Market Overview
Global Orthopaedic Devices Market is expected to grow at a CAGR of 5.3% during the forecast period 2024-2031.
Orthopaedic devices are used to replace missing joints or bone or to give support to the damaged bone. The devices are fabricated using titanium alloys and stainless steel for strength, and the plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopaedics, which involves the implementation of implants, to repair the damaged bone.
Market Summary
| Metrics | Details |
| CAGR | 5.3% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Device Type, By Fixation Type, By End User, and By Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
The global orthopaedic devices market growth is driven by the increasing instances of accidents and sports injuries across the world are fueling the market growth. Growth in a number of orthopaedic procedures is accelerating the acceptance of orthopaedic devices. Furthermore, technological developments are driving the demand for orthopaedic devices.
The increasing number of large joint reconstruction surgeries will drive the orthopaedic devices market growth
The number of people who went through joint replacement surgeries, such as total knee and hip replacement, has increased steadily and continues to rise owing to an increase in the elderly population. The rise in musculoskeletal diagnoses and osteoporosis-related fractures is boosting the demand for orthorthopaediclants among the elderly population. As per the report published by the Arthritis Research, United Kingdom, “The State of Musculoskeletal Health 2018”, 17.8 million people were estimated to live with a musculoskeletal condition in the United Kingdom, which was around 28.9% of the total population. The above-mentioned statistics indicate that the number of orthopaedic surgeries is increasing, which may lead to a rise in the demand for orthopaedic implants.
Moreover, the pattern and prevalence of orthopaedic problems vary from region to region, due to differences in environmental, racial and geographic factors. For instance, as per the data published by WHO, in 2017, the musculoskeletal condition was excessive in the East Mediterranean and African region. Continuous technological developments in orthopaedic devices, innovations in design and efficiency have facilitated the use and convenience of the devices in the industry.
Extensive research and development in the equipment used for hip, spinal, and knee replacement have introduced innovative offerings in the market such as patient-specific, personalized implants and 3D printed implants. The U.S. FDA approved the da Vinci Surgical System, the first robotic surgery system. More players are funding research activities in surgical robotics to offer guidance during surgeries or to get 3D scans that assist in the design of personalized joints.
The virtual surgical planning coupled with patient-specific implants will lead towards a higher degree of customization, accuracy and enhanced efficiency. With the innovation in material and with the advent of 3D bioprinting in orthopaedics the demand for these medical products will boost significantly. These factors are driving the growth of the market in the forecast period.
The stringent regulatory scenario and poor reimbursement scenario is likely to hamper the market growth
However, factors such as the stringent regulatory scenario, poor reimbursement scenario, and lack of skilled surgeons may hamper the growth of the market in the forecast period.
COVID-19 Impact on Market
With COVID-19 infections rising globally, there was a decline in both emergence and elective amputation surgeries owing to the current COVID-19 situation, which may decline the demand for orthopaedic devices and adversely impact the market growth. For instance, according to the study published in the British Journal of Surgery, in May 2020, more than 580,000 planned surgeries in India may be cancelled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020.
According to the research conducted by the CovidSurg Collaborative, a research network, in 2020, it was found that orthopaedic procedures were cancelled most frequently, with 6.3 million orthopaedic surgeries cancelled worldwide over a 12-week period, which had a short-term negative impact on the market.
Market Segmentation
The joint reconstruction segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)
The joint reconstruction segment is anticipated to register high growth due to the rising elderly population, the rising prevalence of osteoporosis and osteoarthritis, and the rising incidence of road accidents and sports injuries. For instance, according to the UN report 2019, there were about 703 million people aged 65 years or over in the world in 2019. The number of older persons is anticipated to double to 1.5 billion in 2050. The rising elderly population is prone to several bone and joint disorders, which further fuels the market growth.
Additionally, companies are focusing on implementing strategies, such as mergers and acquisitions, product innovations, and recent developments, to gain a competitive advantage. For instance, in 2019, Smith & Nephew acquired Brainlab's orthopaedic joint reconstruction business. This acquisition is expected to boost the development and adoption of digital technologies to enhance efficiency and outcomes during surgeries, which may positively impact the market's growth.
Market Geographical Share
North America region holds the largest market share of the global orthopaedic devices market
North America is expected to dominate the market due to the direct presence of key regional players, a strong distribution network, and well-established healthcare infrastructure. Recent trends in the North American orthopaedic devices market include the use of new polymer materials and the development of prosthetic devices as per the functional needs of patients.
Additionally, an increasing number of accidents and amputations in the country are also expected to drive the market for orthopaedic devices in the United States. According to the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2017, there were 34,247 motor vehicle crashes in the United States, causing around 37,133 deaths.
Also, according to the American Joint Replacement Registry, more than 498,817 primary hip replacements were performed during 2012 and 2018. Moreover, the average age of hip arthroplasty patients was 67.4 years.
Additionally, market players are focusing on developing novel orthopaedic devices to satisfy the needs of users. For instance, in September 2019, Active Implants’ NUsurface Meniscus Implant received the breakthrough designation from the US FDA. Such innovations to improve the efficiency of surgical procedures are expected to boost the market in the region.
Companies and Competitive Landscape
The Orthopaedic Devices Market is the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include B. Braun Melsungen AG, AGIS Network Inc., Amedica Corp., Arthrex Inc., Boston Scientific Corporation, Integra LifeSciences Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, Stryker Corporation among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the orthopaedic devices market globally. For instance, in November 2020, Aurora Spine Corporation launched the SOLOTM ALIF Stand-Alone Cage system used in spinal surgery. A stand-alone device, the SOLOTM is implanted through a single incision that promotes less trauma for the patient and saves valuable time for the surgical team.
Smith & Nephew PLC.
Overview:
Smith & Nephew plc is a medical technology company. The Company is engaged in designing and manufacturing technology. It serves its customers through global franchises, which includes Orthopaedics, Sports Medicine and Ear, Nose and Throat (ENT) and Advanced Wound Management.
Product Portfolio:
ANTHEM: The ANTHEM knee system is a total knee prosthesis with advanced femoral and tibial anatomic design to promote improved anatomic implant fit for all patients globally.
