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    Orthopedic Market Growth Analysis

    Orthopedic Market Growth Analysis
    Report code - SR1427 Delivery - 2 Weeks
    Orthopedic Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportuni See more...

    Market Insights

    The Orthopedic Market size was valued at USD 39.46 billion in 2021 and is projected to reach USD 49.52 Billion by 2028, registering a CAGR of 3.30% during the forecast period.

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    What is orthopedic?

    Orthopedics is that branch of medicine which treats the damages of the skeletal system, ligaments, and muscles. It comprises prosthetics (devices that substitute for a limb or joint) and orthotics (lower back support and knee braces). Since the first use of artificial legs, the orthopedics market has come a long way. The biggest leap in technology occurred in the late 1980s with the advent of composite materials in the production of orthopedic devices. Orthopedic devices made from composite materials deliver excellent features such as lightweight, durability, and corrosion resistance. Owing to these advantages, composite materials started gaining traction in sporting events such as the Paralympic and Olympics. However, the high cost of these materials is still acting as a bottleneck towards greater adoption among the user base.

    Orthopedic Market Features

    Market Size in 2028

    USD 49.52 billion

    Market Size in 2021

    USD 39.46 billion

    Market Growth (2022-2028)

    CAGR of 3.30%

    Base Year of Study

    2020

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Product (Accessories [Braces, Consumables, Others], Surgical Devices [Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers, Others) 

    By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Sports Injuries, Extremities, and Trauma (SET) Orthopedic Devices)

    By Region (North America, Europe, Asia-Pacific, and the Rest of the World)

    Dominant Region

    North America accounted for the largest share in 2021.

    Market Dynamics

    The demand for orthopedic has increased significantly, mainly due to the rise in the geriatric population, which increases the risk of osteoarthritis, osteoporosis, technological innovations in orthopedic implants, and other musculoskeletal disorders. However, high costs associated with procedures involving orthopedic implants treatment and stringent government policies for approval of orthopedic implants can hamper the orthopedic implants market growth during the review period.

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    Key Players

    The following are the key players in the orthopedic market:
    • B. Braun Melsungen AG (Germany)
    • AGIS Network Inc. (US)
    • Amedica Corp. (US)
    • Arthrex Inc. (US)
    • Boston Scientific Corporation (US)
    • Integra LifeSciences Corporation (US)
    • Johnson & Johnson (US)
    • Medtronic PLC (Ireland)
    • Smith & Nephew PLC (UK)
    • Stryker Corporation (US).

    Segment Analysis

    Application Trends

    The market has been classified into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, sports injuries, extremities, and trauma orthopedic devices. The knee orthopedic devices segment accounted for a substantial market share in 2021. This is mainly attributed to the rising volume of knee surgeries, which proliferates segment growth.

    Regional Analysis

    The market in North America accounted for the largest share in 2021 and is projected to continue its dominance during the review period. This is mainly ascribed to the increasing target patient population due to aging along with rising car accidents are propelling the number of orthopedic surgeries in the region.  The high prevalence of orthopedic conditions along with the adoption of advanced treatment procedures is projected to augment market growth in the U.S., further bolstering regional growth.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories-

    By Product Type 

    • Accessories [Braces, Consumables, Others]
    • Surgical Devices [Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers]
    • Others

    By Application Type 

    • Hip Orthopedic Devices
    • Knee Orthopedic Devices
    • Spine Orthopedic Devices
    • Craniomaxillofacial Orthopedic Devices
    • Dental Orthopedic Devices
    • Sports Injuries
    • Extremities
    • Trauma (SET) Orthopedic Devices

    By Region

    • North America
    • APAC
    • Europe 
    • Rest of the World

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    COVID-19 Impact

    The COVID-19 outbreak positively influenced the growth of the orthopedic market. With the surge in covid-19 cases, healthcare professionals across geographies were emphasizing treating corona-infected patients and other essential healthcare services. Additionally, the number of people visiting hospitals for non-emergency medical issues declined due to fear of infection.

    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the global market?
    • What is the market share of the top vendors?

    Target Audience

    Here is the list of the group of customers that the orthopedic market hopes to have the greatest opportunity to convert-

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis.
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Trend and forecast analysis.
    • Segment trends and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Recent Developments

    August 2022- Aligned Orthopedic Partners (Aligned Ortho), a physician-led and majority physician-owned provider of orthopedic services in the greater Mid-Atlantic region and a portfolio company of Atlantic Street Capital (ASC), today announced a partnership with the Jordan-Young Institute, a specialized orthopedic practice with renowned physicians at the cutting edge of orthopedics, neurosurgery, and physiatry. Read more…

    June 2022- Endo International plc (NASDAQ: ENDP) announced today that its subsidiary Endo Ventures Limited (EVL) has executed an agreement with Taiwan Liposome Company, Ltd. (TLC), a clinical-stage specialty pharmaceutical company developing novel nanomedicines to target areas of unmet medical need, to commercialize TLC599, a TLC investigational product. TLC599 is an injectable compound in Phase 3 development for the treatment of osteoarthritis knee pain. Read more…

    Frequently Asked Questions (FAQs)

    Orthopedics is that branch of medicine which treats the damages of the skeletal system, ligaments, and muscles. It comprises prosthetics (devices that substitute for a limb or joint) and orthotics (lower back support and knee braces). Since the first use of artificial legs, the orthopedics market has come a long way. The biggest leap in technology occurred in the late 1980s with the advent of composite materials in the production of orthopedic devices. Orthopedic devices made from composite materials deliver excellent features such as lightweight, durability, and corrosion resistance. Owing to these advantages, composite materials started gaining traction in sporting events such as the Paralympic and Olympics. However, the high cost of these materials is still acting as a bottleneck toward greater adoption among the user base.

    The orthopedic market is estimated to grow from USD 39.46 billion in 2021 to USD 49.52 billion by 2028.

    The orthopedic market is expected to witness an impressive growth of 3.30% CAGR in the coming years.

    B. Braun Melsungen AG (Germany) AGIS Network Inc. (US) Amedica Corp. (US) Arthrex Inc. (US) Boston Scientific Corporation (US) Integra LifeSciences Corporation (US) Johnson & Johnson (US) Medtronic PLC (Ireland) Smith & Nephew PLC (UK) Stryker Corporation (US).

    North America accounted for the largest share in the orthopedic market in 2021.

    The demand for orthopedic has increased significantly, mainly due to the rise in the geriatric population, which increases the risk of osteoarthritis, osteoporosis, technological innovations in orthopedic implants, and other musculoskeletal disorders. However, high costs associated with procedures involving orthopedic implants treatment and stringent government policies for approval of orthopedic implants can hamper the orthopedic implants market growth during the review period.

    The knee orthopedic devices segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period.

    By Product(Accessories [Braces, Consumables, Others], Surgical Devices [Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers, Others), By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Sports Injuries, Extremities and Trauma (SET) Orthopedic Devices), and By Region.