Orthopedic Devices Market Size, Share & Trends Analysis Report By Product (Joint Replacement/Orthopedic Implants, Sports Medicine, Orthobiologics), By End-use (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the orthopedic devices market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for orthopedic devices market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of orthopedic devices market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Orthopedic Devices Market Categorization:

The orthopedic devices market was categorized into four segments, namely product (Drill Guides, Guide Tubes ,Implant Holder, Custom Clamps, Distractor, Screwdrivers, Accessories, Orthopedic Implants), end-use (Hospitals, Outpatient Facilities), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The orthopedic devices market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The orthopedic devices market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; UK; France; Italy; Spain; Norway; Denmark; Sweden; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Orthopedic devices market companies & financials:

The orthopedic devices market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Medtronic plc - Medtronic plc is a healthcare solution company that develops medical devices. The company applies biomedical engineering in research, design, manufacture, and sale of products for alleviating pain, restoring health, & improving life. It serves patients, clinicians, physicians, and hospitals in over 140 countries worldwide. It operates under two major segments: cardiac & vascular group and restorative therapies groups.

• Stryker Corporation - Stryker Corporation is a medical device manufacturing company that offers powered surgical instruments, joint replacement solutions, micro & spine implant systems, trauma products, orthobiologics, endoscopic products, emergency equipment, surgical navigation systems, and patient handling equipment. Stryker Osteosynthesis is a subsidiary of Stryker and operates in craniomaxillofacial & traumatological products. The company has a market presence in over 100 countries.

• Zimmer Biomet - Zimmer Biomet is a medical device manufacturer specializing in musculoskeletal systems & solutions. The company offers products in segments including dental, biologics & biomaterials, bone healing, micro fixation, orthopedics, spine, sports medicine, and trauma. In 2015, Zimmer acquired Biomet and was renamed Zimmer Biomet. It is a healthcare provider for more than 100 countries.

• DePuy Synthes - DePuy Synthes is a part of Johnson & Johnson. Its portfolio comprises orthopedic and neurological products & services for trauma, sports medicines, spine, joint construction, biomaterials, and power tools. Johnson & Johnson acquired DePuy in 1998, previously known as DePuy, Inc. In 2012, Johnson & Johnson acquired Synthes, Inc., and combined Synthes with DePuy, which operates across 60 countries.

• Smith+Nephew - Smith+Nephew is a medical device manufacturer with diverse technologies for global customers enabling better outcomes for patients & healthcare systems. It operates mainly in Africa, America, Asia, Australia, Europe, and the Middle East.

• Aesculap Implant Systems (acquired by B.Braun) - Aesculap Implant Systems, a medical devices company, is a manufacturer of sterilization container systems & surgical instruments. It provides highquality, innovative products & services to various surgical disciplines. The company exchanges knowledge with customers around the globe to improve treatment & working procedures in hospitals and medical practices, enhancing the safety of patients, doctors, & nursing staff. The company was acquired by B. Braun in 1996.

• CONMED - CONMED specializes in the development & sale of surgical & patient monitoring products and services that allow physicians to deliver highquality care. Its domestic locations include Largo, FL; San Mateo, CA; Utica, NY; Anaheim, CA; Westborough, MA; Centennial, CO; Edison, NJ; and Atlanta, GA. It also operates internationally from over 20 locations across Australia, Latin America, Europe, Asia, North America, and the Middle East.

• NuVasive, Inc. - NuVasive, Inc. is a medical devices company focused on the development of minimally invasive surgical products & procedures for spine. The company’s U.S. offices are located in the states of Tennessee, Ohio, California, and Maryland. Internationally, it has offices in Puerto Rico, Germany, Italy, the UK, Australia, Spain, Singapore, and Japan.

• Enovis (DJO, LLC) - Enovis is a provider of medical devices and services. Its key offerings are primarily focused on orthopedics. It has a presence in the U.S., Australia, India, China, the UK, Mexico, and other countries. The company has 12 facilities globally. To date, it has over 1,000 medical devices. In 2019, the company was acquired by Colfax Corporation.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Orthopedic Devices Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Orthopedic Devices Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.