Global Orthopaedic Implants Market - 2022-2029

Market Overview

Orthopaedic Implants Market size was valued at US$ 44,200 million in 2021 and is estimated to reach US$ 58,000 million by 2029, growing at a CAGR of 6.2% during the forecast period (2022-2029).

An orthopaedic implant is a medical device, used to replace or support a missing joint bone or a damaged bone. Orthopaedic implants are placed to treat the deformities in order to restore normal skeletal function and stabilize body posture. The implant market has seen a paradigm shift from conventional surgical procedures to the use of modern fixation and prosthetic devices.

Market Dynamics

The orthopaedic implant market growth is driven by several factors, such as an increase in the geriatric population, an increase in orthopaedic diseases, technological advancements and a rise in bone injuries due to sports or road accidents.

The rise in bone-related disorders is expected to drive the market growth

The rise in bone-related disorders such as arthritis, osteoarthritis, osteoporosis and many more are increasing the demand for implants globally. For instance, a large patient population is suffering from moderate to severe psoriatic arthritis, and the number is growing across the globe. According to the World Health Organization (WHO), in July 2022, approximately 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. Musculoskeletal conditions significantly limit mobility and dexterity, leading to early retirement from work, lower levels of well-being and reduced ability to participate in society.

The high cost of orthopaedic implants will hamper the growth of the market

However, studies have shown side effects of orthopedic implants post-surgery, such as septic arthritis, implant rejection, osteomyelitis due to the bacteria Staphylococcus and allergies due to metallic degradation. These side effects create health risks among patients, which may adversely affect the market's growth.

COVID-19 Impact Analysis

The appearance of COVID-19 considerably impacted the global demand for these devices. The global need for implants was directly influenced by the cancellation of surgical procedures, including bone implantations. Due to the COVID-19 pandemic, major market participants in the implant manufacturing industry encountered a drop in their revenues from implant sales. Moreover, key market players are realigning their strategy from selling high-priced customized implants to a more standard variant, keeping costs low. For instance, Conformis switched to selling its cost-effective lower-priced bone implants from its more customized versions of these devices during the lockdown. The strategic decision was taken to improve the orthopaedic implants market share of the company during the pandemic.

Segment Analysis

The reconstructive joint replacements segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The reconstructive joint replacements segment is expected to hold the dominant market share over the period forecast (2022-2029) due to the increasing number of arthritis and other orthopaedic disorders that leads to joint replacement surgeries. In joint replacement implant surgery parts of an arthritic or damaged joint are removed and replaced with a metal, plastic or ceramic device called a prosthesis. The prosthesis is designed to replicate the movement of a normal, healthy joint. Hip and knee replacements are the most commonly performed joint replacements. The knee is the largest joint in the body and having healthy knees is required to perform most everyday activities. According to rheumatologyadvisor.com, annual number of total knee arthroplasty is predicted to increase by 56% in 2020 to 1,065,000 replacements; by 110% in 2025 to 1,272,000 replacements; by 182% in 2030 to 1,921,000 replacements; and by 401% in 2040 to 3,416,000 replacements. Trends were similar for both total hip and total knee arthroplasty, with replacements occurring slightly more frequently in women and in individuals aged 45 to 64 years and 65 to 84.

Geographical Analysis

North America region holds the largest market share of the global orthopaedic implants market

North America dominates the market for orthopaedic implants and is expected to show a similar trend over the forecast period owing to the increased geriatric population, advanced healthcare infrastructure, increased incidences of orthopaedic disorders, and favorable government initiatives. There are several companies present in the region that are working towards new technological advancements in orthopaedic implants. As per an article by the Lancet in 2021, the incidence of new fractures was registered to be 178 million cases globally, with a majority of 455 million fractures. The growing prevalence of ruptures is anticipated to sustain the growing demand for orthopaedic procedures and an increase in the adoption of implants. Thus, these factors are driving the growth of the market in the forecast period.

Competitive Landscape

The orthopaedic implants market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are 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 among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Orthopaedic Implants Market globally. For instance, in March 2022, LimaCorporate S.p.A. proclaimed a collaboration with Ortho Carolina Center with successful implantations of ProMade, a patient-specific 3D printed implant. The development shows the benefits of onsite products of implants combined with surgeons' expertise such as decreasing the duration of the procedure and patient-specific customization of implants.

Stryker Corporation

Overview:

Stryker Corporation serves as a medical technology company. The firm operates through two segments, orthopaedics and spine, MedSurg and Neurotechnology. The Orthopaedics and Spine segment provides implants for hip and knee joint replacements and trauma and extremities surgeries.

Product Portfolio:

Triathlon and Triathlon Tritanium: Cementless total knee arthroplasty (TKA) with Triathlon Tritanium is the latest evolution in the Triathlon knee portfolio. Triathlon Tritanium combines the kinematics of Triathlon with the latest in highly porous biologic fixation technology.

The global orthopaedic implants market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.