Business Overview: North America Orthopedic Implants Market Sees Promising Growth in 2020
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to a new report published by Research Dive, titled, “Orthopedic Implants Market : North America Opportunity Analysis and Industry Forecast, 2018-2025,” the North America orthopedic implants market size was valued at $23,461 million in 2018, and is projected to reach $30,646 million by 2025, growing at a CAGR of 3.9% from 2019 to 2025.
Orthopedic implant is a medical device surgically placed inside the body to restore bone function by reinforcing or replacing a damaged structure. These implants are either permanently incorporated inside the human body or withdrawn after desired results. The growth in number of replacement surgeries, such as knee, hip, shoulder, and other (bone or joint) has propelled the demand for implants in North America.
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Factors that drive the growth of the North America orthopedic implants market are rise in prevalence of orthopedic injuries or diseases and the rapid rise in geriatric population. In addition, technological innovations, such as robot-assisted surgical tools, acceptance for implantable medical devices, and widespread application of orthopedic implants to treat musculoskeletal, orthopedic diseases, & injuries further supplement the market growth. However, high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hamper the market growth.
On the basis of product type, the reconstructive joint replacements segment is estimated to garner largest share during the forecast period. This segment is expected to maintain its dominant position throughout the analysis period, owing to rise in prevalence of osteoporosis and osteoarthritis, and investment of key players in R&D of orthopedic implants. On the other side, the orthobiologics is the fastest growing segment during the forecast period owing to the rise in demand for advanced therapies, minimally invasive procedures, and surge in patient awareness toward use of orthobiologics.
According to type, the knee segment accounted for the highest orthopedic implant market share in 2018, and is anticipated to maintain this trend during the forecast period. However, spine is estimated to register the highest CAGR during the forecast period attributed to increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed.
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By material type, the metallic biomaterials segment occupied the largest share in 2018, owing to cost-effectiveness of these materials. Metallic biomaterials provide efficacy of bone healing as compared to other materials. These are used to manufacture various orthopedic implants such as screws, plates, vertebral compression fracture (VCF) devices, and others. However, other biomaterials are estimated to register the highest CAGR during the forecast period. This is due to the growing demand for these materials owing to their several advantages over synthetic biomaterials. These advantages include biocompatibility, no toxicity, and may also carry specific protein binding sites, and other biochemical signals that can help in the process of tissue healing or integration.
Key Findings of the Orthopedic Implants Market :
• The orthobiologics segment is anticipated to grow at a highest rate during the forecast period.
• U.S. was the major shareholder in the North America orthopedic implants market, accounting for more than three-fourths share in 2018.
• The metallic segment occupied about more than half share of the total biomaterial market in 2018.
• The knee segment accounted approximately one-fourth share of the orthopedic implants market in 2018.
The major companies profiled in this report include Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic Plc, and Smith and • Nephew Plc., Wright Medical Group N.V., CONMED Corporation., Arthrex, Inc., DJO Finance LLC, and Globus Medical Inc.
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