Orthopedic Devices Market Reached USD 56.84 Billion in 2022; Expanding Elderly Population to Surge Surgical Procedural Volume, Bolstering the Market Growth

The global orthopedic devices market size stood at USD 56.84 billion in 2022. The market value is slated to rise from USD 58.94 billion in 2023 to USD 80.28 billion by 2030 at a CAGR of 4.5% during 2023-2030. The expansion can be credited to the increasing use of robotics, 3D printing, and computer-aided surgery, which is expected to increase the number of orthopedic surgeries in the coming years. There is a rising inclination toward minimally invasive orthopedic surgeries due to the growing use of technologically advanced products, including robotics and computer-aided surgical devices in the minimally invasive surgery space.

Fortune Business Insights™ presents this information in its report, titled “Orthopedic Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologics Devices, Arthroscopy Devices, and Others), By End-user (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2023-2030”       

Reduction in Surgical Procedural Volume had a Negative Impact on the Market During Pandemic

Issues such as a decrease in orthopedic procedures and shortage of staff and workforce were observed during the pandemic, which negatively influenced the orthopedic devices market growth. In addition, a significant drop in revenue in 2020 was witnessed by market players. However, an increase in patient volumes during the Q3-Q4 of 2020 due to the relaxation of regulations imposed by the governments of various countries surged the demand for orthopedic devices in 2020.

ARCH Medical Solutions Corp. Medical Devices Companies Announced the Acquisition of MedTorque to Expand Its Product Portfolio

In July 2022, ARCH Medical Solutions Corp. announced the acquisition of MedTorque (“MT”), a global manufacturer of orthopedic devices and implants with facilities in the U.S. This acquisition aims to expand product portfolio of ARCH Medical Solutions Corp. for orthopedic medical devices. 

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Market Value to Grow Owing to Rising Surgical Procedural Volume Attributed to Growing Elderly Population

The market growth is driven by the increasing elderly population, which has increased procedural volume. The elderly population is highly prone to hip fractures. According to the American Academy of Orthopaedic Surgeons 2021 report, the total number of annual hospitalizations for hip fractures among people aged 65 and above is more than 300,000.

Another factor impelling the market growth is rising technological developments in orthopedics. Moreover, leading companies are putting huge amounts into the development of minimally invasive and advantageous orthopedic devices.

However, the complications related to orthopedic surgical procedures may hinder the market growth.

Leading Players Focus on Product Innovations to Outshine the Competition

The major market players are focusing on different competitive strategies to sustain their industry leadership. Some of these strategies include mergers and acquisitions, joint ventures, partnerships, and others. Several companies are also investing significant amounts into R&D to launch products with enhanced capabilities.

Key Players Profiled:

• Stryker (U.S.)


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


• Zimmer Biomet (U.S.)


• Smith & Nephew (U.S.)


• Medtronic (Ireland)   


• NuVasive, Inc. (U.S.)


• Arthrex Inc. (U.S.)


• Globus Medical (U.S.)


• Össur Corporate (Iceland)


• Integra LifeSciences (U.S.)

Notable Industry Development

• July 2020: Smith & Nephew unveiled the RI.HIP NAVIGATION for THA (total hip arthroplasty). The product was developed to help increase reproducibility and accuracy by providing patient-specific component alignment, which is an important parameter for surgeons while evaluating individual THA cases.

Further Report Findings

• On the basis of region, the market is segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America.


• North America is expected to dominate the orthopedic devices market share during the forecast period. The regional growth can be ascribed to the growing awareness among patients about technologically advanced orthopedic devices.


• The Europe market is expected to grow significantly during the forecast period. The regional expansion can be credited to the growing number of surgeries.


• By type, the market is divided into spinal devices, arthroscopy devices, joint reconstruction devices, orthobiologic devices, trauma devices, and others. The joint reconstruction devices segment dominated the market in 2022. The surging number of musculoskeletal procedures is driving the segment expansion.


• The arthroscopy devices segment is projected to grow at a high rate during the forecast period. The segment expansion can be credited to the rising number of sports-related soft tissue injuries.

Table of Segmentation