The orthopedic market will finish 2023 with significantly elevated growth rates compared to its historical norms. We estimate orthopedic sales will surpass $59 billion in 2023, representing growth of 6.5%. Overall, the market is about three points higher than its historical growth rate. Joint replacement’s backlog catchup is primarily responsible for the overperformance, but all segments ran hot in 2023. The consensus among executives at orthopedics’ largest companies is the tailwind could potentially last into 2025.
Our month’s chart shows the 2023 growth rate for each orthopedic segment compared to its historical, pre-pandemic growth rate. I took the annualized growth rate between 2012 and 2019 to establish the historical rate. I omitted enabling technology from the chart because it has less historical data, and its commercial model has changed dramatically over the last two years. Enabling technology is, however, rolled up into the Total Market series in the chart.
“If you look at the overall industry growth since 2019, there’s still a year or two missing in the math,” said Enovis CEO Matt Trerotola. “We see the opportunity for a little bit of tailwind in each of the coming years if people create the capacity and staffing to work off some of that backlog.”
The orthopedic market will finish 2023 with significantly elevated growth rates compared to its historical norms. We estimate orthopedic sales will surpass $59 billion in 2023, representing growth of 6.5%. Overall, the market is about three points higher than its historical growth rate. Joint replacement’s backlog catchup is primarily...
The orthopedic market will finish 2023 with significantly elevated growth rates compared to its historical norms. We estimate orthopedic sales will surpass $59 billion in 2023, representing growth of 6.5%. Overall, the market is about three points higher than its historical growth rate. Joint replacement’s backlog catchup is primarily responsible for the overperformance, but all segments ran hot in 2023. The consensus among executives at orthopedics’ largest companies is the tailwind could potentially last into 2025.
Our month’s chart shows the 2023 growth rate for each orthopedic segment compared to its historical, pre-pandemic growth rate. I took the annualized growth rate between 2012 and 2019 to establish the historical rate. I omitted enabling technology from the chart because it has less historical data, and its commercial model has changed dramatically over the last two years. Enabling technology is, however, rolled up into the Total Market series in the chart.
“If you look at the overall industry growth since 2019, there’s still a year or two missing in the math,” said Enovis CEO Matt Trerotola. “We see the opportunity for a little bit of tailwind in each of the coming years if people create the capacity and staffing to work off some of that backlog.”
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Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
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