Orthopedics Market Observations
A large and growing industry supported by long-term tailwinds
- The U.S. orthopedics market was valued at $57.3 billion in 2023 and is projected to grow at a CAGR of 5.3%, reaching $74.1 billion by 2028.
- Demand for orthopedic procedures are increasing, driven largely by rapid population aging. While adults over the age of 65 comprise only 17.3% of the current population, they generate 37.0% of diagnostic tests and 34.0% of inpatient procedures.
- With more than 10,000 U.S. citizens turning 65 every day, estimates suggest that, by 2050, nearly 1/4th of the total U.S. population will be 65 or older, further accelerating the need for orthopedic care.
- By modality, extremity joint surgery reigned supreme in 2023, accounting for 36.1% of sector revenue. By treatment type, fracture and arthroscopic repair comprised a majority of cases, representing nearly 50.0% of total procedures. Given health and age dynamics in the U.S., total joint replacements are expected to continue climbing in prominence, with knee and hip replacement volume both expected to double by 2030.
Industry Snapshot
$57.3B → $74.1B
U.S. orthopedics market projected to grow
10,000+
Americans turn 65 every day
36.1%
Projected extremity joint surgery share of sector revenue in 2023
~50%
Total orthopedic procedures are fracture and arthroscopic repair
2x
Knee and hip replacement volumes expected to double by 2030
