover their normal life
• In Jan 2021, Stryker acquired OrthoSensor, a former Fierce 15 winner focused on applying digital technologies and big data to total joint replacements

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