Orthopedic Devices - North America

The Orthopedic Devices market market in North America is anticipated to witness a significant growth in revenue, projected to reach US$17.81bn by 2024.
This market is expected to exhibit a steady compound annual growth rate (CAGR 2024-2029) of 3.62%, leading to a market volume of US$21.28bn by 2029.
In terms of global comparison, the United States will play a pivotal role in generating the majority of revenue within this market, with an estimated revenue of US$16.02bn in 2024.
The United States is experiencing a growing demand for advanced orthopedic devices due to the aging population and high prevalence of chronic conditions.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in North America is experiencing significant growth due to several factors. Customer preferences for advanced technology and innovative products, along with an aging population and increasing prevalence of orthopedic conditions, are driving the demand for orthopedic devices in the region. Additionally, local special circumstances such as the availability of advanced healthcare infrastructure and favorable reimbursement policies are contributing to the market's development. Customer preferences in North America are shifting towards orthopedic devices that offer advanced technology and innovative features. Patients are increasingly seeking devices that provide better functionality, durability, and comfort. This demand for advanced technology is driving manufacturers to develop and introduce new products that meet these customer preferences. Additionally, patients are becoming more aware of the benefits of minimally invasive surgeries, leading to an increased demand for orthopedic devices that support these procedures. Trends in the market indicate a growing demand for joint replacement devices, particularly for knee and hip replacements. This can be attributed to the aging population in North America, as older individuals are more prone to orthopedic conditions such as osteoarthritis. The increasing prevalence of obesity is also contributing to the demand for joint replacement devices, as excess weight can put strain on the joints. Furthermore, advancements in implant materials and surgical techniques are making joint replacement procedures more accessible and effective, further driving the market growth. Local special circumstances in North America, such as the availability of advanced healthcare infrastructure and favorable reimbursement policies, are supporting the development of the orthopedic devices market. The region has a well-established healthcare system with advanced hospitals and clinics that provide high-quality orthopedic care. This enables patients to access the latest orthopedic devices and treatments. Additionally, favorable reimbursement policies in countries like the United States ensure that patients have access to affordable orthopedic devices, further driving the market growth. Underlying macroeconomic factors also contribute to the development of the orthopedic devices market in North America. The region has a strong economy and high disposable income levels, allowing individuals to afford expensive orthopedic procedures and devices. Additionally, advancements in healthcare technology and research are driving innovation in the orthopedic devices market, leading to the development of new and improved products. In conclusion, the Orthopedic Devices market in North America is experiencing significant growth due to customer preferences for advanced technology and innovative products, an aging population, and increasing prevalence of orthopedic conditions. Local special circumstances such as advanced healthcare infrastructure and favorable reimbursement policies, along with underlying macroeconomic factors, are also contributing to the market's development.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.