NEW YORK, July 17, 2024 /PRNewswire/ -- The global orthopedic device market size is estimated to grow by USD 13.91 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.23% during the forecast period. Continuous advancements in orthopedic technology is driving market growth, with a trend towards new product launches coupled with R and D activities. However, rising orthopedic device product recalls by vendors poses a challenge. Key market players include 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..

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Market Driver

The global orthopedic device market is highly competitive, with key players such as Stryker, Medtronic, DePuy Synthes, and others maintaining leading positions in various product categories. Stryker leads the overall market, while Medtronic dominates the spine device segment. To stay competitive, vendors are focusing on new product launches and R&D activities. For instance, CurvaFix, Inc. Recently introduced a 7.5mm CurvaFix IM Implant, designed for small-boned patients. Vendors are also developing technologically advanced implant systems and reducing manufacturing costs to offer customized implants. These efforts will positively impact the market growth of orthopedic devices during the forecast period. Additionally, emerging market players are introducing new products, increasing market competitiveness. 

The Orthopedic Devices market is experiencing significant growth due to the rising prevalence of orthopedic disorders, an aging population, and an increase in road accidents leading to musculoskeletal injuries. Degenerative bone diseases like osteoarthritis, rickets, and osteomalacia are common orthopedic ailments. Elective orthopedic surgeries, such as joint replacement, are on the rise, with over 286 joint replacement implants and 315 osteosynthesis implants used annually. Implant materials and surgical techniques continue to advance, with minimally invasive surgery and robotic assistance becoming more common. Telemedicine is also transforming orthopedic care, allowing for remote consultations and follow-ups. However, the market faces challenges such as product recalls, stringent regulatory frameworks, and infection control and patient safety concerns. Key players in the market include Medtronic and Stryker. Advanced orthopedic devices, such as robotic surgery assistants and computer-aided surgical equipment, are driving innovation in the field. Non-urgent orthopedic procedures and sedentary routines, as well as obesity, are contributing factors to the increasing demand for orthopedic solutions. Infection control, patient safety, and infection control remain top priorities for orthopedic manufacturers. 

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Market Challenges

• Orthopedic devices are subject to regulatory scrutiny due to potential risks, resulting in recalls. In 2022, 17 orthopedic devices were recalled, including Medtronic's Synergy Cranial and StealthStation S7 Cranial software, and Exactech hip implants. Thousands of people had already used these problematic devices before recalls. Exactech reported approximately 40,000 recalled products, impacting their revenue. Regulators pressure manufacturers to recall products following adverse events. Common issues leading to recalls include labeling, specification, sterilization, and fracture concerns. Voluntary recalls or FDA warnings initiate the recall process, affecting a company's revenue and market growth. Vendors must prioritize extensive clinical data to ensure safety and efficacy before market entry.
• The Orthopedic Device Market faces several challenges in today's healthcare landscape. Sedentary lifestyles and obesity lead to an increase in orthopedic ailments such as osteoarthritis, rickets, and osteomalacia. Non-urgent orthopedic procedures are on the rise due to the aging population and their age-related bone disorders like osteoporosis and brittle bones. Infection control and patient safety are top priorities in orthopedic surgeries, which include joint replacement surgery and minimally invasive procedures. Advanced orthopedic devices like robots and computer-aided surgical equipment are transforming orthopedic surgical applications. However, stringent regulatory frameworks and medical assistance costs pose significant challenges. Key players in the market include Medtronic, Stryker, and Citregen, who manufacture 286 joint replacement implants and 315 osteosynthesis implants. Tendon-friendly spiral threads and citregen are some of the innovations addressing bone disorders. Robotic surgery assistants aid in knee, hip, and spine surgeries. Traffic accidents and physical weakening due to age further expand the market demand.

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Segment Overview

This orthopedic device market report extensively covers market segmentation by

1. Application 
   • 1.1 Knee
   • 1.2 Spine
   • 1.3 Hip
   • 1.4 Extremities
   • 1.5 Others
2. Product 
   • 2.1 Orthopedic implants
   • 2.2 support devices
   • 2.3 Orthobiologics
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 Asia
   • 3.4 Rest of World (ROW)

1.1 Knee- The global orthopedic device market, particularly the knee segment, is experiencing robust growth due to several key drivers. These include an aging population, rising prevalence of knee disorders such as osteoarthritis and rheumatoid arthritis, and advancements in surgical procedures, including minimally invasive procedures. The knee implant market is expanding in both developed and emerging countries, with a focus on developing new prostheses and utilizing technology to enhance patient outcomes. Knee procedures are primarily performed for traumatic injury, knee pain, osteoarthritis, and rheumatoid arthritis. For instance, in the US, the prevalence of arthritis among adults is 20.1% in California and 37.4% in West Virginia. To manage the cost of care, orthopedic device companies are implementing programs like the CJR program, which targets knee and hip replacement surgeries to provide advanced care and reduce costs. In Asian countries like India, the cost of knee replacement surgery has decreased significantly, making it more accessible to the older population. Technological advancements, such as customized implants and 3D-printed knee implants, are also driving market growth. For example, Smith and Nephew's acquisition of Engage Surgical and its cement-free technology, and DePuy Synthes' new ATTUNE Knee products, are recent examples of new product launches that utilize 3D printing technology. These advancements, along with surgical navigation technologies, will continue to enhance surgical outcomes and encourage people with orthopedic disorders to opt for implantation procedures, thereby driving the growth of the global orthopedic device market.

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The global orthopedic 3D printed devices market is witnessing rapid growth, driven by advancements in technology and increasing demand for customized implants. Concurrently, the global bone grafts and substitutes market is expanding due to the rising prevalence of orthopedic disorders and increased adoption of grafting procedures. The global orthopedic implants market is also on the rise, fueled by an aging population, advancements in implant materials, and growing awareness about orthopedic treatments. Together, these markets are transforming orthopedic care by enhancing precision, efficacy, and patient outcomes.

Research Analysis

The Orthopedic Devices market caters to the growing prevalence of orthopedic disorders, including degenerative bone diseases, musculoskeletal disorders, age-related bone disorders, and injuries from road accidents and traffic accidents. The aging population is a significant factor driving market growth due to the higher incidence of orthopedic ailments among older adults. Obesity and sedentary routines also contribute to the rising demand for orthopedic devices. Elective orthopedic surgeries, such as joint replacement surgeries, are common procedures that utilize advanced orthopedic devices made from various implant materials. Surgical techniques continue to evolve, with minimally invasive surgery and robots being used to enhance patient safety and infection control. The market for non-urgent orthopedic procedures is also expanding as more patients seek medical assistance for chronic orthopedic conditions. Orthopedic devices play a crucial role in improving patient mobility and quality of life. Key trends in the market include the development of advanced orthopedic devices, such as computer-aided surgical equipment, to enhance surgical precision and accuracy. The focus on patient safety and infection control is also driving innovation in the market.

Market Research Overview

The Orthopedic Devices market is witnessing significant growth due to the rising prevalence of orthopedic disorders in the aging population and the increasing number of road accidents leading to musculoskeletal injuries. Degenerative bone diseases such as osteoarthritis, rickets, and osteomalacia are also contributing to the market's expansion. Orthopedic devices, including joint replacement implants and osteosynthesis implants, are in high demand for elective surgeries and non-urgent procedures. Implant materials and surgical techniques continue to evolve, with advanced orthopedic devices such as robots and computer-aided surgical equipment being used in minimally invasive surgeries. Telemedicine and medical assistance are also playing a role in the delivery of orthopedic care. However, product recalls and stringent regulatory frameworks pose challenges to market growth. In 2021, there were 286 joint replacement implants and 315 osteosynthesis implants available in the market. Some common orthopedic ailments include age-related bone disorders, obesity, and sedentary routines, which can lead to physical weakening and a low bone-to-mass ratio. Patient safety and infection control are critical considerations in the orthopedic devices market. Companies are investing in research and development to create tendon-friendly spiral thread and other innovations to improve patient outcomes. Key orthopedic surgical applications include knee, hip, and spine surgeries. Citregen and other orthopedic manufacturers are developing robotic surgery assistants to enhance surgical precision and efficiency.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• • Knee
  • Spine
  • Hip
  • Extremities
  • Others
• Product
• • Orthopedic Implants
  • Support Devices
  • Orthobiologics
• Geography
• • North America
  • Europe
  • Asia
  • Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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