Orthopedic Devices Market

Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)



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Demand for Orthopedic Devices Marginally Affected by COVID-19

High prevalence of orthopedic disease indications and ageing population, increasing obesity and active lifestyle trends in younger demographics are driving the demand for orthopedic procedures in a sustained manner. Fairfield Market Research indicates that the orthopedics devices market is anticipated to rise at steady pace of 6.3% CAGR during the period of 2021-2025, despite being hard-hit by the COVID-19 pandemic. It is all set to reach US$ 59,688.8 Mn by 2025 from US$ 44,034.9 Mn in 2020.

The COVID-19 outbreak has caused a severe decline in elective orthopedic interventions globally. It is estimated that over 6.3 million elective procedures stood cancelled during the 12-week peak COVID-19 period. Industry experts sense slow market recovery and see some sort of restoration to pre-COVID levels by 2022 and thereafter.

High Incidence of Musculoskeletal Conditions and Better Diagnostics Improve Changes for Higher Uptake

Rising musculoskeletal diagnoses and high prevalence of osteoporosis fractures are boosting the number of orthopedic procedures worldwide. According to the World Health Organization estimates, about 20%–33% of people across the globe live with a painful musculoskeletal condition.

The International Osteoporosis Foundation states that there were an estimated 9 million osteoporosis fracture cases in 2000. Out of these, 1.6 million were at the hip, 1.7 million were at the forearm and 1.4 million were clinical vertebral fractures. More than half, about 51%, of these are in Europe and Americas while the remainder were noted in the Western Pacific region and Southeast Asia.

Precision and Risk-reducing Technological Advancements Fuel Patient Acceptance of Implants

Noteworthy technological advancements impacting orthopedic surgical interventions are autonomous surgical robots, 3D printed surgical planning models & instruments and augmented reality assisted surgeries.

Zebra Medical Vision was acquired by DePuy Synthese (J&J) to develop and commercialize 3D imaging technology for orthopedic surgery in 2019. In February 2020, Globus Medical announced its first procedure using HEDRON IA implant, a 3D printed integrated ALIF spacer that leverages anchors or screws for vertebral body fixation. This technology offers smaller incisions and less exposure to potential complications during implanting procedure. Thus, technological advances are transforming orthopedic interventions as the promise of precision and risk-free procedures builds patient confidence.

Joint Reconstruction Emerges as Largest Product Category While Sports Medicine and Orthobiologics Promise High Growth

According to the report, joint reconstruction products comprised of hip, knee and extremities held a lion’s share in 2020. Hip, knee and extremities replacement procedures have been higher in number than any other orthopedic intervention in the world. Centers for Disease Control and Prevention (CDC) estimates that joint arthroplasty (TJAs) performed in the U.S. are expected to quadruple by 2030. Presently, the number stands that 1 million annually.

Sports medicine is one of the most promising product segments followed by orthobiologics. Both these categories are anticipated to outpace other orthopedic device categories in terms of growth rate by 2025. Growing sports injuries and active lifestyle trends are driving the market growth for sports medicine devices. Women participation in sports have seen significant upsurge in recent years. The International Olympic Committee statistics show that number of women athletes at the Olympic Games is approaching 50% of all participants. Thus, the overall increase in number of athletes across the globe has given the orthopedic devices market a new avenue.

Asia Pacific Grows at Highest Growth Rate with Promising Medical Tourism Industry

North America is the leading region in the global telemedicine market in 2020 due to high prevalence of orthopedic disease population and more number of sports injuries. U.S. has 32.5 million – 32.8 million cases of osteoarthritis. As per National Safety Council analysis of the U.S. Consumer Product Safety Commission NEISS data, in 2019, more than 3.3 million sports related injuries were treated in hospital emergency departments.

Asia Pacific is expected to register a highest growth among all regions during the forecast period on account of growing trauma injuries. WHO estimated that injuries were responsible for 87,583 of DALYs (Disability Adjusted Life Years) per 100,000 people in Southeast Asia in 2012; far more than the 38,903 of DALYs per 100,000 people in high-income countries.  Medical tourism growth is also causing an upsurge in orthopedic devices utilization in Asia Pacific region. Medical tourism has been enabling orthopedic procedures through affordable developed medical technology. Asian countries such as India provide health care services at a cost 20% lower than in the U.S. while in Thailand, the cost is 30% lesser.

Deep Pocket Players to Dominate Orthopedic Devices Market with Big Ticket Acquisitions

Hefty investments have been made by big tech giants in last few years to grow organically and inorganically. Stryker’s acquisition of Wright Medical is one giant leap, setting a trend for others to follow. Stryker Corporation has become a market leader with US$4.7 billion Wright Medical acquisition deal.

Top 15 players capture more than 65% of the global market. Few of the key players in the market are Acumed LLC (Colson Associates, Inc.), Arthrex, Inc., Aesculap, Inc. (B. Braun company), CONMED Corporation, DePuy Synthes (J&J), DJO, LLC (Colfax Corporation), Exactech, Inc., Globus Medical, Medtronic (Spine Division), NuVasive, Inc., Orthofix Medical Inc., Össur, Smith+Nephew, Stryker Corporation, Wright Medical (Stryker) and Zimmer Biomet

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