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Musculoskeletal Services Market Insights Winter 2026

Healthcare
Orthopedics
PPM

Musculoskeletal Market Segmentation

musculoskeletal services M&A report 6

Musculoskeletal Investment Thesis

Slide outlining key musculoskeletal investment themes including a large and rapidly expanding market, inpatient-to-outpatient migration of HCPCS codes, ancillary services driving margin expansion, integrated technology improving outcomes, and significant white space for de novo expansion.

Key Trends Affecting MSK

Orthopedics:

  • $60+ billion U.S. market size
  • $3,791 in average revenue per case
  • 9.1 million orthopedic surgeries in 2024

Pain Management:

  • $53.6 billion expected market size in 2030
  • Preference for non-surgical outpatient pain relief options that shorten recovery times and reduce postoperative pain

Ambulatory Surgery Centers:

  • $45+ billion U.S. market size
  • <200k in-patient total hip and knee replacements in 2024, down from over 400k in 2016

Physical Therapy:

  • $50+ billion U.S. market size
  • 38,000+ outpatient physical therapy clinics in the U.S.
  • 238k physical therapists in 2021, up from 209k in 2017
Slide titled “Near-Term Growth Drivers” featuring icons representing hospital–physician joint ventures, HCPCS code migration, margin expansion, and outpatient facility growth within the musculoskeletal sector
Infographic summarizing the musculoskeletal (MSK) industry as a $300–$400B+ market, outlining key subsectors including orthopedics, pain management, ambulatory surgery centers (ASCs), physical therapy, and imaging, supported by long-term demographic and healthcare tailwinds.

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