The global Orthopedic Devices Market , valued at US$49.63 billion in 2023, is forecasted to grow at a robust CAGR of 14.5%, reaching US$51.61 billion in 2024 and an impressive US$68.51 billion by 2030. The primary driver of the market is the increasing prevalence of orthopedic disorders, especially in the geriatric population. The growth is also propelled by efforts by the market leaders in terms of new product launches for orthopedic devices. Demand for orthopedic implants is also increasing, supported by an increase in the number of surgery centers and hospitals, along with an increase in the accessibility of healthcare in emerging economies.
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By Based on the site, the global orthopedic devices market is segmented, the orthopedic devices market is divided into hand and wrist, spine, foot and ankle, arms and elbow, knee and thigh, hip and pelvis, shoulder, and craniomaxillofacial. The foot & ankle segment to register significant growth over the forecast period. The growing incidence of ankle injuries, increasing incidence of osteoarthritis, rising awareness about the advantages associated with ankle replacement surgeries, and the presence of advanced ankle prosthetic implants are likely to drive the growth of this market segment in the coming years.
By application, the global orthopedic devices market is segmented into spinal fusion, fixation, and decompression, fracture treatment and recovery, rheumatoid arthritis and osteoarthritis, ligament injuries, diabetic foot diseases, and neurological disorders. According to the CDC, in the US, around 319,000 older people (aged 65 and over) are hospitalized owing to hip fractures. Fixation devices are attached to the fractured bones, preventing movement and also providing a shield to the fractured bone, allowing it to heal. Orthobiologics are becoming an integral part of orthopedic surgical procedures as they aid in the rapid healing. Thus, the rising prevalence of rheumatoid arthristis and osteoarthritis cases and increasing geriatric population is are anticipated to boost the adoption of orthopedic devices.
By End User, the end user segment of the joint replacement devices market includes hospitals & surgical centers, ambulatory care centers & trauma units, orthopedic clincs, home care, and other end users. In 2024, hospitals & surgical centers dominated the global joint replacement devices market by end user. Recent developments in surgical technology, anesthesia protocols, and changes to Medicare reimbursement have increased the demand for orthopedic devices procedures in outpatient settings, such as ASCs. This is likely to augment the growth of the ambulatory and trauma care centers market. All these factors are anticipated to increase the number of joint replacement surgeries performed in ASCs, further augmenting the growth of the ambulatory care centers and trauma segment in the coming years.
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As of 2024, prominent players in the orthopedic devices market are Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US), Smith+Nephew (UK), B. Braun (Germany).
Stryker Corporation (US):
Stryker Corporation ranks among the top firms in the global orthopedic devices market. The organization maintains a strong presence in the global market, encompassing regions such as Europe, North America, the Middle East, Africa, and the Asia Pacific. The company has established its brand presence in over 75 countries worldwide. The company provides joint replacement devices via its Orthopedics & Spine division. The firm concentrates on enhancing its range of products and launching new products. To maintain its market leadership, it emphasizes innovation and provides distinctive products. The company emphasizes research and development, introducing technologically advanced products to the market that cater to its customers unmet needs.
Zimmer Biomet Holdings, Inc. (US):
Zimmer Biomet is among the leading companies in the orthopedic devices market. The firm produces and distributes several types of medical devices and healthcare products in the medical space. It distributes orthopedic devices through its orthopedic implant product within Knees, Hips, and S.E.T categories. It has strong presence in a number of countries ,such as Germany, France, Italy, Switzerland, Spain, the United Kingdom, Japan, South Korea, China, Australia, New Zealand, Taiwan, India, Hong Kong, Thailand, Singapore, and Malaysia. It also has a broad distribution network in Benelux, Nordic, Central and Eastern Europe, as well as in the Middle East and Africa.
Johnson & Johnson MedTech (US):
Johnson & Johnson MedTech is an another major player operating in the orthopedic devices market. The business is involved in the manufacturing, research and development, and marketing of joint replacement devices and other healthcare products internationally. The firm offers joint replacement devices within the MedTech business segment. The organization aims to provide technologically advanced products with an aim to deliver better clinical results. The corporation collaborated with CrossRoads Extremity Systems (US) to drive orthopaedic care with new and innovative ideas, hoping to deliver patients with enhanced health benefits. The company holds an significant market share in over 60 countries, across various regions including the Asia Pacific, North America, the Middle East & Africa, and Europe. The company operates its businesses through key subsidiaries, including DePuy, Inc., (US) Animas Corporation (US), Ethicon, Inc. (US), and LifeScan, Inc. (US).
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