Key Takeaways
- The global orthopedic devices market size was valued at USD 54.6 billion in 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2030.
- In 2023, the orthopedics market in North America accounted for over 45% of the global revenue, driven by high procedure volumes.
- The U.S. orthopedic implants market generated USD 15.2 billion in revenue in 2022, with a projected CAGR of 5.2% through 2030.
- The United States accounted for 47% of the global orthopedics market share in 2023.
- Europe’s orthopedic devices market is projected to grow at 5.3% CAGR from 2024-2030, reaching EUR 18.2 billion by 2030.
- China’s orthopedics market expanded to USD 8.7 billion in 2023, with 9.2% CAGR forecast.
- Joint replacement devices dominated with 38% of global orthopedics market in 2023.
- Knee implants segment accounted for 52% of joint reconstruction market revenue in 2023.
- Spine fixation devices held 45% share in spinal orthopedics segment in 2023.
- Stryker's orthopedics revenue was $8.23 billion in 2023, up 9.5% YoY.
- Zimmer Biomet reported $7.4 billion total revenue in 2023, with orthopedics at 85%.
- Smith & Nephew's orthopedic segment generated $2.6 billion in FY2023.
- Market projected to reach USD 65.9 billion by 2027 at 5.0% CAGR from 2020 base.
- Orthopedics market to grow to $78.6 billion globally by 2030 at 4.9% CAGR.
- Robotic orthopedics segment expected to hit $5.2 billion by 2028, 15% CAGR.
The global orthopedics industry is large and growing steadily across all regions.
Company Performance
- Stryker's orthopedics revenue was $8.23 billion in 2023, up 9.5% YoY.
- Zimmer Biomet reported $7.4 billion total revenue in 2023, with orthopedics at 85%.
- Smith & Nephew's orthopedic segment generated $2.6 billion in FY2023.
- Medtronic's spine orthopedics division revenue hit $2.1 billion in FY2023.
- DePuy Synthes (J&J) orthopedics sales reached $8.9 billion in 2023.
- Globus Medical's revenue grew 14% to $1.2 billion in 2023.
- NuVasive was acquired by Globus, adding $1.2 billion orthopedics revenue in 2023.
- Wright Medical (Stryker) contributed $600 million pre-acquisition orthopedics sales 2022.
- Paragon 28 extremities orthopedics revenue $195 million in 2023, up 28%.
- Exactech (Enovis) generated $300 million in orthopedics before recall issues 2023.
- Conformis personalized knee implants revenue $15 million in 2023.
- SeaSpine spine revenue $126 million in 2023 pre-acquisition by Orthofix.
- Orthofix bone growth revenue $200 million in 2023.
- Integra LifeSciences orthopedics segment $400 million revenue 2023.
- Coloplast acquisition of Uroplasty added orthopedic urology overlaps $50 million.
Company Performance Interpretation
Future Projections and Trends
- Market projected to reach USD 65.9 billion by 2027 at 5.0% CAGR from 2020 base.
- Orthopedics market to grow to $78.6 billion globally by 2030 at 4.9% CAGR.
- Robotic orthopedics segment expected to hit $5.2 billion by 2028, 15% CAGR.
- 3D-printed orthopedic implants market to reach $4.1 billion by 2030, 18% CAGR.
- Orthobiologics forecasted to grow to $9.8 billion by 2028 at 6.2% CAGR.
- Minimally invasive orthopedics procedures to dominate 55% market share by 2030.
- Asia-Pacific to grow fastest at 6.8% CAGR, reaching 30% global share by 2030.
- Outpatient orthopedic surgeries projected to increase 12% annually through 2028.
- Biologics in spine orthopedics to capture 25% segment by 2030.
- Smart orthopedic implants with sensors market to $2.5 billion by 2030.
Future Projections and Trends Interpretation
Global Market Overview
- The global orthopedic devices market size was valued at USD 54.6 billion in 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2030.
- In 2023, the orthopedics market in North America accounted for over 45% of the global revenue, driven by high procedure volumes.
- The U.S. orthopedic implants market generated USD 15.2 billion in revenue in 2022, with a projected CAGR of 5.2% through 2030.
- Global spending on orthopedic procedures reached USD 47.8 billion in 2021, up 6% from the previous year.
- The orthopedic devices market in Europe was valued at EUR 12.5 billion in 2023, representing 28% of global share.
- Asia-Pacific orthopedics market grew at 7.1% CAGR from 2018-2023, reaching USD 10.4 billion in 2023.
- Total global orthopedic revenue hit USD 56.7 billion in 2022, with extremities segment contributing 22%.
- The reconstructive joint replacement market within orthopedics was USD 18.9 billion in 2023.
- Orthopedic bracing and support systems market valued at USD 3.2 billion globally in 2022.
- Global orthobiologics market size stood at USD 6.8 billion in 2023, growing at 5.8% CAGR.
- In 2023, the orthopedic market saw a 4.2% YoY growth, totaling USD 62.1 billion worldwide.
- U.S. orthopedics device sales reached $14.8 billion in 2022 per ORTHOWORLD estimates.
- Global knee replacement devices market was USD 9.1 billion in 2022.
- Hip reconstruction market globally valued at USD 7.5 billion in 2023.
- Orthopedic trauma devices market hit USD 8.2 billion worldwide in 2022.
- Spine orthopedics segment generated USD 13.4 billion in global revenue in 2023.
- Sports medicine orthopedics market reached USD 7.9 billion in 2023 globally.
- CMF (craniomaxillofacial) orthopedics market was USD 2.1 billion in 2022.
- Orthopedic navigation systems market valued at USD 2.7 billion globally in 2023.
- Robotic-assisted orthopedic surgery market stood at USD 1.5 billion in 2023.
Global Market Overview Interpretation
Regional Insights
- The United States accounted for 47% of the global orthopedics market share in 2023.
- Europe’s orthopedic devices market is projected to grow at 5.3% CAGR from 2024-2030, reaching EUR 18.2 billion by 2030.
- China’s orthopedics market expanded to USD 8.7 billion in 2023, with 9.2% CAGR forecast.
- India orthopedic devices market valued at USD 1.2 billion in 2023, growing at 10.1% CAGR.
- Japan’s reconstructive orthopedics segment reached JPY 450 billion in FY2023.
- Brazil orthopedics market hit USD 1.1 billion in 2022, Latin America’s largest.
- Middle East & Africa orthopedic market grew 6.8% in 2023 to USD 2.3 billion.
- Germany led Europe with 22% of regional orthopedics revenue in 2023 at EUR 2.8 billion.
- Australia’s orthopedic procedures market valued at AUD 1.5 billion in 2023.
- South Korea orthopedics imports totaled USD 1.8 billion in 2023.
- Canada’s joint replacement market reached CAD 2.1 billion in 2023.
- Mexico orthopedic devices market grew to USD 850 million in 2023 at 7.5% CAGR.
- UK orthopedics market valued at GBP 1.9 billion in 2023.
- Russia’s market despite challenges hit USD 1.4 billion in orthopedics 2023.
- Southeast Asia orthopedic market projected USD 3.5 billion by 2028 from USD 2.2 billion in 2023.
- Saudi Arabia orthopedics spending rose 8.2% to USD 950 million in 2023.
- In 2023, Stryker Corporation held 10.8% market share in global orthopedics.
Regional Insights Interpretation
Segment Analysis
- Joint replacement devices dominated with 38% of global orthopedics market in 2023.
- Knee implants segment accounted for 52% of joint reconstruction market revenue in 2023.
- Spine fixation devices held 45% share in spinal orthopedics segment in 2023.
- Trauma fixation products represented 28% of extremities orthopedics in 2022.
- Arthroscopy devices captured 35% of sports medicine orthopedics market in 2023.
- Orthopedic prosthetics market share for upper limb was 22% in 2023 globally.
- Bone grafts and substitutes comprised 40% of orthobiologics segment revenue in 2023.
- CMF fixation systems held 55% in craniomaxillofacial devices in 2022.
- Robotic systems segment grew to 15% of total orthopedics navigation market in 2023.
- Upper extremities trauma devices accounted for 32% of trauma segment in 2023.
- Hip implants primary segment was 60% of hip reconstruction in 2023.
- Cervical spine devices 38% of total spine orthopedics market in 2023.
- ACL reconstruction grafts 25% of sports medicine biologics in 2023.
- External fixators 18% share in orthopedic trauma devices 2023.
- Shoulder replacement systems 28% of upper extremity reconstruction 2023.
- Bioabsorbable implants 12% emerging share in fixation devices 2023.
- Pain management devices 20% of post-orthopedic accessories market 2023.
Segment Analysis Interpretation
Sources & References
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