Global Orthopedic Devices Market to Reach USD 53.33 Billion by 2030, Recording a 3.58% CAGR, Driven by Growing Prevalence of Orthopedic Diseases, Estimates Kings Research
DUBAI, UAE, Dec. 5, 2023 /PRNewswire/ — As per the recent report released by Kings Research, the global Orthopedic Devices Market revenue was recorded at USD 38.83 billion in 2022 and is estimated to grow to USD 53.33 billion by 2030, registering a 3.58% CAGR over the forecast period of 2023-2030. The market growth is mainly fueled by various factors, including the increasing prevalence of orthopedic diseases, a growing population of elderly individuals, and a rise in sports-related injuries that require orthopedic procedures. Furthermore, the market is anticipated to expand substantially due to the early onset of musculoskeletal disorders triggered by sedentary lifestyles and obesity.
Orthopedic devices are made with the specific purpose of providing support, stability, repair, or replacement for bones, joints, and related components in the musculoskeletal system. This category encompasses a diverse array of products such as implants, instruments, external fixation devices, braces, and orthotics. These tools find applications in various orthopedic procedures, covering joint surgery, spine surgery, trauma fixation, arthroscopy, and sports medicine.
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Trending Now: Tyber Medical, Orthopedic Device Manufacturer, Expands Florida Facility
Tyber Medical LLC, headquartered in Bethlehem and a global leader in private-label medical devices for major orthopedic companies, announced its plan to enlarge its Bonita Springs, Florida facility by 33,000 square feet in April 2023.
This is part of Tyber’s $13M+ expansion plan, doubling its Florida operations, and introducing new tech and equipment. The added space will support increased manufacturing and create around 50 new jobs in the next two years.
Competitive Landscape
Prominent companies operating in the global orthopedic devices market are focusing on product development in order to maintain their market standing. For instance, in July 2023, Stryker introduced the Ortho Q Guidance system, which is tailored to meet the needs of orthopedic surgery. This innovative system aims to enhance the speed and efficiency of procedures by providing comprehensive planning and guidance for orthopedic surgeons during operations.
Key participants in the orthopedic devices market include:
Braun Melsungen AGBoston Scientific CorporationJohnson & Johnson Services, Inc.Medtronic Smith and NephewSolvayStryker CorporationZimmer-Biomet Holdings, Inc.NuVasive, Inc.CONMED Corporation
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The global Orthopedic Devices Market is segmented as:
By Product
Joint Reconstruction DevicesSpinal DevicesTrauma Fixation DevicesOrtho BiologicsArthroscopic DevicesOthers
Notable Advancements in Spinal Devices to Boost Product Demand
In terms of product, the spinal devices segment is leading the orthopedic devices market and is likely to observe strong growth over the review period due to ongoing advancements in spinal devices. The increasing prevalence of spine disorders, the rise in obesity rates, the growing elderly population, and the adoption of advanced and affordable equipment are contributing to the growth of the segment.
By End-User
Orthopedic ClinicsHospitalsAmbulatory Surgery Centers
Growing Use of Orthopedic Devices in Hospitals to Aid Market Development
On the basis of end-user, the hospital segment holds the largest share of the global orthopedic devices market. This segmental growth is mainly attributable to the widespread availability of advanced healthcare facilities, rising use in hospitals, and the increasing need for high-quality medical services. Moreover, hospitals benefit from a large pool of experienced surgeons and medical professionals, enabling them to deliver comprehensive care during and after surgical procedures.
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Rising Number of Patients with Orthopedic Diseases Globally to Drive Market Growth
The development of orthopedic technology in terms of materials, implant design, imaging techniques, surgical instruments, and robotics has led to improved surgical results, quicker recovery periods, and increased patient satisfaction. As the number of orthopedic conditions among the elderly population, including osteoarthritis, osteoporosis, and fractures, continues to rise, the demand for orthopedic equipment like joint replacements and spinal implants has also increased. The introduction of minimally invasive techniques provides benefits such as smaller incisions, reduced tissue damage, faster recovery times, and lower rates of complications.
Due to the rising need for minimally invasive techniques in orthopedic procedures, there is an escalating demand for orthopedic devices that cater to these specific requirements. The global surge in musculoskeletal disorders has led to a significant rise in orthopedic surgeries. Numerous conditions, including osteoarthritis, spinal abnormalities, and trauma-related injuries, require surgical intervention, leading to a substantial increase in orthopedic treatments.
North America to Dominate Orthopedic Devices Market Due to Advanced Healthcare Infrastructure
North America is dominating the orthopedic devices market, primarily due to its advanced healthcare infrastructure and the presence of key market participants. The increasing elderly population and a rise in traffic accidents are contributing to a growing patient population. This, in turn, is leading to a higher number of orthopedic surgeries being performed in the region. Additionally, there is a growing focus on research and development activities related to materials, design, and surgical techniques, aiming to address these challenges and enhance the effectiveness and durability of orthopedic devices.
According to data from the American Joint Replacement Registry (AJRR), for instance, more than 2.8 million hip and knee arthroplasty surgeries were carried out in the US in November 2021 in more than 1250 hospitals, ambulatory surgical centers (ASCs), and private practice groups. The region is seeing a significant surge in the number of orthopedic procedures performed as well as continuous technological advancements in orthopedic devices.
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Key Points from TOC:
Chapter 1 Introduction of the Global Orthopedic Devices Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Orthopedic Devices Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Orthopedic Devices Market, By Product
Chapter 7 Global Orthopedic Devices Market, By End-User
Chapter 8 Global Orthopedic Devices Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Orthopedic Devices Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 Braun Melsungen AG
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Type Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Boston Scientific Corporation
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Type Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Johnson & Johnson Services, Inc.
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Type Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Medtronic
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Type Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Smith and Nephew
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Type Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
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