Global Orthopedic Devices Market - Segmented by Application and Geography - Growth, Trends, and Forecast (2022 - 2030)

The orthopedic devices market is expected to witness a CAGR of 5.5% during the forecast period, 2018-2023. North America has been dominating the orthopedic devices market and is expected to maintain its dominance throughout the forecast period.

Rising Demand for Orthopedic Implants

The number of people undergoing joint replacement surgeries, such as total hip and knee replacement, has increased steadily and continues to increase, due to an increase in aging population. Rise in the osteoporosis-related fractures and musculoskeletal diagnoses, are driving the demand for orthopedic implants among the population aged 65 years or older. In December 2012, a study based on the global burden of disease and the worldwide impact of the diseases and risk factors, found that the musculoskeletal conditions, such as arthritis and back pain, are to affect more than 1.7 billion people worldwide. Therefore, statistics show that the number of orthopedic surgeries is increasing, which leads to the increase in demand for the orthopedic implants.
The other driving factors also include an increasing number of large joint reconstruction surgeries; growing elderly population increases the prevalence of orthopedic disorders and development of bio-absorbable and titanium implants.

Alternative Procedures such as Tissue Engineering and Development of New Drugs

Nowadays, many surgeons are choosing alternative methods, such as relaxation techniques, to supplement the conventional medicines. Also, many patients are not willing to undergo surgery, mainly due to the risks involved. Hence, many patients prefer the alternatives or non-surgical procedures, like yoga or physiotherapy. Therefore, the penetration of the preference for replacement surgeries is limited in the market. Many new drugs have also been developed that can be used as an alternative method to the surgical procedures, which hinders the growth of orthopedic device market.
The other factor is stringent regulatory reforms, which is also hampering the growth of the market.

North America to Dominate the Market

North America is expected to dominate the market due to the increasing awareness of the minimally-invasive procedures for orthopedic surgeries, continuous innovation in the implant technologies, and advanced healthcare facilities. A high adoption rate of advanced technologies are also the factors driving the growth of the market in this region. The demand for the orthopedic surgeries in China and India is also expected to grow tremendously in the near future.

Key Developments in the Market

• March 2017: Integra LifeSciences announced commercial expansion of the cadence total ankle system- a new ankle prosthesis developed in partnership with four world-leading foot and ankle surgeons
• December 2017: Smith & Nephew announced that it has completed the acquisition of Rotation Medical Inc.

Major Players: DEPUY SYNTHES COMPANIES, DJO GLOBAL INC., GLOBUS MEDICAL INC., INTEGRA LIFESCIENCES, MEDTRONIC SPINAL, NUVASIVE INC., SMITH & NEPHEW PLC, STRYKER CORPORATION, WRIGHT MEDICAL GROUP NV, AND ZIMMER BIOMET amongst others.

Reasons to Purchase the Report

• Current and future market outlook for orthopedic devices in the developed and emerging markets
• Analyze various perspectives of the market, with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the market estimate sheet (in Excel)

Customization of the Report

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