The global orthopedic devices market was valued at US$36.66 billion in 2017, growing at a CAGR of 4.4% during the forecast period from 2019 – 2025. 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
|Forecast Unit||Value (USD)|
|Revenue forecast in 2025||USD 36.66 billion|
|Growth Rate||CAGR of 4.4% during 2021-2028|
|Segment Covered||Device Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East & Africa|
|Key Players Profiled||DePuy Synthes, Inc., Smith & Nephew, Stryker Corporation, Medtronic, Conmed Corporation and others.|
Key segments of the global orthopedic devices market
Device Type Overview, 2015-2025 (USD Million)
- Bone Allograft
- Bone Graft Substitutes
- Bone Growth Factors & Spinal Stimulation
- Stem Cell Therapy
- Joint Reconstruction
- Ankle Replacement
- Digits Replacement
- Elbow Replacement
- Hip Replacement
- Knee Replacement
- Shoulder Replacement
- Spinal Devices
- Spinal Fusion Devices
- Spinal Non-Fusion Devices
- Trauma Fixation Devices
- Internal Fixator Devices
- External Fixator Devices
- Arthroscopic Devices
- Arthroscopic Hand Instrument
- Fluid Management Devices
- Power Saver Devices
- Radiofrequency Probe
- Drill Guide
- Orthopedic Accessories
- Bone Cement
- Casting System
- Removal System
- Orthopedic Braces & Support System
- Spinal Orthosis
- Ankle Braces & Supports
- Knee Braces & Supports
- Wrist Braces
- Upper Extremity Braces
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- South America, Middle-East & Africa
- Saudi Arabia
- South Africa
- Rest of the World
Reasons for the study
• The purpose of the study is to give an exhaustive outlook of the global orthopedic devices industry.
• We have been following the overall segmentation of orthopedic devices market. The increasing geriatric population and rising life expectancy is expected to drive the market.
• Rising healthcare awareness and increasing disposable income are also the prominent factors supporting the growth of the global orthopedic devices market.
What does the report include?
• The study on the global orthopedic devices market includes qualitative factors such as drivers, restraints, and opportunities
• Additionally, the market has been evaluated using the value chain and Porter’s Five Forces’ analysis
• The study covers qualitative and quantitative analysis of the market segmented on the basis of devices and region. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the above-mentioned segments
• The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the orthopedic devices Industry. The report will benefit:
• Executives of orthopedic devices companies that are engaged in the distribution and marketing
• Managers within financial institutions looking to publish recent and forecasted statistics pertaining to orthopedic devices.
• Venture capitalist looking into investing capital
• Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions.
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies