PUBLISHER: Allied Market Research | PRODUCT CODE: 1239437
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239437
The global orthopedic implants market was valued at $47,190.57 million in 2022 and is estimated to reach $73,326.75 million by 2032, exhibiting a CAGR of 4.5% from 2023 to 2032.
Orthopedic implants are medical devices used to replace or support the damaged or missing bones in the body. Orthopedic implants are divided into two groups such as permanent implants and temporary implants. Permanent orthopedic implants are used for hip, knee, ankle, shoulder, elbow, wrist, and finger joints, which are present in the human body throughout the life span of an individual.
Further, temporary orthopedic implants include plates, screws, pins, wires, and intramedullary nails, which are present for shorter periods just long enough to let the bones heal. Orthopedic implants are used to treat a variety of conditions such as osteoarthritis, fractures, and spinal disorders. Orthopedic implants include joint replacements (such as hip and knee replacement), spinal fusion devices, plates and screws used to stabilize fractures. They are made of materials such as metals, plastics, ceramic, and various polymers.
The major factors driving the growth of the orthopedic implants market are increase in incidences of osteoarthritis and other degenerative diseases, technological advancements that allow more effective and long-lasting implants and rise in geriatric population. In addition, a rise in the number of sports-related injuries is also expected to drive the growth of the market.
For instance, according to report published by the National Safety Council of the U.S. 2022 stated that in 2021, 20% rise in sports and recreational injuries was observed as compared to 2020, thus a rise in number of sport related injuries is expected to drive the growth of the market. Further, geriatric population is prone to develop and diagnose orthopedicdiseases such as arthritis, dislocation of bones and fractures, thus rise in geriatric population is anticipated to drive the growth of the market.
For instance, according to an article published by American Geriatric Society 2021 stated that 60 million people in the U.S. are aged 65 years or above and 80% of these population suffer from musculoskeletal conditions, thus rise in geriatric population drives the growth of orthopedic implant market. In addition, the rise in technological innovations in orthopedic implants, rise in adoption of orthopedic implants and improvement of healthcare infrastructure in the emerging countries, further supplement the growth of orthopedic implant market.
However, the high cost associated with procedures involving orthopedic implants treatment is the factor which hampers the growth of orthopedic implants market. In addition, stringent government policies regarding implants and their procedures are also expected to restrain the growth of the market. Furthermore, the rise in demand for orthopedic implants and rise in technological advancements are the factors which offer lucrative opportunities to the key players of orthopedic implants market. The global orthopedic implants market is segmented into product, type, biomaterial, and region. On the basis of product, the market is categorized into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others. The reconstructive joint replacements segment is segmented into knee replacement implants, hip replacement implants, and extremities that include upper extremity reconstruction and lower extremity reconstruction.
In addition, spinal implants segment is further divided into spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. Furthermore, dental implants are again classified into root form dental implants and plate form dental implants. Moreover, orthobiologics is further segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others.
On the basis of type, the market is classified into knee, hip, wrist & shoulder, dental, spine, ankle, and others. On the basis of biomaterial, the market is categorized into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global orthopedic implants market are: Arthrex, Inc., Colfax Corporation (DJO, LLC), CONMED CORPORATION, GLOBUS MEDICAL INC., Johnson & Johnson (DEPUY SYNTHES), Medtronic Plc, NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings Inc.