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The orthopedic device market size is forecast to increase by USD 13.91 billion at a CAGR of 4.23% between 2023 and 2028. The market is experiencing significant growth due to the rising prevalence of orthopedic ailments, including age-related bone disorders, osteoarthritis, rickets, and osteomalacia, driving the demand for orthopedic implants. Traffic accidents and sports injuries further contribute to the market's expansion. Leading companies are continuously advancing orthopedic technology through new product launches and R&D activities related to orthopedic prosthetics. However, the market faces challenges such as increasing product recalls due to quality concerns, regulatory compliance, and price pressures from competitive pricing strategies. Minimally invasive joint replacement surgeries are gaining popularity, offering patients faster recovery times and reduced hospital stays. Despite these challenges, the market is expected to grow steadily, driven by the increasing aging population and the ongoing development of innovative orthopedic devices.
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The orthopedic devices market is witnessing significant growth due to the rising prevalence of orthopedic disorders, particularly in the aging population and those suffering from degenerative bone diseases. Factors such as road accidents, musculoskeletal disorders, and sedentary routines are contributing to the increasing demand for orthopedic devices. The market is also driven by the growing number of elective orthopedic surgeries, advancements in implant materials and surgical techniques, and the increasing focus on infection control and patient safety. Obesity and non-urgent orthopedic procedures are also fueling market growth. The use of advanced orthopedic devices, such as robots, orthopedic surgical navigation systems, and computer-aided surgical equipment, is transforming orthopedic surgeries, making them less invasive and more precise.
Moreover, age-related bone disorders, including osteoarthritis, are a major concern, and the market is responding with innovative solutions to address these conditions. The market is expected to continue growing due to the increasing medical assistance available for orthopedic ailments and the rising number of traffic accidents.
The orthopedic device market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The knee segment is estimated to witness significant growth during the forecast period. The market, particularly the segment for knee replacement and knee implants, is experiencing substantial growth due to several factors. The aging population is a significant contributor, as age-related bone disorders such as osteoarthritis and rheumatoid arthritis become more prevalent. Additionally, the rise in traffic accidents and other injuries leads to an increase in the need for joint replacement surgeries, including those for the knee. The adoption of minimally invasive surgery (MIS) procedures is also driving demand for knee replacement devices, as it offers advantages such as reduced recovery time and fewer complications. The global market for knee implants is expanding, with key players like Stryker contributing to the growth through innovative product development and strategic collaborations.
The increasing procedural volume for primary knee replacement and the growing incidence of knee-related disorders are further fueling market expansion.
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The knee segment was valued at USD 11.23 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 44% to the growth of the global orthopedic device market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing notable expansion due to the increasing prevalence of orthopedic ailments, including age-related bone disorders, osteoarthritis, rickets, and osteomalacia. Traffic accidents are another significant contributor to the market's growth, leading to a higher demand for joint replacement surgeries and minimally invasive procedures along with robotic surgery systems. Stryker and other key players in the industry are capitalizing on this trend by investing in research and development, clinical trials, and product innovation. For instance, the joint reconstruction product segment holds over one-quarter of the global market share, with approximately 1.35 million youths in North America experiencing sports injuries annually, of which around 451,000 are sprains or strains. This underscores the importance of advanced orthopedic devices in addressing the rising healthcare needs in this region.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Continuous advancements in orthopedic technology is the key driver of the market. Orthopedic devices have experienced significant advancements over the past three decades, driven by extensive research and development efforts from key industry players. One of the most notable recent developments is the integration of robotics-assisted technology in hip, knee, shoulder, and spine surgeries for orthopedic implants. Minimally invasive surgeries (MIS) have also gained popularity among surgeons due to their increased accuracy, precision, and superior patient outcomes. These advancements have led to reduced costs and recovery time for patients. Moreover, the adoption of advanced technologies such as three-dimensional (3D) printing, customized implants, and biocompatible materials is expected to fuel market growth. Infection control and patient safety remain top priorities within the market, which operates under a stringent regulatory framework.
New product launches coupled with R and D activities is the upcoming trend in the market. The market is characterized by intense competition among key players, each demonstrating expertise in various product segments. Infection control and patient safety are paramount in this market, with advanced orthopedic devices continually being developed to meet these requirements.
Key players hold significant market share in their respective segments. Stryker leads the market, while Medtronic dominates the spine device segment. This diversified presence of leading manufacturers and their continued dominance in specific product categories have consolidated the market, increasing competition among these players.
Rising orthopedic device product recalls by companies is a key challenge affecting orthopedic device market growth. Orthopedic devices play a crucial role in medical assistance for individuals with bone disorders and injuries. However, the manufacturing process of these devices carries a risk of errors that can potentially compromise patient safety. Strict regulatory frameworks, such as the Food and Drug Administration (FDA) and European Medicines Agency (EMA), implement rigorous health hazard evaluations to ensure infection control and minimize risks associated with orthopedic devices. In 2022, 17 orthopedic devices, including Medtronic's Synergy Cranial and StealthStation S7 Cranial software and Exactech hip implants, were recalled due to potential risks. These recalls underscore the importance of adhering to stringent regulatory guidelines and the significance of patient safety in the use of advanced orthopedic devices.
However, despite the efforts of regulatory agencies, thousands of patients may be exposed to problematic devices before the risks are identified. The market comprises over 600 companies, with major players such as 286 joint replacement implant manufacturers and 315 osteosynthesis implant manufacturers.
The orthopedic device market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the orthopedic device market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Medacta International SA - The company offers the design, production, and distribution of innovative orthopedic products. The company offers orthopedic devices such as Integra Salto Talaris Total Ankle prosthesis, and Titan Modular Shoulder system.
The orthopedic device market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The orthopedic devices market is witnessing significant growth due to the rising prevalence of orthopedic disorders such as degenerative bone diseases, musculoskeletal disorders, and age-related bone disorders including osteoporosis, osteoarthritis, rickets, and osteomalacia. The aging population, sedentary routines, obesity, and road accidents are major factors contributing to the increase in the number of patients requiring orthopedic interventions. The market is segmented into joint replacement implants and osteosynthesis implants. Joint replacement implants include hip and knee implants, while osteosynthesis implants consist of plates, screws, and rods. Advanced orthopedic devices such as minimally invasive surgery equipment, robots, surgical instruments, and computer-aided surgical equipment are gaining popularity due to their precision and reduced invasiveness.
Moreover, the regulatory framework for orthopedic devices is stringent to ensure patient safety and infection control. Product recalls due to implant materials and surgical techniques have led to increased scrutiny and regulatory oversight. Elective orthopedic surgeries, including joint replacement surgery, are driving the growth of the market. Medical assistance and sports injuries are other significant applications of orthopedic devices. The use of telemedicine and robotic surgery assistants is increasing to improve accessibility and efficiency in orthopedic surgical applications. The market is highly competitive with major players including Medtronic and Stryker, among others.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.23% |
Market growth 2024-2028 |
USD 13.91 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.86 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
aap Implantate AG, Alphatec Holdings Inc., Arthrex Inc., B.Braun SE, Boston Scientific Corp., Conformis Inc., Conmed Corp., CTL Amedica Corp., Enovis Corp., Exactech Inc., Globus Medical Inc., Integra Lifesciences Corp., Johnson and Johnson Services Inc., Medacta International SA, Medtronic, MicroPort Scientific Corp., OrthAlign Corp., Ossur hf, Smith and Nephew plc, Stryker Corp., TriMed Inc., Zimmer Biomet Holdings Inc., and CurvaFix Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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