Orthopedic Implants Market

Orthopedic Implants Market Size (2023 to 2028)

The global orthopedic implants market is estimated to grow at a CAGR of 5.7% from 2023 to 2028 and the market size is forecasted to be worth 73.35 billion by 2028 from USD 55.59 billion in 2023.

MARKET DRIVERS:

The growing patient population suffering from orthopedic injuries, increasing awareness among people regarding the importance of fitness and physical activities, and the rising geriatric population worldwide are primarily driving the growth of the orthopedic implants market.

The high acceptance of patients for integrating implants with image techniques is the primary driving factor of the orthopedic implants market. Additionally, the adoption of various treatments, such as shifting from conventional invasive surgical procedures to a dramatic paradigm shift toward minimally invasive procedures for various orthopedic diseases or disabilities, is expected to favor the market growth during the forecast period. Furthermore, the rise of 3D-print orthopedic implants integration with image techniques, including MRI and CT, and a wide range of applications across various applications like oncology and traumatology, and spine surgeries, propel the orthopedic implants market growth.

The rise in the aging population majorly accelerates the growth of the orthopedic implants market. The senior population accounts for a high rise in orthopedic surgeries, and increased replacement surgeries for various reasons such as emergence and accidents are major contributing factors for market growth. Lifestyle issues such as obesity, excess fat depositions, and lack of physical activity lead to joint and knee pains, whereas most patients opt for replacement surgeries. Athletic injuries are a significant concern and are reported high every year. Around 1.2 million football players and various athletes face injuries, estimated by the reports from NASA neuroscience and spine associates in 2017. Other augmenting factors for market growth are the rise in chronic orthopedic diseases such as osteoporosis, characterized by structural de modification of bone tissues and low bone mass density. Increasing adoption of technological developments in manufacturing orthopedic implants, research activities, implementation procedures, the adaption of sedentary lifestyle changes, and awareness of physical health and fitness activities are also significant growth driving factors.

MARKET RESTRAINTS:

High costs associated with the treatment procedures of the orthopedic implants market are key factors hindering market growth. In addition, unfavorable reimbursement policies and an increasing number of product calls are showcasing a negative impact on the growth rate of the orthopedic implants market.

Impact of Covid-19 on the global orthopedic implants market:

COVID-19's spread infection rate is high that all the countries have fallen prey to it. During this, every medical market has a negatively impacted orthopedic implant. In addition, the government has implemented stringent regulations, such as lockdown rules and travel ban issues. During the travel ban issues, international communications and meetings were not progressed. Hence this impacted the business scenario for the orthopedic implants market.

Furthermore, achieving hospitality goals, such as surgeries for orthopedic patients, has been more challenging. As a result, imports and exports have been halted, due to which the needed medical devices could not reach customers. Along with end-users, manufacturers and production units faced severe losses because of the many countries' bans on imports and exports. However, during the forecast period, the orthopedic implants market is anticipated to showcase a healthy CAGR considering the declining impact of COVID-19, growing habituation towards new normalization, and resuming business activities worldwide.

REPORT COVERAGE:

The global orthopedic implants market research report has been segmented by product type, application, and region.

Orthopedic Implants Market - By Product Type:

• Joint reconstruction
• Spinal implants
• Trauma implants
• Ortho biologics

Orthopedic Implants Market - By Application: 

• Knee
• Spinal
• Hip
• Dental
• S.E.T (sports medicine, Extremities, Trauma) 

Orthopedic Implants Market - By End-user:

• Hospitals 
• Orthopedic clinics
• Ambulatory services 

Orthopedic Implants Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America was the global market leader in accounting for most of the share in 2022. With the increased number of senior people and the number of orthopedic surgeries performed, many orthopedic clinics are observed in North America. As a result, North America is expected to account for the largest share of the worldwide orthopedic implants market during the forecast period. Furthermore, North America is estimated to grow at a robust CAGR during the forecast period due to the presence of developing economic countries such as the USA, Canada, etc., with the coupling of the rise of activities by market key players.

Followed by Europe, European countries are the second largest for witnessing market shares and growth due to increased chronic illnesses after North America. Furthermore, the European orthopedic implants market is forecasted to hike steadily during the forecast period due to rigorous activities like merging and joint ventures by establishing key market players in European countries.

The Asia-Pacific orthopedic implants market also witnesses the highest growth in the forecast period due to its healthcare and infrastructure, medical tourism, and physical health and fitness awareness. In addition, an increasing number of initiative steps taken by private and public organizations and the rise of the acceptance rate of various applications of orthopedic implants by patients strongly support the market in this region.

The Middle East and Africa expect slow growth after the forecast period due to a lack of knowledge and awareness in physical and fitness orthopedic health services.

KEY MARKET PLAYERS:

Some of the top companies leading the global orthopedic implants market profiled in this report are Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic Plc, Smith and Nephew Plc., Wright Medical Group N.V., CONMED Corporation, Arthrex, Inc, DJO Finance LLC, and Globus Medical Inc.

RECENT MARKET DEVELOPMENTS:

• In 2019, Implant, a medical technology company (specializing in vertebral and knee-surgery implants), received a patent in Japan for its JAZZ Lock® technology, an integral part of its JAZZ™ solutions platform.
• In 2019, a Wide range of helix lock plate systems (including small and large implants for different bones) was launched by siora surgical Pvt ltd.  
• In 2017, General Electric made a partnership agreement with Stryker, a leading medical technology company.