In 2017, the global market for orthopedic devices was worth USD 36.1 billion. The market is expected to grow at 3.1% CAGR over the forecast period. The market is expected to grow due to the high prevalence of degenerative bone diseases and other orthopedic conditions, as well as the increasing geriatric population. The market will be boosted by the potential for early onset of musculoskeletal diseases due to obesity and sedentary living.
The lack of effective surgical tools means that current trauma management methods are not able to successfully restore body parts. Manufacturers are increasing their investment in Research and Development (R&D), to create innovative and more efficient devices. In the near future, high market growth will be assured by increased R&D.
Hospitals are constantly updating their equipment and services to keep up with the changing availability of new products. Additionally, orthopedic surgery is becoming more popular due to the availability of reimbursement for orthopedic treatments. These factors enable customers to choose high-end and expensive devices, increasing the revenue.
Modern orthopedic devices are significantly cheaper than older models. This allows them to be more widely adopted in developing countries like Asia Pacific and the Middle East where there is no or partial reimbursement. These activities will have a cumulative effect on increasing market growth and procedural volume in the near future.
In 2017, the market share for knee orthopedic devices was the highest. Due to rising knee surgeries, this segment will likely maintain its leadership position. The main obstacles to growth are high costs and a longer follow up period. The approval of medical devices of class III is being slowed down by strict regulatory guidelines.
The segment Sports medical, Extremities, and Trauma (SET), is expected to experience the fastest CAGR over the forecast period. The demand for orthotic devices in the foot and ankle is expected to rise due to increased awareness about the availability of treatment options and sports injuries.
The market for orthopedic devices will see a high demand for devices that provide immediate relief. Sports organizations that help athletes with injuries will likely increase R&D in the industry.
The market can be divided into accessories and surgical device based on the products. The segment of surgical devices is further broken down into custom clamps and drill guides, guide tubes, screwdrivers and distracters. Accessories include braces, arthroscopes and other consumables. Other devices like sutures, plaster materials and screws are also included in this segment. This segment will grow at the fastest rate of CAGR during the forecast period.
These devices and tools will continue to improve, which is expected to drive the market demand. Market growth is expected to be driven by new technologies and different types of implants that are used in surgical procedures. The rapid pace of innovation, as well as upgrades, will result in lower prices for older versions. This is expected to lead to business opportunities, particularly in emerging markets.
North America dominated the global orthopedic device market in 2017. Regional growth is driven by high demand for healthcare services. This is due to North America's well-developed healthcare infrastructure, industry giants and coverage. The region's orthopedic surgery demand is increasing due to an ever-increasing target patient population and rising car accident rates. Market growth is expected to be driven by the high prevalence of orthopedic conditions and the adoption of advanced treatment methods.
The fastest CAGR is expected to be in Asia Pacific during the forecast period. China and India will be home to the largest global geriatric population. These countries are expected to see a huge increase in demand for their services in the coming years. The booming medical tourism sector, which offers advanced healthcare at affordable rates, is expected to draw the targeted patient population. Japan is home to a high number of implant producers and high healthcare spending, compared with other countries in the region. The high adaption to new technology will also fuel regional market growth.
Globally, the market is oligopolistic. Only a handful of international players hold more than 80.0% of the market. Medtronic PLC, Stryker Corporation, Zimmer-Biomet Holdings, Inc., DePuy Synthes, Smith and Nephew PLC, Aesculap Implant System, LLC, Conmed Corporation, Donjoy, Inc., and NuVasive, Inc. are some of the major players.
Companies are focused on product innovation and offer orthopedic devices at affordable prices, especially in developing countries. The number of procedures performed in developing and developed countries will be increased by minimally invasive orthopedic devices that do not require repeated procedures.
This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends in each sub-segment from 2014 to 2026. Grand View Research segmented the global market report on orthopedic devices based on application, product, region, and country.
App Outlook (Revenue USD Million, 2014-2026)
Hip
Knee
Spine
Cranio-Maxillofacial (CMF)
Dental
Sports injuries, extremeities and trauma (SET)
Product Outlook (Revenue USD Million, 2014-2026)
Accessory
Braces
Consumables
Other
Surgical Devices
Drill Guide
Guide Tubes
Implant Holder
Clamps made to order
Distractions
Screw drivers
Other
Regional Outlook (Revenue USD Million, 2014-2026)
North America
The U.S.
Canada
Europe
The U.K.
Germany
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
b. Global market for orthopedic devices was valued at USD 38.4 Billion in 2019, and will reach USD 39.6 Billion by 2020.
How is the market for orthopedic devices growing?b. Global orthopedic device market is expected grow at a compound annual rate of 3.1% between 2019 and 2026, to reach USD 47.6 million by 2026.
Which segment had the largest market share for orthopedic devices?b. With a 48.07% share in 2019, North America was the dominant market for orthopedic devices. This is due to the high demand for healthcare services, which can be attributed to the well-developed healthcare infrastructure, industry giants, as well as reimbursement coverage.
What are the major players in the orthopedic device market?b. Medtronic, Stryker Corporation, Zimmer Biomet, Depuy Synthes, Smith And Nephew, Zimmer Biomet, Depuy Synthes, Zimmer Biomet, Depuy Synthes, Zimmer Biomet, Depuy Synthes, Smith And Nephew, Aesculap Implant Systems, LLC, Conmed Corporation, DJO Global, Nuvasive, Inc. are some of the key players in the orthopedic device market.
What are the key factors that drive the market for orthopedic devices?b. The market's growth is driven by the high prevalence of degenerative bone diseases and rising geriatric populations, as well as increasing road accidents.
Up Market Research published a new report titled “Orthopedic Devices Market research report which is segmented by Product (Surgical Devices, Accessories), by Application (Spine, Knee, Cranio-Maxillofacial, Hip, Dental, SET), By Players/Companies Aesculap Implant Systems, LLC, Nuvasive, Depuy Synthes, DJO Global, Inc, Stryker Corporation, Zimmer Biomet, Medtronic, Smith And Nephew, Conmed Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Orthopedic Devices Market Research Report |
By Product | Surgical Devices, Accessories |
By Application | Spine, Knee, Cranio-Maxillofacial, Hip, Dental, SET |
By Companies | Aesculap Implant Systems, LLC, Nuvasive, Depuy Synthes, DJO Global, Inc, Stryker Corporation, Zimmer Biomet, Medtronic, Smith And Nephew, Conmed Corporation |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 250 |
Number of Tables & Figures | 175 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Surgical Devices, Accessories), by Application (Spine, Knee, Cranio-Maxillofacial, Hip, Dental, SET).
Orthopedic Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Orthopedic Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Orthopedic Devices Market Report:
Some other reports from this category!