Orthopedic Devices Global Market Report 2023

Orthopedic devices are used to stabilize the body posture by correcting deformities, restoring the function of the human skeletal system, articulations, and associated structures either by replacing or reinforcing the damaged part.

The main types in the orthopedic devices market are joint reconstruction devices and equipment; spinal surgery devices and equipment, trauma fixation devices and equipment, orthobiologics devices and equipment, arthroscopy devices and equipment, orthopedic braces and support devices and equipment, and craniomaxillofacial (CMF) devices and equipment, orthopedic prosthetics. Spinal surgery devices are the devices used during spine surgery to stabilize the spine to prevent motion while fusion occurs between two or more vertebrae. The type of expenditure is public, private. The products used are instruments/equipment, disposables. The various end-users are hospitals and clinics, diagnostic laboratories, and others.

The global orthopedic devices market grew from $43 billion in 2022 to $45.79 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The orthopedic devices market is expected to grow to $55.75 billion in 2027 at a CAGR of 5.0%.

The orthopedic devices market research report is one of a series of new reports that provides orthopedic devices market statistics, including orthopedic devices industry global market size, regional shares, competitors with a orthopedic devices market share, detailed orthopedic devices market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic devices industry. This orthopedic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The orthopedic devices market was limited by the development of new drugs and therapies which allow patients to avoid surgical procedures. With advances in tissue engineering, stem-cell therapy, and other treatment alternatives such as platelet-rich plasma (PRP) injections, patients can avoid surgical procedures for medical conditions such as arthritis, tendonitis, and others. This has negatively impacted the demand for orthopedic devices as an increasing number of people opted for these alternative treatment methods, to avoid risks and complications associated with orthopedic procedures.

Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and polylactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws, which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for the second surgery, and are highly useful in fracture fixation in children; and result in less implant-related infections. For instance, Stryker Corporation offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration, and muscle connection to bone.

North America was the largest region in the global orthopedic devices market in 2022. Western Europewas the second largest region in the global orthopedic devices market. The regions covered in the orthopedic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the orthopedic devices market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

The increase in the patient pool due to the rising geriatric population globally contributed significantly to the growth of the orthopedic devices market during the historic period. According to the World Health Organization, the number of people aged 60 years and above was 1 billion in 2020 and the number will rise to 1.4 billion by 2030 and it will reach 2.1 billion by 2050. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. These factors increased the demand for these products and drove the market during the historic period.

The orthopedic devices market consists of sales of osteotomes, bone-cutting forceps, Gigli saws, and plate benders that are used for orthopedic surgeries and treatment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major companies in the orthopedic devices market include Johnson & Johnson, Zimmer Biomet Holdings, STRYKER CORPORATION, Medtronic Inc., Smith & Nephew plc, Colfax Corporation, NuVasive, Inc., Wright Medical Group, Inc., Globus Medical Inc., and B. Braun Group.



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