Global Orthopedic Implants Market - 2023-2030

Market Overview

The Global Orthopaedic Implants market size reached US$ 44.7 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 71.6 billion by 2030. The market is exhibiting at a CAGR of 6.2% during the forecast period 2023-2030.

Orthopedic implants have been developed from various biomaterials biologically evaluated in aspects of toxicity, cytotoxicity, and sensitization. Material enhancement techniques such as coating, alloying, and antioxidation are used to increase the corrosion resistance and inertness of the implant materials.

Integration of the implant into the bone tissue is currently under interest to enhance the biological, clinical, and even biomechanical benefits of the implants in the treatment of bone injuries.

Market Dynamics

Increasing prevalence of musculoskeletal disorders

The increasing prevalence of musculoskeletal disorders such as bone fractures, osteoarthritis, and osteoporosis is the major factor driving the orthopedic implants market share. Musculoskeletal disorders are becoming more prevalent globally due to aging populations, sedentary lifestyles, and increased chronic conditions. These disorders often require surgical intervention and orthopedic implants for joint replacements, fracture fixation, and spinal stabilization.

As the prevalence of musculoskeletal disorders continues to rise, there is a growing demand for orthopedic implants to restore mobility, alleviate pain, and improve the quality of life for affected individuals. This increased demand for orthopedic implants contributes to the growth of the market share.

For instance, in April 2023, Globus Medical, a medical device company that develops and commercializes healthcare solutions and whose mission is to improve the quality of life of patients with musculoskeletal disorders. Globus is committed to medical device innovation and delivering exceptional service to hospitals, ambulatory surgery centers, and physicians to advance patient care and improve efficiency.

High cost of the orthopedic implants

The high cost of the orthopedic implants hamper the market share during the forecast period. The high cost of orthopedic implants can make them unaffordable for many patients, particularly in regions with limited healthcare resources or inadequate insurance coverage. This can result in delayed or deferred surgeries or alternative treatment options being considered.

In developing countries, where healthcare infrastructure and resources may be limited, the high cost of orthopedic implants can be a significant barrier. It can hinder the adoption of advanced implant technologies and restrict access to quality orthopedic care.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the orthopedic implants market. During the pandemic, there was a significant shift towards telemedicine and remote care delivery to minimize in-person visits and reduce the risk of virus transmission. However, orthopedic surgeries typically require in-person evaluations and procedures, limiting the scope of telemedicine in this field.

The economic downturn caused by the pandemic and increased healthcare spending on COVID-19 response strained healthcare budgets. Hospitals and healthcare facilities faced financial challenges, potentially leading to reduced investments in orthopedic implants and related procedures.

Russia-Ukraine Conflict Analysis

The Russia-Ukraine conflict has had a significant impact on the orthopaedic implants market globally. The conflict has resulted in political instability, creating uncertainties and disrupting trade relationships. Political tensions and sanctions imposed by some countries can affect the import and export of orthopedic implants, potentially leading to supply chain disruptions and market uncertainties.

The conflict may limit access to the latest advancements in orthopedic implant technologies for healthcare providers. International collaborations, research, and access to cutting-edge implant technologies may be hindered, potentially slowing innovation and adoption of new implant technologies.

Segment Analysis

The Global Orthopaedic Implants Market is segmented based on product, material, end-user, and region.

Based on the product, reconstructive joint replacements are expected to dominate the market share.

Based on the product, reconstructive joint replacements, such as hip and knee implants, are expected to dominate the market share in the Orthopedic Implants market. Reconstructive joint replacements are surgical procedures that involve replacing a damaged or diseased joint with an artificial implant.

They can alleviate pain, enhance joint function, and improve the overall quality of life for individuals suffering from joint-related issues. The positive patient experiences and long-term benefits have contributed to the dominance of reconstructive joints. For instance, in May 2023, Zimmer Biomet Holdings, a global medical technology leader, announced that it had reached a definitive agreement to acquire OSSIS.

This privately-held medical device company specializes in personalized 3D printed implants and complex hip replacements, including second-time hip replacements and replacements involving bone tumors and trauma. The reconstructive joint replacements segment accounted for the highest market stake, accounting for approximately 32.9% of the orthopedic implants market in 2022.

Geographical Analysis

North America holds the largest market share during the forecast period

North America is estimated to hold around 38.7% of the total market share throughout the forecast period, owing to the development of novel devices and favorable government initiatives. North America is known for its strong research and development capabilities in the medical device industry.

The region has many leading orthopedic implant manufacturers and research institutions continually striving to develop and innovate novel devices. Developing advanced implant technologies, such as 3D printing, bioresorbable, and smart implants, has helped drive market growth in North America.

Government initiatives play a crucial role in shaping the orthopedic implant market. In North America, government bodies and regulatory agencies provide support and create a conducive environment for developing, approving, and adopting orthopedic implants. Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) in the United States, ensure safety and efficacy standards while facilitating market entry for innovative devices.

Competitive Landscape

The major global players in the market include: Johnson & Johnson, Zimmer Biomet, Stryker Corporation, Medtronic Plc, Smith and Nephew Plc, Wright Medical Group N.V., CONMED Corporation, Arthrex Inc., DJO Global, and Globus Medical.

Why Purchase the Report?

• To visualize the Global Orthopedic Implants Market segmentation based on product, material, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous orthopedic implants market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Orthopedic Implants Market Report Would Provide Approximately 54 Tables, 46 Figures And 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies