These companies play a significant role in the development and advancement of orthopedic devices, contributing to the enhancement of surgical techniques and patient care in the field of orthopedics. Please note that there may have been developments or changes in the companies and their product
Disclaimer: List of key companies in no particular orderLatest orthopedic devices Companies Update
DePuy Synthes Companies
Globus Medical
Medtronic
NuVasive
Smith & Nephew plc
Stryker Corporation
Zimmer Inc
Orthopedic Devices Market Size was valued at USD 34.7 billion in 2022. The orthopedic devices market industry is projected to grow from USD 36.9 Billion in 2023 to USD 61.02 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2023 - 2032). The high prevalence of orthopedic ailments, such as degenerative bone disease, the aging population rise and the increase in traffic accidents, are market drivers that can be attributed to the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market growth may be ascribed to several factors, including the rising aging population, the rising number of traffic accidents, and the increasing frequency of orthopedic diseases including degenerative bone disease. The increasing prevalence of age-related bone disorders in the elderly, such as osteoarthritis, rickets, and osteomalacia, is expected to fuel market growth. Joint replacement surgery has been increasingly popular among the elderly in recent years.
The increasing prevalence of technologically sophisticated goods in the minimally invasive surgery business, such as the application of robots and computer-aided surgical equipment, has led to a shift in favor of minimally invasive orthopedic surgeries. Accurate and cost-effective, minimally invasive treatments also provide the benefits of a quicker recovery and shorter hospital stays. More and more orthopedic manufacturers are include robotic surgery assistants in their offerings to aid surgeons in performing procedures on the knee, hip, or spine. As a result, this factor is expected to boost revenue in the global market for orthopedic devices.
June 2023: In the first surgical use of the Citrelock® ACL Tendon Fixation Device, Acuitive Technologies, Inc. (Acuitive) made the announcement in June 2023. Surgeons now have access to an ACL device with a novel design thanks to the incorporation of Citregen, a next-generation resorbable technology with distinct molecular and mechanical features for orthopedic surgical applications, inside the device's tendon-friendly spiral thread. The Citregen in the Citrelock Tendon Fixation Device allows for the introduction of design characteristics that facilitate insertion and secure fixation without causing damage to the tendon.
Geriatric individuals are more likely to have age-related bone diseases like osteoarthritis, rickets, and osteomalacia, which is anticipated to propel market expansion. The number of older individuals seeking joint replacement surgery has significantly increased during the last few years. 350 million people around the world have arthritis, according to the Arthritis Network. About 25 out of every 1,000 people who have osteoarthritis require orthopedic surgery. The World Health Organization (WHO) predicts that 2 billion individuals will be 60 years of age or older worldwide by the year 2050. Additionally, the prevalence of osteoporosis, or "brittle bone," marked by a low bone-to-mass ratio and a physical weakening of bone tissues, is also anticipated to increase significantly in the coming years, driving demand for orthopedic devices. The National Institutes of Health (NIH) reported that more than 53 million Americans are expected to have osteoporosis. This condition is more likely to affect them since they have a poor bone-to-mass ratio. Thus, this factor is driving the market CAGR for orthopedic devices.Figure 1: Prevalence of Osteoarthritis
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Furthermore, the rise in the number of older adults worldwide has increased the patient pool, which has greatly fueled the historical growth of the orthopedic devices industry. The World Health Organization estimates that there were 1 billion individuals aged 60 and older in 2020, increasing to 1.4 billion by 2030 and 2.1 billion by 2050. The aging of the population increased the need for medical attention and increased healthcare spending. These elements fueled the market during the historical period by raising demand for these products.
However, a change in preference for minimally invasive orthopedic operations has been brought about by the growing usage of technologically advanced items in the minimally invasive surgery industry, such as the utilization of robotics and computer-aided surgical instruments. Minimally invasive procedures are precise and economical, providing the added advantages of speedy recovery and shorter hospital stays. Robotic surgery assistants are being added to the product lines of an increasing number of orthopedic companies to help surgeons perform knee, hip, or spine treatments. To enter the robot-assisted spine surgery market, Medtronic completed the acquisition of Mazor Robotics in December 2018. Mazor Robotics is behind the Mazor X guidance system and Renaissance robot-assisted spine surgery device. Thus, it is anticipated that this aspect will accelerate orthopedic devices market revenue globally.
The orthopedic devices market segmentation, based on type, includes trauma fixation, spinal devices, joint replacement, consumables & disposables and bone repair. The joint replacement segment held the majority share in 2022 in the orthopedic devices market data. A growing number of operations, including knee and hip replacements, shoulder and extremity reconstructions, and other musculoskeletal operations involving these joints, are causing the market to expand.
The orthopedic devices market segmentation, based on application, includes spine, trauma and extremities, knee, hip and foot & ankle. The knee segment dominated the market growth for orthopedic devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 because more knee operations are being performed. By 2029, 3.5 million total knee replacement procedures will be performed annually. Throughout their lives, almost half of all Americans will develop knee osteoarthritis in one knee at least.
The orthopedic devices market data, based on end-user, includes ambulatory surgery centers, hospitals and medical research center. The hospitals segment dominated the orthopedic devices market revenue for orthopedic devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to its surgical implantation, orthopedic devices are largely employed in hospitals. Hospitals treat a sizable patient population that has orthopedic injuries. A significant contributing element to the increasing percentage of patients receiving treatment in hospitals and the actual medical care is the adequate reimbursement schemes that hospitals offer.
Figure 2: Orthopedic Devices Market, by End-User, 2022 & 2030 (USD Billion)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Orthopedic Devices Regional Insights
By region, the study provides the market insights for orthopedic devices into North America, Europe, Asia-Pacific and Rest of the World. North America orthopedic devices market accounted for USD 2.4 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. A growth in orthopedic procedures and proper reimbursement policies for these devices define the market in this region. These elements and patients' increased knowledge of new, technologically advanced orthopedic devices and treatment alternatives available in the region are to blame for the region's predominant orthopedic devices market share in the market.
Further, the major countries studied in the market report for orthopedic devices are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
July 2023: With the release of the Ortho Q Guidance system in July 2023, Stryker made it possible for surgeons to plan and guide complex hip and knee surgeries with ease using just in-sterile, handheld devices. The system incorporates the advanced algorithms of the recently released Ortho guiding software with new optical tracking possibilities provided by a redesigned, state-of-the-art camera to improve surgical planning and guiding. When combined with Ortho Q, the Express Knee, Precision Knee, and Versatile Hip Ortho guiding software acts as a planned and intraoperative guiding system to improve the speed and efficiency of surgical procedures.
February 2023: This smaller-diameter 7.5mm CurvaFix® IM Implant is meant to simplify surgery and give strong, stable fixation in small-boned patients, and it was released in February 2023 by CurvaFix, Inc., a developer of medical devices to heal fractures in curved bones. The new 7.5mm intramedullary device, of which more than two dozen have been implanted in patients, will be on display. The benefits of a longer, broader, curved implant that may instantly alleviate pain and permit early mobility in a wide variety of patients through a minimally invasive technique have been made clear by the use of more than 240 CurvaFix Implants by 35 U.S. doctors.Â
Figure 3: ORTHOPEDIC DEVICES MARKET SHARE BY REGION 2022 (%)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe orthopedic devices market accounts for the second-largest market share since the population in the area is spending more on healthcare, more procedures are being performed, and people are becoming more aware of technologically advanced orthopedic devices. Further, the UK orthopedic devices market held the largest market share, and the Germany orthopedic devices market was the fastest growing market in the region.
Asia Pacific orthopedic devices Market is expected to grow at the fastest CAGR from 2022 to 2030. The region's rising healthcare spending and vast patient pool are contributing to the market expansion in Asia Pacific. Additionally, the market will grow as the average person's purchasing power rises in developing nations like China and India. Moreover, China orthopedic devices market held the largest market share, and the India orthopedic devices market was the fastest growing market in the region.
Orthopedic Devices Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the orthopedic devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the orthopedic devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the orthopedic devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, orthopedic devices industry has provided medicine with some of the most significant benefits. The orthopedic devices market major player such as DePuy Synthes Companies, Globus Medical, Medtronic, NuVasive, Smith & Nephew plc, Stryker Corporation and Zimmer Inc.
American medical technology company Stryker Corporation is headquartered in Kalamazoo, Michigan. Surgical instruments and navigation systems, endoscopic and communications systems, patient handling and emergency medical equipment, neurosurgical, neurovascular, and spinal devices, as well as other medical device products used in various medical specialties, are just a few of the products produced by Stryker. In January 2021, OrthoSensor was acquired by Stryker after a merger agreement was reached. OrthoSensor sought to lessen the reliance of surgeons on more arbitrary criteria by using a variety of disposable, implanted sensors and an online data collection system. Stryker intended to use the OrthoSensor's postoperative remote control, wearables, and analytics data to expand its product line.
The British international manufacturer of medical equipment Smith & Nephew plc, also known as Smith+Nephew, has its headquarters in Watford, England. It is a manufacturer of arthroscopy, trauma and clinical therapy, orthopedic reconstruction, and advanced wound management products. In July 2020, the RI.HIP NAVIGATION for total hip arthroplasty (THA) was introduced by Smith & Nephew. It is intended to aid in increasing accuracy and reproducibility by providing patient-specific component alignment, which is important for surgeons to consider when evaluating individual THA cases.
Key Companies in the orthopedic devices market includes
DePuy Synthes Companies
Globus Medical
Smith & Nephew plc
Stryker Corporation
Zimmer Inc
Orthopedic Devices Industry Developments
November 2022:The Inlet System, which offers extensive plating and attachment choices for use on the upper and lower extremities, was introduced by Intelivation Technologies. Solutions for hand plating, distal radius, cannulated screws with sizes ranging from 2.3-6 millimetres and lengths varying, clavicle, ulnar, calcaneal, foot, and distal tibia and fibula plates are all included in the Inlet System.
August 2019:Privately held StelKast, a producer of implants and tools for hip and knee replacement, sold all of its assets to Globus Medical. By using robotic technology to create disruptive and unique solutions, the business entered the cranial operations and arthroplasty markets. A commercial robotic system for joint reconstruction applications will be released by the company in late 2020.
Trauma Fixation
Spinal Devices
Joint Replacement
Consumables & Disposables
Bone Repair
Spine
Trauma and Extremities
Knee
Hip
Foot and Ankle
Ambulatory Surgery Centers
Hospitals
Medical Research Center
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Orthopedic Devices Market Highlights:
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