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Orthopedic Devices Market Size By Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Orthobiologics, Arthroscopic Devices), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI1501
  • Published Date: Apr 2021
  • Report Format: PDF

Industry Trends

Orthopedic Devices Market was valued at USD 40.6 billion in 2020 and is estimated to grow at a CAGR of over 5% between 2021 and 2027. Orthopedic devices are extensively used for anchoring damaged bones in internal fixation surgery that consists of implementation of implants for treating damaged bone. Increasing instances of accidents and sports injuries across the world are fueling the market growth. Growth in number of orthopedic procedures is accelerating the acceptance of orthopedic devices. Furthermore, technological developments are fostering the demand for orthopedic devices.

Orthopedic Devices Market Overview

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Orthopedic devices are the devices that are used for managing and preventing injuries and deformities of the musculoskeletal system. These devices facilitate replacement of bones or missing joints and provide support to the fractured bone. They are composed of a combination of metals such as stainless steels and titanium alloys to enhance strength, whereas the outer layer of plastic functions as artificial cartilage.

However, the orthopedic device is classified as a class III medical device that is subject to stringent regulations and compliances. As a result, these devices are regulated by the U.S. FDA. A premarket approval (PMA) is needed for class III devices before their commercial distribution. The manufacturer is required to get approval under section 515 of the act that comprises of FDA's issuance of approving the application for premarket approval (PMA) for the device. Moreover, the European Union Commission has revised medical device regulation that substitutes the current medical device directive. As per the new regulation, orthopedic devices are classified as class 3 devices that refer to a class of high-risk devices that are subject to stringent compliances. In addition to this, the excessive cost of these devices and post-surgery complications, especially in the developing economies will impede the industry growth.

The emergence of COVID-19 pandemic at a global level is an unprecedented health concern and has had a deterring impact on the orthopedic devices market. A study was conducted by the Madras Orthopedic Society for assessing the effect of COVID-19 pandemic on orthopedic surgeries. According to the study, around 49.5% of the participants reported that the orthopedic outpatient practice during the pandemic was reduced by 75% in early 2020. A significant decrease in the volume of orthopedic procedures, amidst the pandemic, was reported. As per a recently published research article, in 2020, around 6.3 million orthopedic procedures were canceled across the globe, in a 12-week period due to COVID-19 pandemic. The disruption of manufacturing & distribution of products and restrictions on elective surgeries during COVID-19 has significantly hampered the market expansion.

Growing geriatric population coupled with rising prevalence of orthopedic disorders is expected to propel the market progression

Rising incidence of orthopedic disorders along with the growing geriatric population will promote the market value. According to the United Nations World Population Ageing report, the estimated number of people aged 65 years or above is 727 million globally. The number is further anticipated to double and reach 1.5 billion by the end of 2050. The share of elder population with respect to global population is projected to rise from around 9.3% in 2020 and reach 16% by 2050. The orthopedic conditions are mostly related to aging and are poised to increase with aging population.

Surge in medical comorbidities, reduced physiological reserve, mortality and morbidity after trauma may considerably differ in younger patients and adults aged 70 years and older. The people belonging to 70 and above age group are more likely to have critical injuries owing to a fall and likely incidents. According to the National Trauma Database, in the U.S., elderly patients aged 65 and above with trauma are around 25% among total trauma patients. Aging population leads to higher vulnerability related to musculoskeletal system in the form of injuries and disorders.

Recent technological advancements will fuel the orthopedic devices market revenue

Continuous technological developments in orthopedic devices, innovations in design and efficiency have facilitated the use and convenience of the devices in the industry. Extensive research and development in the equipment used for hip, spinal, and knee replacement have introduced innovative offerings in the market such as patient-specific, personalized implants and 3D printed implants. Novel automation technologies coupled with robotics are being deployed in the business operations, further helping to deliver high quality devices. Additionally, the emergence of robotics in orthopedic surgeries is less invasive and offer high precision, further facilitating shorter stays in the hospitals and rapid recovery.

The U.S. FDA approved the da Vinci Surgical System, the first robotic surgery system. More players are funding research activities in surgical robotics to offer guidance during surgeries or to get 3D scans that assist in the design of personalized joints. The virtual surgical planning coupled with patient-specific implants will lead towards higher degree of customization, accuracy and enhanced efficiency. The innovation in material and with the advent of 3D bio-printing in orthopedics the demand for these medical products will boost significantly. 

Technological advancements are improving numerous surgical procedures, thereby impelling the outcomes. These advancements include minimally invasive surgeries, motion preservation techniques as well as tissue-guided surgeries. Moreover, recent advancements in the field of orthobiologics and stem cell-based strategies have highlighted faster recoveries. Another advent in the field is drug-eluting bone grafts that can be potentially used to manage orthopedic surgical infection. Clinical studies have inferred that orthobiologics can fasten the healing process. Developments in these devices are projected to expedite their demand in surgical procedures in future, thereby promoting the orthopedic devices market demand during the forecast timeline.

Growing usage of joint reconstruction devices will spur the industry expansion

Orthopedic Devices Market Size

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Joint reconstruction devices segment accounted for more than USD 16.8 billion in 2020 led by the rising prevalence of orthopedic conditions along with increasing geriatric population. Joint reconstruction forms an integral part of orthopedic surgeries. Major ailments damaging the joints include osteoporosis, arthritis, bone degenerative diseases, and among others. Several elements including unhealthy and sedentary lifestyle have resulted in large portion of population susceptible to bone-related diseases.

Increasing incidences of road accidents in North America region will stimulate the regional growth

Global Orthopedic Devices Market

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U.S. dominated the North America orthopedic devices market and captured over 94% of revenue share in 2020 owing to the well-developed healthcare infrastructure and rise in number of orthopedic surgeries. Increase in the number of amputations and road accidents in the U.S. are anticipated to amplify the market for these devices in the country. As per the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2019, there were 33,244 fatal motor vehicle accidents in the U.S. resulting in 36,096 deaths. Growing incidence of accidents in the country will increase the adoption rate of orthopedic devices.

Germany held the largest revenue share in European market in 2020 and accounted for around USD 1.9 billion in 2020 driven by increasing healthcare expenditure and efforts taken to prevent important health risk factors. Germany accounts for highest healthcare expenditure in Europe. Its per capita healthcare expenditure showcased notable growth from USD 4,612 in 2010 to USD 5,472 in 2018. The country spends around 11.4% of the GDP expenditure on healthcare. Furthermore, implementation of the Prevention Act by the German Federal Government in 2015 offered healthier lifestyles and minimize the prevalence of several diseases and ailments.

Strategic initiatives implemented by major market players will augment the market growth

Some of the major companies operating in the orthopedic devices market are Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, NuVasive, MicroPort Scientific Corporation (Wright Medical Group), Globus Medical, Medacta, DePuy Synthes and Smith & Nephew among others. Numerous strategies such as continuous product development, mergers, acquisitions, strategic collaborations and favourable pricing to maintain a competitive edge are being undertaken. These leaders also focus on research and development activities that enables garnering maximum market share.

Recent industry developments:

  • In September 2020, Smith & Nephew announced acquisition of Integra LifeSciences’ extremity orthopedics business for USD 240 million. This acquisition assisted the company in expanding and strengthening its product portfolio.
  • In June 2019, MicroPort announced the launch of its Evolution NitrX Medial-Pivot Knee System. This system facilitates rapid recovery, ease in use and reduced levels of pain. This product launch assisted the company in offering innovative products in the market, thereby providing competitive edge to the company.

Orthopedic devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product, 2016 - 2027 (USD Million)

  • Joint Reconstruction Devices
    • Hip Replacement
    • Knee Replacement
    • Ankle Replacement
    • Shoulder Replacement
    • Others
  • Spinal Devices
  • Trauma Fixation Devices
  • Orthobiologics
  • Arthroscopic Devices
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

The market share of orthopedic devices had attained more than USD 40.6 billion in 2020 will expand a CAGR of 5% up to 2027 with a growing prevalence of accidents and sports injuries worldwide.

Demand for joint reconstruction devices exceeded USD 16.8 billion in 2020 and will grow significantly owing to the expanding geriatric population and increasing instances of orthopedic conditions.

U.S. led the orthopedic devices market in North America and accounted for over 94% of the revenue share in 2020 and will witness inclination due to the surge in orthopedic surgeries and the presence of well-developed healthcare infrastructure in the country.

Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, NuVasive, and MicroPort Scientific Corporation are some of the major orthopedic device companies.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 19
  • Tables & Figures: 144
  • Countries covered: 18
  • Pages: 180

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