Orthopedic Devices Market Expected to Witness a Steady CAGR of 4-6% from 2024 to 2029
The global orthopedic devices market is set to grow at a CAGR of 4-6% over the next 5 years. This growth is driven by the increasing prevalence of orthopedic disorders, rising geriatric population, advancements in orthopedic technology, and a growing number of sports-related injuries. Additionally, the surge in minimally invasive surgeries and the expanding demand for joint replacement surgeries are further fueling the market expansion. To learn more about the research report, download a sample report.
Orthopedic devices include a wide range of products such as joint implants, trauma devices, spine devices, and orthobiologics, which are designed to treat musculoskeletal conditions. These devices help improve mobility and quality of life for patients suffering from conditions like arthritis, osteoporosis, and fractures. The demand for customized and 3D-printed implants is also growing, as patients seek personalized treatment options that ensure better outcomes and faster recovery.
To learn more about this report, download the PDF brochure
Advancements in Technology, Aging Population, and Growing Demand for Joint Replacement Drive Growth in Orthopedic Devices Market
The orthopedic devices market is experiencing a growth due to advancements in technology, including 3D printing, robotics, and AI-powered surgical systems. These innovations are enhancing the precision and success rates of surgeries, improving patient outcomes, and minimizing recovery times. The aging global population is a key driver of demand, particularly for joint replacement procedures, as elderly patients increasingly require orthopedic interventions. Additionally, the growing incidence of sports injuries across all age groups is contributing to the increased adoption of orthopedic devices. Emerging markets are seeing rapid growth in this sector, driven by rising healthcare expenditure and improved access to advanced surgical care and treatments.
Growing Shift Towards Ambulatory Surgery Centers (ASCs)
The trend of moving orthopedic procedures from hospital settings to ambulatory surgery centers (ASCs) has accelerated, a shift that gained momentum during the COVID-19 pandemic and continues to expand annually. ASCs offer cost-effective, efficient, and convenient alternatives for orthopedic surgeries, including joint replacements and minimally invasive procedures. In 2023, Stryker estimated that 12-15% of its large joint procedures were performed in ASCs, up from 10% in 2022. This shift is being further driven by hospitals increasingly constructing ASCs, while payers and patients favor lower-cost settings. As a result, ASC orthopedic procedure volume is expected to grow significantly over the next few years.
To learn more about this report, download the PDF brochure
Competitive Landscape Analysis
Key players in the global orthopedic devices include Zimmer Biomet, Stryker Corporation, DePuy Synthes (Johnson & Johnson), Smith & Nephew, Medtronic, Arthrex, Globus Medical (NuVasive Inc.), Orthofix, B. Braun Melsungen AG, and DJO Global, among others. Strategic acquisitions and product launch are two of the key strategies adopted by market players to strengthen their market position.
Orthopedic Devices Market Scope
|
Report Scope |
Details |
|
Base Year Considered |
2023 |
|
Historical Data |
2022 - 2023 |
|
Forecast Period |
2024 - 2029 |
|
Growth Rate |
CAGR 4-6% |
|
Segment Scope |
Product Type and End User |
|
Regional Scope |
|
|
Key Companies Mapped |
Zimmer Biomet, Stryker Corporation, DePuy Synthes (Johnson & Johnson), Smith & Nephew, Medtronic, Arthrex, Globus Medical (NuVasive Inc.), Orthofix, B. Braun Melsungen AG, and DJO Global; among others |
|
Report Highlights |
Market Size & Forecast, Growth Drivers & Restraints, Trends, Competitive Analysis |
Key Strategic Questions Addressed
-
What is the market size & forecast of the orthopedic devices market?
-
What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the orthopedic devices market?
-
What are the key trends defining the market?
-
What are the major factors impacting the market?
-
What are the opportunities prevailing in the market?
-
Which region holds the highest market share?
-
Which region is expected to witness the highest growth rate in the next 5 years?
-
Who are the major players in the market?
-
What are the key strategies adopted by market players?
- Introduction
- Introduction
- Market Scope
- Market Definition
- Segments Covered
- Regional Segmentation
- Research Timeframe
- Currency Considered
- Study Limitations
- Stakeholders
- List of Abbreviations
- Key Conferences and Events (2023-2024)
- Research Methodology
- Secondary Research
- Primary Research
- Market Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Forecasting
- Executive Summary
- Global Orthopedic Devices Market Snapshot (2023-2029)
- Segment Overview
- Regional Snapshot
- Competitive Insights
- Market Overview
- Market Dynamics
- Drivers
- Increasing prevalence of musculoskeletal disorders and orthopedic injuries
- Aging global population driving demand for joint replacement and reconstruction
- Advancements in minimally invasive orthopedic surgeries and robotic-assisted devices
- Growing number of sports-related injuries
- Restraints/Challenges
- High cost of orthopedic surgeries and devices
- Increasing competition and market saturation in certain device categories
- Opportunities
- Emerging markets
- Key Market Trends
- Drivers
- Industry Speaks
- Market Dynamics
- Global Orthopedic Devices Market Size & Forecast (2022-2029), By Product Type, USD Billion
- Introduction
- Implants
- Spinal Implants
- Upper and Lower Extremity Implants
- Knee Implants
- Hip Implants
- Trauma Devices
- Sports Medicine
- Orthobiologics
- Others
- Orthopedic Devices Market Size & Forecast (2022-2029), By End User, USD Billion
- Introduction
- Hospitals
- Ambulatory Surgery and Trauma Centers
- Specialty Orthopedic Clinics
- Nursing Homes and Long-term Care Facilities
- Others
- Global Orthopedic Devices Market Size & Forecast (2022-2029), By Region, USD Billion
- Introduction
- North America Orthopedic Devices Market Size & Forecast (2022-2029), By Country, USD Billion
- US
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Canada
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Europe Orthopedic Devices Market Size & Forecast (2022-2029), By Country, USD Billion
- UK
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Germany
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- France
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Italy
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Spain
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Rest of Europe
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Asia Pacific (APAC) Orthopedic Devices Market Size & Forecast (2022-2029), By Country, USD Billion
- China
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Japan
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- India
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Rest of Asia Pacific
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Latin America (LATAM) Orthopedic Devices Market Size & Forecast (2022-2029), USD Billion
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- Middle East & Africa (MEA) Orthopedic Devices Market Size & Forecast (2022-2029), USD Billion
- Market Size & Forecast, By Product Type (USD Billion)
- Market Size & Forecast, By End User (USD Billion)
- China
- UK
- US
- Competitive Landscape
- Key Players and their Competitive Positioning
- Key Player Comparison
- Segment-wise Player Mapping
- Market Share Analysis (2023)
- Company Categorization Matrix
- Dominants/Leaders
- New Entrants
- Emerging Players
- Innovative Players
- Key Strategies Assessment, By Player (2022-2024)
- New Product Launches
- Partnerships, Agreements, & Collaborations
- Mergers & Acquisitions
- Geographic Expansion
- Key Players and their Competitive Positioning
- Company Profiles*
(Business Overview, Financial Performance**, Products Offered, Recent Developments)
- Zimmer Biomet
- Stryker Corporation
- DePuy Synthes (Johnson & Johnson)
- Smith & Nephew
- Medtronic
- Arthrex
- Globus Medical
- Orthofix
- Braun Melsungen AG
- DJO Global
- Other Prominent Players
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
Primary Research
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
Hospitals, Ambulatory Surgery Centers, Trauma Centers, and Orthopedic Clinics
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down & Bottom-Up Approaches’ were used to derive market size estimates and forecasts
Data Triangulation
Research findings derived through secondary sources & internal analysis was validated with Primary Interviews, Internal Knowledge Repository and Company’s Sales Data
