We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image
  • Published In : Jun 2020
  • Code : CMI3946
  • Pages :155
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Orthopedic devices are used to restore skeletal structure and joint movement after fractures, abnormal growth of bones, soft tissue damage or other deformities. These devices can be surgically implanted or externally attached through minimally invasive procedures and hence can be classified as internal and external fixation devices.

Statistics:

The global orthopedic devices market is estimated to account for US$ 60,052.8 Mn in terms of value by the end of 2027.

Global Orthopedic Devices Market: Drivers

Increasing prevalence of osteoarthritis is expected to propel growth of the global orthopedic devices market over the forecast period. For instance, according to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity and use of pharmacotherapies in five European countries’ that examined the impact of peripheral joint osteoarthritis across five European countries, UK (43.6%), France, (25.6%), Germany, (15.2%), Spain, (8.4%), and Italy (7.1%) recorded high prevalence of peripheral joint osteoarthritis, with majority of cases aging 55-74 years.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.

Statistics:

North America held dominant position in the global orthopedic devices market in 2019, accounting for 39.4% share in terms of value, followed by Europe and Asia Pacific, respectively

Figure 1: Global Orthopedic Devices Market Share (%) Value, By Region, 2019

ORTHOPEDIC DEVICES MARKET

To learn more about this report, request a free sample copy

Global Orthopedic Devices Market: Restraints

Issues with fittings and some side effects of wearing splints are expected to hinder growth of the market. Prefabricated stack splint and the dorsal aluminum splint may not fit well and often lead to skin irritation.

Moreover, high cost associated with fiber material is also expected to limit growth of the market. For instance, the cost of high quality braces can be around US$ 900. 

Orthopedic Devices Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 40,772.0 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.0% 2027 Value Projection: US$ 60,052.8 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Segments covered:
  • Product Type: Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Shoulder Orthopedic Devices, Elbow Orthopedic Devices, Foot and Ankle Orthopedic Devices, CMF Orthopedic Devices, Others
Companies covered:

aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.

Growth Drivers:
  • Increasing prevalence of osteoarthritis
  • Approval and launch of new products
Restraints & Challenges:
  • Product recall

Global Orthopedic Devices Market: Opportunities 

Adoption of wireless technology is expected to offer lucrative growth opportunities for players in the global orthopedic devices market. For instance, in August 2019, Intellirod Spine launched iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic or prosthetic to measure wearing compliance, upright posture time and mobility daily through a free smartphone app.

Moreover, transparency around the cost of orthopedic devices is also expected to aid in growth of the market. For instance, in January 2020, Breg, Inc. released a new software release focused on improving transparency around the cost of durable medical equipment products such as knee braces, shoulder slings, splints, boots and crutches at the time of dispensement.

Statistics:

The global orthopedic devices market was valued at US$ 40,772.0 Mn in 2019 and is forecast to reach a value of US$ 60,052.8 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027.

Figure 2: Global Orthopedic Devices Market Value (US$ Bn), 2016 – 2027

ORTHOPEDIC DEVICES MARKET

To learn more about this report, request a free sample copy

Market Trends/Key Takeaways

Increasing prevalence of obesity is boosting growth of the market. For instance, the study, ‘Rising incidence of obesity in Saudi residents. A threatening challenge for the surgeons’, published in the International Journal of Health Sciences, in January 2018, reported obesity in 42% of the study population with low physical activity levels and unhealthy dietary habits.

Major players in the market are focused on R&D of new devices. For instance, in June 2018, Breg, Inc. hosted a co-creation workshop on bracing solutions with orthopedic surgeons and administrators

Global Orthopedic Devices Market: Competitive Landscape

Major players operating in the global orthopedic devices market include, aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.

Global Orthopedic Devices Market: Key Developments

Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in May 2020, Conventus Orthopaedics acquired Flower Orthopedics, a developer of single-use, sterile-packaged implant and instrument kits.

Major players in the market are also focused on R&D of new products to expand their product portfolio. For instance, in July 2019, aap Implantate AG was granted European patent for its resorbable magnesium implant technology.

Frequently Asked Questions

The Global Orthopedic Devices market size was valued at US$ 40,772.0 million in 2019 and is estimated to exhibit a CAGR of 5.0% between 2020 and 2027.

Hip Orthopedic devices segment held the major market share in 2019 owing to an increasing prevalence of osteoarthritis is expected to propel growth of the market.

Major factor driving the growth of Global Orthopedic Devices market during the forecast period increasing prevalence of osteoarthritis, increasing product launches , and adoption of expansion strategies from major companies.

Major factors hampering the growth of the Global Orthopedic Devices market during the forecast period constitutes of product recalls.

North America market is expected to generate the highest revenue during the forecast period.

Some of the key players operating in the market are aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo