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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Orthopedic Device
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.23%
|
Market growth
2024-2028
|
USD 13.91
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.86
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
44%
|
Key
countries
|
US, Germany, France,
China, and Japan
|
Key companies
profiled
|
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.
|
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
- Application
- 1.1 Knee
- 1.2 Spine
- 1.3 Hip
- 1.4 Extremities
- 1.5 Others
- Product
- 2.1 Orthopedic implants
- 2.2 support devices
- 2.3 Orthobiologics
- 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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analysis including forecast (2024-2028) and historic data
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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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Email: media@technavio.com
Website: www.technavio.com/
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