With a compound annual growth rate of 2.10% from 2023 to 2032, the size of the global orthopaedic devices market is predicted to reach approximately USD 58.89 billion by 2032 from its estimated USD 48.08 billion in 2022.
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The growth of the global orthopedic devices market is driven by various prominent factors such as increasing geriatric population, rising number of sports injuries and growing number of road accidents. In addition, technological advancements owing to rising preference for minimally invasive surgeries also support the orthopedic devices market globally during the forecast period.
Increasing aging population is one of the key factor that supports the growth of the global orthopedic devices market. The geriatric population is more susceptible to joint injuries which drives the need for orthopedic devices. In addition, rising healthcare awareness among the patient population also propels the market growth. By 2050, more than 20% of the global population is expected to be in the age group of 60 years. Thus, rising life expectancy among the geriatric population drives the demand for healthcare services, which in turn would also drive the demand for orthopedic devices market.
Technological advancements in the field of orthopedic devices also supports the market growth. Rising need for minimally invasive surgeries makes the orthopedic device manufacturers to launch new and innovative minimally invasive devices to meet the growing demand. Thus, high demand for orthopedic devices that can immediately cure the orthopedic injuries trigger the growth of technologically advanced orthopedic devices. Some of the key players having presence in the global orthopedic devices market are DePuy Synthes, Inc., Smith & Nephew, Stryker Corporation, Medtronic, Conmed Corporation and others. Launch of new and innovative technologically advanced products coupled with mergers and acquisition for geographic presence are some of the growth strategies adopted by these market players to enhance their market share.
Geographically, in 2017 North America dominated the global orthopedic devices market. The dominance of the region was majorly due to increasing awareness among the patient population for orthopedic injuries, rising disposable income, and presence of prominent players in the region. Owing to the above mentioned factors North America is expected to retain its dominance during the forecast period from 2019-2025.
Emerging economies such as Asia-Pacific and Latin America have significant growth opportunities with huge untapped patient population and increase in economic prosperity. Medical tourism propels the growth in these economies. In the last decade, about 850,000 Americans traveled to countries such as India, Thailand, Singapore, and South Africa to undergo various health-related treatments. These countries provide a significant cost benefit to the patients for orthopedic surgeries, with 75%-80% lesser cost of the same procedure as compared to that in the U.S. and Europe. An orthopedic surgery (hip replacement surgery) costs as low as $8,500 in India, as compared to $58,000 in the U.S. Apart from the cost advantage, alternative medical treatments such as Ayurveda (traditional medicine and treatment process native to the Indian subcontinent) and Chinese traditional medicine are gaining popularity as healing therapies post orthopedic surgeries. Thus, all the above mentioned factors collectively support the orthopedic devices market in emerging economies during the forecast period.
Orthopedic Devices Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 58.89 billion |
| Growth Rate | CAGR of 2.10% during 2022-2032 |
| Segment Covered | Product Type, End User, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Medtronic, Inc., Invibio Ltd., OsteoMed, Weigao Group Co Ltd., Arthrex, Inc., Johnson & Johnson Company, CONMED, Tornier, Inc., Stryker Corporation, Zimmer Holding Inc., NuVasive, Medartis, Olympus Corporation |
Key Segment Of The Orthopedic Devices Market
Product Type, (USD Billion)
o Internal Fixators
• Screws
• Intramedullary Nails
• Plates
• Others (Wires, Pins, Staples)
o External Fixators
• Unilateral Fixators
• Circular Fixators
• Hybrid Fixators
End User, (USD Billion)
• Hospitals
• Orthopedic and Trauma Centers
• Ambulatory Surgical Centers
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The orthopedic devices market size is expected to reach USD 58.89 billion by 2032.
The orthopedic devices market is expected to grow at a CAGR of 2.10 % during 2022-2032.
North America dominated the market for orthopedic devices market and accounted for the largest revenue share.
The major players are Medtronic, Inc., Invibio Ltd., OsteoMed, Weigao Group Co Ltd., Arthrex, Inc., Johnson & Johnson Company, CONMED, Tornier, Inc., Stryker Corporation, Zimmer Holding Inc., NuVasive, Medartis, Olympus Corporation
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