Orthopedic Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologic Devices, Arthroscopy Devices, and Others), By End User (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2020-2027

The global orthopedic devices market size was valued at USD 53.44 billion in 2019 and is projected to reach USD 68.51 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.

The orthopedic medical devices market is driven by factors such as the rising prevalence of osteoporosis and musculoskeletal diseases; growing technological innovations, increasing incidence of sports & traumatic injuries; and growing geriatric population. For instance, according to the Definitive Healthcare, LLC., orthopedic complaints are the top reasons patients visit physicians in the U.S. Orthopedic devices are designed to manage musculoskeletal complications of the joints or bones. Most common orthopedic devices are rods, spacers, pins, cages, plates, and screws that act as an anchor to improve and align the fractured bones. Growing surgical procedures using various categories of orthopedic implants and instruments are projected to fuel the market growth.

Orthopedic Procedure Deferrals due to COVID-19 Has Resulted in Serious Economic Losses

With increasing cases of COVID-19 in, there is great uncertainty about the economy as the world struggles with the ongoing pandemic. Advanced healthcare facilities across the globe are busy taking care of COVID-19 patients which have resulted in the shortage of healthcare workers to address other illnesses. Moreover, limitations on elective surgical procedures and disruption of the supply chain during lockdown have affected the number of surgical procedures worldwide. This is evident from the sharp decline in the revenues of the players operating in the market.

Stryker reported a decline in the revenue in the H2020 by -15% in the U.S. and by -20% internationally. Among the orthopedic portfolio of the company, the knee segment reported a massive decline as compared to hips, trauma & extremities among others. The knee segment was down by -27% in the H2020 results of the company.

If the situation normalizes by December, a rise in the procedure volumes is expected, which will further drive the growth of the market during the forecast period.

LATEST TRENDS

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Growing Use of Robotics, Computer-aided Surgery, and 3D Printing to Attract More Orthopedic Surgeries in the Coming Years

The increasing use of technologically advanced products in the minimally invasive surgery space such as the use of robotics and computer-aided surgical devices has resulted in a shift in for minimally invasive orthopedic surgeries. Minimally invasive procedures are proven to be cost-effective and precise with additional benefits of quick recovery while reducing hospital stays. Increasing number of orthopedic companies are upgrading their portfolio to include robots to assist the surgeons in knee, hip, or spine procedures. In December 2018, Medtronic closed the acquisition of Mazor Robotics, involved in the making of Mazor X guidance system and Renaissance robot-assisted spine surgery device with an aim to expand into the robot-assisted spine surgery space.

DRIVING FACTORS

Increasing Prevalence of Orthopedic Disorders and Traumatic Injuries to Drive Growth

A rapid rise in the incidence of musculoskeletal diseases and orthopedic injuries leading to limited mobility & agonizing physical pain is the primary factor that will fuel the demand for these devices during the forecast period. According to a report published by the American Academy of Orthopedic Surgeons, about 6.8 million patients with orthopedic injuries come to medical attention each year in the United States alone. Moreover, a substantial rise in the prevalence of osteoporosis (brittle bone) which is categorized by low bone to mass density ratio and physical weakening of bone tissues is expected to propel the demand for orthopedic surgical devices in the near future. According to the data published by the National Institute of Health (NIH), more than 53 million people in the United States are estimated to have osteoporosis and are susceptible to a higher risk of this disease due to the low bone to mass ratio.

Rapid Rise in the Elderly Population Will Boost the Volume of Surgical Procedures

An evidential rise in the geriatric population base is supplementing the orthopedic device market growth due to the fact that elderly people are more prone to hip fractures. According to a report published by the United Health Foundation 2015, more than 300,000 adults aged 65 and above are hospitalized each year for hip fractures. Moreover, about 30 percent of seniors fall each year, leading to the rise in the number of orthopedic injuries, which is fueling the demand for these devices.

The expansion in the research and technological progressions in orthopedics, the growing obese population, and inactive & sedentary lifestyles are likely to contribute to the growing demand for these devices in the coming years. Also, rising expenditure in research sectors by key players in the development of advantageous and minimally invasive orthopedic devices is likely to propel the orthopedic devices market growth during the forecast period.

RESTRAINING FACTORS

High Cost of Surgical Implantation and Post-Surgical Complications to Limit Market Growth

Despite the increasing incidence of orthopedic injuries and an increase in the geriatric population across the globe, the high cost of the procedure and post-surgical complications are limiting the market growth. A few risks and complications associated with the orthopedic surgical procedures include postoperative infections, neuroparalysis, and a lack of full range of motion that may restrain the market growth.

SEGMENTATION

By Type Analysis

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Joint Reconstruction Devices Segment to Hold Dominant Share

Based on type, the market is segmented into joint reconstruction devices, spinal devices, trauma devices, arthroscopy devices, orthobiologics, and others. Among these, the joint reconstruction segment held the dominant share of the market in 2019.  Increasing number of procedures such as knee and hip replacements, shoulder and extremities reconstructions, and other musculoskeletal procedures related to these joints are contributing to the growth of the segment. The arthroscopy devices (sports medicine/soft tissue repair) segment is projected to expand at a significantly high growth rate during the forecast period owing to increasing sports-related soft tissue injuries and the growing introduction of new products in this area.

By End User Analysis

Hospitals to Continue to Be a Leading End User Segment throughout the Forecast Period

Orthopedic devices are primarily used in hospitals as they are implanted surgically. A large patient pool suffering from orthopedic injuries are mostly treated in the hospitals. Apart from the treatment, adequate reimbursement policies provided by hospitals is also a key factor responsible for the higher proportion of patients being treated in hospitals. However, increasing the adoption of minimally invasive procedures is likely to result in a preferential shift towards ambulatory surgery centers.

REGIONAL INSIGHTS

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The orthopedic devices market size in North America stood at USD 24.74 billion in 2019. The market in this region is characterized by an increase in the number of orthopedic surgeries, coupled with adequate reimbursement policies for these devices. These factors, along with higher awareness among patients regarding technologically advanced orthopedic devices and new treatment options present in the region, are responsible for the dominant orthopedic devices market share of the region in the global market.

Europe is the second-largest market owing to the increasing number of surgeries, growing awareness towards technologically advanced orthopedic devices, and an increase in healthcare expenditure by the population in the region. However, Asia Pacific is projected to register a comparatively higher CAGR during the forecast period. Factors such as a large patient pool and the expanding healthcare spending in the region are supplementing the market growth in Asia Pacific. Moreover, the increasing purchasing power of the masses in emerging economies such as India and China will influence the growth of the market.

KEY INDUSTRY PLAYERS

Diverse Portfolio and Strong Brand Presence to Propel the Companies Towards Success

A diversified product portfolio of implantable orthopedic devices, along with constant innovations leading to new device introductions, are the prominent factors responsible for the growth of these companies. However, the presence of regional and domestic players with innovative orthopedic devices is making the market more competitive. This is projected to impact the global market in terms of pricing pressure. However, the consolidation strategy is playing like a winning imperative for industry giants.

LIST OF KEY COMPANIES PROFILED:

• Stryker (Kalamazoo, U.S.)    


• Johnson & Johnson Services, Inc. (New Jersey, U.S)


• Zimmer Biomet (Warsaw, U.S.)         


• Smith & Nephew (Hertfordshire, U.S.)


• Medtronic (Dublin, Ireland)


• NuVasive, Inc. (California Inc.)


• Arthrex Inc. (Florida, U.S.)


• Globus Medical (Pennsylvania, U.S.)


• Össur Corporate (Reykjavik, Iceland)


• Integra LifeSciences (New Jersey, U.S.)


• Other prominent players

KEY INDUSTRY DEVELOPMENTS:

• July 2020- Smith & Nephew announced the launch of the RI.HIP NAVIGATION for total hip arthroplasty (THA) designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment – a critical factor for surgeons when assessing individual THA cases.


• August 2019 – Globus Medical acquired all the assets of privately-owned StelKast, a manufacturer of implants and instruments for hip and knee replacement. The company expanded into cranial procedures, as well as arthroplasty, with disruptive and differentiated products with their robotic technology. The company is willing to launch a commercial robotic system for joint reconstruction applications in late 2020.


• September 2019-Zimmer Biomet received clearance from FDA 510 (k) for the ‘Persona Revision Knee System for revision knee replacement procedure’.


• January 2019 – Integra LifeSciences announced that it has signed a license and development agreement with Consortium of Focused Orthopedists, LLC (CFO), for a short stem and stemless shoulder system.  This enabled Integra LifeSciences to add an extremity orthopedics portfolio, which is a fast-growing segment of the shoulder arthroplasty market to accelerate growth opportunities globally.

REPORT COVERAGE

An Infographic Representation of Orthopedic Devices Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the orthopedic devices market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation