Orthopedic Implants Market is geared to grow at a CAGR of 5% by 2032, owing to growing phenomena of road accidents | insightSLICE
The market for Orthopedic Implants was valued at US$ 47.7 billion in 2021 and is anticipated to grow at a CAGR of 5% through 2032.
Orthopedic implants are used to correct various degenerative conditions brought on by aging or broken bones from accidents by supporting the bones or joints. The main purposes of orthopedic implants are to cure abnormalities, support the joints, stabilize posture, and restore normal skeletal functions.
Due to the growing global elderly population, there is a huge increase in the need for orthopedic implants. Ageing increases the risk of bone and joint degenerative diseases such osteoarthritis and osteoporosis.
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Global Orthopedic Implants Market Key Segments:
By Product Type
- Reconstructive Joint Replacements
- Knee Replacement Implants
- Hip Replacement Implants
- Spinal Implants
- Spinal Fusion Devices
- Spinal Non-Fusion Devices
- Trauma Implants
By End Use
- Ambulatory Surgical Center
- Orthopedic Clinic
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The key players of the Global Orthopedic Implants Market are:
Major companies involved in the global orthopedic implants market are DJO Finance LLC, Arthrex, Inc., CONMED Corporation., Medtronic Plc, Smith and Nephew Plc., Wright Medical Group N.V., Stryker Corporation, Globus Medical Inc., Johnson & Johnson (DePuy Synthes), and Zimmer Biomet Holdings, Inc.
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Driving factors for the growth of Global Orthopedic Implants Market
The global market for orthopedic implants is also being dynamically shaped by technological improvement in reconstructive joint procedures using implants to sustain or replace the deteriorated joints.
Additionally, top firms are developing orthopedic implants based on biomaterials as a result of the market’s increased usage of sophisticated prostheses and fixation technologies. During the projected period, this is anticipated to support the growth of the worldwide orthopedic implants market.
Demand for orthopedic implants will increase as osteoporosis and osteoarthritis become more common:
The Orthobiologics are further divided into the following categories: demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others.
Due to rising demand from osteoporosis and osteoarthritis as well as rising expenditure in orthopedic implant research and development, reconstructive joint replacements made up the largest portion of the worldwide orthopedic implants market.
Regional performance of Orthopedic Implants Market
The proliferation of spine disorders, growing geriatric population, and existence of leading manufacturer for implantable medical devices, North America generated the largest portion to the global market in 2019 and is expected to continue to be the leading geography during the projected period.
Due to rising investments in healthcare infrastructure, an aging population, and an increase in spine procedures across key nations, Asia Pacific is predicted to be the fastest growing segment over the projection period.
The market for orthopedic implants in Asia Pacific is expected to increase significantly as a result of the expansion of medical tourism across the key nations.
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The market for metallic orthopedic implants is being driven by their affordability and great operational efficacy:
The market for orthopedic implants worldwide is divided into metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and others based on biomaterial. Stainless steel, titanium alloy, cobalt alloy, and other metal alloys are sub-segmented within the metallic biomaterials category.
Due to their great operational efficacy, affordability, and widespread demand for implant manufacture, metallic biomaterials have dominated the global market.
Since titanium offers improved biocompatibility and non-toxicity, it is predicted that titanium-based implants will experience significant expansion in the years to come. This growth will be fuelled by growing acceptance of metal-based implants due to their obvious benefits.
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