The global orthopedic devices market was valued at approximately USD 60.4 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2030. This growth is primarily driven by several factors, including the high incidence of orthopedic disorders, an aging global population, increasing cases of degenerative bone diseases, and the rising number of road accidents. Additionally, the growing prevalence of musculoskeletal disorders caused by sedentary lifestyles and obesity, particularly among younger populations, is expected to further contribute to the market's expansion.

Recent advancements in orthopedic devices have significantly transformed the treatment of various orthopedic conditions and injuries. These innovations include the development of more effective surgical tools, implants, and assistive devices, which have improved patient outcomes and recovery times. As demand for these devices continues to rise, market players are actively investing in new technologies and treatment methodologies. For example, the BONEZONE report highlights that, in 2019 and 2020, the seven largest publicly traded orthopedic companies, including industry leaders such as DePuy Synthes, Stryker, and Zimmer Biomet, collectively allocated over USD 2.3 billion to research and development efforts. This commitment to innovation reflects the growing need for advanced solutions to address complex orthopedic conditions.

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In addition to technological advancements, several key players in the orthopedic devices market are expanding their operations geographically to strengthen their market presence and broaden their product portfolios. For instance, in January 2024, Tynor Orthotics opened a new advanced manufacturing facility in Mohali, Punjab, aimed at increasing production capacity and meeting growing demand. Similarly, in June 2022, Smith+Nephew made a strategic investment by opening a manufacturing unit in Malaysia, with an investment exceeding USD 100 million. These expansions reflect the companies' efforts to tap into new markets, enhance supply chain efficiency, and maintain competitiveness in a rapidly evolving industry.

Overall, the orthopedic devices market is poised for steady growth driven by demographic shifts, technological innovation, and expanding global demand for advanced treatments for musculoskeletal conditions.

Orthopedic Devices Market Segments Highlights:

  • Based on product, the joint replacement/orthopedic implants segment led the market with the largest revenue share of 41.7% in 2023. Increasing number of joint replacement surgeries across the globe is fostering market growth.
  • The ortho-biologics segment is anticipated to witness at the fastest CAGR over the forecast period. Increasing adoption of strategic initiatives by key market players to expand their product portfolio and geographic reach is driving segmental growth.
  • Based on end-use, the hospitals segment led the market with the largest revenue share of 64.5% in 2023. This can be attributed to significant infrastructure and the availability of various treatment solutions. The segment is also expected to witness at the fastest CAGR of 4.4% during the forecast period.
  • The outpatient facilities segment is anticipated to grow at a significant CAGR over the forecast period. This is due to the increasing preference for day care centers and ambulatory surgery centers in surgical procedures.
  • North America dominated the orthopedic devices market with the largest revenue share of 45% in 2023. The market growth is attributed to the growing need for advanced healthcare services, owing to the presence of major industry players, well-established healthcare infrastructure, and comprehensive reimbursement coverage.
  • The orthopedic devices market in the U.S. held the largest revenue share of 93.3% in the North American region in 2023.
  • The Canada orthopedic devices market is anticipated to register at the fastest CAGR during the forecast period. Market players are concentrating on boosting R&D efforts to introduce advanced products and maintaining their market position through various strategies.
  • The orthopedic devices market in Asia Pacific is anticipated to be the fastest-growing region. The rapidly developing healthcare infrastructure in major countries, such as India, China, & Japan, and the booming medical tourism industry are propelling demand for orthopedic devices in the region.
  • The China orthopedic devices market is anticipated to grow at the fastest CAGR during the forecast period. It is driven by the country's increasing middle class and aging population.
  • The orthopedic devices market in Europe is anticipated to register at a significant CAGR during the forecast period. This is attributed to several factors including increased healthcare spending as well as a rise in the number of elderly people suffering from osteoarthritis, osteoporosis, bone injuries, and obesity.
  • The Germany orthopedic devices market is anticipated to register at a considerable CAGR during the forecast period. Osteoarthritis was the second most common reason for hip surgeries in most of the aged population.
  • The orthopedic devices market in UK is anticipated to register at a considerable CAGR during the forecast period. The market can witness new growth prospects over the forecast period, due to an increase in the reconfiguration of supply chain models by medical device manufacturers and a rise in demand for organs for transplantation.

Browse through Grand View Research's Medical Devices Industry Research Reports.

Orthopedic Devices Market Segmentation

This report forecasts revenue and volume growth at global, regional, and country level and provides an analysis on industry trends in each of the sub segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the orthopedic devices market report based on product, end-use and region:

Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Joint Replacement/ Orthopedic Implants
    • Lower Extremity Implants
      • Knee Implants
      • Hip Implants
      • Foot & Ankle Implants
    • Spinal Implants
    • Dental
      • Dental Implants
      • Craniomaxillofacial Implants
    • Upper Extremity Implants
      • Elbow Implants
      • Hand & Wrist Implants
      • Shoulder Implants
    • Trauma
      • Implants
      • Accessories (Plates, Screws, Nails, Pins, Wires)
      • Instruments
    • Sports Medicine
      • Body Reconstruction & Repair
      • Accessories
      • Body Monitoring & Evaluation
      • Body Support & Recovery
    • Orthobiologics
      • Viscosupplementation
      • Demineralized Bone Matrix
      • Synthetic Bone Substitutes
      • Bone Morphogenetic Protein (BMP)
      • Stem Cell Therapy
      • Allograft
    • Others

End-use Outlook (Revenue USD Million, 2018 - 2030)

  • Hospitals
  • Outpatient Facilities

Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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