Global Orthopedic Implants Market Size, Share, Growth Analysis, By Product(Hip Implants, Knee Implants), By Procedure(Open Surgery, Minimally Invasive Surgery (MIS)), By End User(Hospitals, Orthopedic Clinics) - Industry Forecast 2024-2031

Global Orthopedic Implants Market size was valued at USD 33.50 billion in 2022 and is poised to grow from USD 35.61 billion in 2023 to USD 58.06 billion by 2031, growing at a CAGR of 6.3% during the forecast period (2024-2031).

Degenerative bone illnesses, skeletal problems, and an increase in the quantity of weakening bones are some of the main causes driving demand. In addition, it is expected that the medical sector will benefit from the accessibility of state-of-the-art orthopedic implants and the swift expansion of healthcare infrastructure worldwide. Another significant factor driving the market's rise is the increasing availability and awareness of minimally invasive surgical techniques due to the many benefits these treatments offer. Furthermore, the amount of sports injuries requiring medical attention is directly impacted by the increase in sports and physical activity participation, which is expected to have an effect on market growth. However, part of what's preventing the market from growing is the accessibility of supplementary medical therapies including physical therapy, NSAIDs, corticosteroids, and rehabilitative activities. Because minimally invasive operations require less time to recover and are less likely to cause injuries than invasive procedures, there is a growing demand for them. Quicker recovery periods result in shorter hospital stays for patients, which lowers hospital and surgical costs. This is the outcome of orthopedic treatments that use more sophisticated and costly replacement hips, knees, and other implants. Because of the increasing popularity of minimally invasive operations and the availability of a wide range of minimally invasive treatment alternatives, the market is expanding.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Orthopedic Implants Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Orthopedic Implants Market Segmental Analysis

The global orthopedic implants market is segmented based on product, procedure, end user, and region. With respect to classification by product, the market is segmented into hip implants, knee implants, spinal implants, craniomaxillofacial implants, dental implants, and set implants. In terms of procedure, the market is segmented into open surgery, minimally invasive surgery (mis), and others. Based on end user, the market is segmented into hospitals, orthopedic clinics, home cares, and others. Based on region, the global orthopedic implants market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Orthopedic Implants Market

The need for orthopedic implants is being driven by the increased occurrence of orthopedic conditions such osteoarthritis, rheumatoid arthritis, and osteoporosis, among others.

Restraints in the Global Orthopedic Implants Market

Another barrier is the restricted reimbursement coverage for orthopedic implants, which may require patients to pay out-of-pocket for both the treatment and the device.

Market Trends of the Global Orthopedic Implants Market

Minimally invasive orthopedic procedures are becoming more and more popular since they provide advantages including less incisions, less discomfort and scarring, and quicker recovery periods. Both the acceptance of current minimally invasive surgical procedures and technology and their continued development are being fueled by this trend.