Orthopedic Devices Market Size Projected to Surpass US 67 Billion by 2027

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According to Vision Research Reports, the global orthopedic devices market size is projected to surpass US 67 billion by 2027 and is expected to expand at a CAGR of 4.5% from 2020 to 2027.

Rise in percentage of population requiring orthopedic devices, increase in incidence rates of injuries related to accidents, sports, and adventure, surge in adoption of technologically advanced products are projected to drive the global orthopedic devices market during the forecast period.

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Overview

  • Orthopedic devices is a piece of equipment that is used for preventing and treating deformities and injuries of the musculoskeletal system. It includes include bandages, splints, prostheses, and special apparatus
  •  The market is witnessing a gradual rise in the adoption rate of advanced orthopedic solutions that offer fast recovery and reduced post-operative complications. The global orthopedic devices market is witnessing a shift to value-based product offerings due to continuous emergence of new players and variations in reimbursement policies based on performance of products by regulatory authorities.
  •  North America dominated the global orthopedic devices market in 2019 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increased usage of technologically advanced surgical procedures, and increasing prevalence of orthopedic diseases are expected to drive the market in North America.
  • Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast period

Surge in Adoption of Technologically Advanced Products and Increase in Incidence Rates of Injuries Related to Accidents, Sports, and Adventure to Drive Market

  • Large number of global manufacturers who have technical expertise and core competencies are undertaking constant efforts to develop and manufacture novel orthopedic products to attract more customers. Improved biomaterial based implants offering high strength and low wear are witnessing an exponential rise in demand in developed as well as developing countries
  • Increase in number of accidents and bone disorders such as joint pain, instability in the joint, bone loss, and infection are anticipated to spur demand for orthopedic devices during the forecast period. Over 340,000 hip implant procedures are performed in the U.S. each year, which includes a number of patients aged between 40 and 50 who are focused toward maintaining a healthy lifestyle

Joint Reconstruction Segment to Dominate Market

  • Based on product, the global orthopedic devices market has been divided into joint reconstruction, spinal devices, orthopedic braces and supports, trauma fixation, orthopedic accessories, orthopedic prosthetics, arthroscopy devices and others. Joint Reconstruction is further sub segmented into hip replacement, knee replacement, elbow & shoulder replacement and other. Hip replacement is again divided into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, revision hip replacement implant. Knee replacement is divided into total knee replacement implant, partial knee replacement implant, revision knee replacement implant. Spinal devices is sub divided into spinal fusion devices and spinal non fusion devices. Orthopedic Braces and Supports are further segmented into lower extremity and upper extremity. Trauma Fixation products are classified into metal plates & screw, pins/wires, nails & rods and others. Bone cement, casting system and removal system are division of orthopedic accessories. Orthopedic Prosthetics are segmented into lower extremity and upper extremity.
  • Joint Reconstruction segment dominated the global orthopedic devices market in 2019 and the trend is projected to continue during the forecast period. Significant patient pool leading to increase in surgeries and rise in investment in research and development activities by major players are attributed to the continuous dominance of the joint reconstruction segment.
  • Total knee replacements are one of the most successful procedures in all of medicine. According to the Agency for Healthcare Research and Quality, more than 790,000 knee replacements are performed each year in the United States

Orthopedic Clinics to be Highly Lucrative Segment

  • In terms of end-user, the global orthopedic devices market has been classified into hospitals, orthopedic clinics, ambulatory surgical centers and others.
  • The hospitals segment dominated the orthopedic devices market. Growth of the segment can be attributed to factors, such as, rise in the rate of hospitalization for orthopedic disorders, and wide range of services offered by hospitals at a single site. However, rise in hospitalization costs and changes in reimbursement models are estimated to hamper the growth of the segment during the forecast period.
  • Orthopedic clinics is expected to grow with the highest CAGR in the forecast period. Short-duration length of stays, quality of procedures and care, and emergence of minimal invasive surgeries and devices are likely to propel the segment during the forecast period

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North America to Dominate Global Market

  • In terms of region, the global orthopedic devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global orthopedic devices market in 2019, followed by Europe.
  • North America accounted for major share of the global orthopedic devices market in 2019, owing to significant average selling prices of orthopedic devices, rising demand from surgeons for technologically advanced orthopedic devices with enhanced lifetime and precision, and favorable coverage for orthopedic procedures in the region. According to the Agency for Healthcare Research and Quality, more than 450,000 total hip replacements are performed each year in the United States.
  • The orthopedic devices market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Large population base and rise in incidence of orthopedic diseases, improving economy in China, India, and others countries in Southeast Asia is resulting in high per capita health care expenditure, are anticipated to drive the orthopedic devices market in the region.

Competitive Landscape

  • The global orthopedic devices market is fragmented in terms of number of players. Key players in the global market include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic, DJO Global, Arthrex, Inc., NuVasive, Inc., Globus Medical among others.

Market Segmentation

By Product

    • Joint reconstruction
      • Hip replacement
        • Total hip replacement implant
        • Partial hip replacement implant
        • Hip resurfacing implant
        • Revision hip replacement implant
      • Knee replacement
        • Total knee replacement implant
        • Partial knee replacement implant
        • Revision knee replacement implant
      • Elbow & shoulder replacement
      • Other
    • Spinal devices
      • Spinal fusion devices
      • Spinal non fusion devices
    • Orthopedic braces and supports
      • Lower extremity
      • Upper extremity
    • Trauma fixation
      • Metal plates & screw
      • Pins/wires
      • Nails & rods
      • Others
    • Orthopedic accessories
      • Bone cement
      • Casting system
      • Removal system
    • Orthopedic prosthetics
      • Lower extremity
      • Upper extremity
    • Arthroscopy devices
    • Others

By End-user

    • Hospitals
    • Orthopedic clinics
    • Ambulatory surgical centers
    • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

VRR’s report on the global orthopedic devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global orthopedic devices market for the period 2017–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global orthopedic devices market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global orthopedic devices market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global orthopedic devices market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global orthopedic devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global orthopedic devices market.

The report delves into the competitive landscape of the global orthopedic devices market. Key players operating in the global orthopedic devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global orthopedic devices market that have been profiled in this report.

Key Questions Answered in Global Orthopedic Devices Market Report

  • What is the scope of growth of product companies in the global orthopedic devices market?
  • What will be the Y-o-Y growth of the global orthopedic devices market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global orthopedic devices market?
  • Will North America continue to be the most profitable market for orthopedic devices providers?
  • Which factors are anticipated to hamper the growth of the global orthopedic devices market during the forecast period?
  • Which are the leading companies in the global orthopedic devices market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global orthopedic devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global orthopedic devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the orthopedic devices market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the orthopedic devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global orthopedic devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global orthopedic devices market more reliably and accurately.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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