The Global Orthopedic Implants Market size is estimated to be USD 50.12 billion in 2019 and is predicted to reach USD 81.34 billion by 2030 with a CAGR of 4.5% from 2020-2030. Orthopedic Implants are the medical devices which are surgically placed into the body to provide support and restore the normal functioning. This may also involved the complete replacement of the damaged structure; these devices are made up of biocompatible materials. These devices can be removed once the desired result is obtained or it can be permanently left into the body.
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There has been tremendous change in the healthcare infrastructure with the increase prevalence of orthopedic disorders and increase in accident and trauma cases are expected to anticipate the growth of orthopedic implants market. Furthermore, wide acceptance of implantable medical devices, and increase in geriatric population is expected to increase the orthopedic implants market.
The other factors driving the growth of orthopedic implants market include increased prevalence of orthopedic disorders such as osteoporosis, osteoarthritis and others, increase technological advancement and favorable reimbursement policies. Furthermore, increase in joint replacement surgeries in the geriatric population is also expected to augment the growth of orthopedic implants market. However, high cost of orthopedic implants and stringent FDA regulation for approval may impede the growth of orthopedic implants market. The development and increased use of 3D printed orthopedic implants are expected to create opportunities in the near future.
Market Segmentations and Scope of the Study:
The global orthopedic implants market share is analyzed on the basis of product, biomaterial, end users and geography. On the basis of product, the market is segmented into joint reconstruction, trauma implants, spinal implants, orthobiologics, and dental implants. The joint reconstruction is sub segmented into hip replacement, knee replacement, and shoulder replacement. The trauma implants segment is further divided into metal plates and screws, pins/wires, nails and rods. The spinal implants segment is further sub segmented into spinal fusion devices, and spinal non-fusion devices. On the basis of biomaterials, the market is divided into metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and others. The metallic biomaterials are further sub-segmented into stainless steel, titanium alloy, cobalt alloy, and others. On the basis of end user, the market is segmented into hospitals, ambulatory surgical centers, orthopedic clinics and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America represents the develop region due to the presence of developed countries and holds the major market share. The increased prevalence of orthopedic disorders, accidents and trauma cases coupled with increased adoption of technologically advanced techniques and implants are expected to promote the growth of orthopedic implants market.
Asia Pacific is expected to be fastest developing region owing to the presence of developing economies. The increased adoption of advanced technology and increase acceptance of implantable devices coupled with increase in geriatric population are expected to contribute the growth of orthopedic implants market.
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The orthopedic implants market is highly competitive, and consists of a various market players. Some of the major players are Johnson & Johnson (DePuy Synthes), Stryker Corporation, Smith and Nephew Plc., Medtronic Plc, DJO Finance LLC, Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., Arthrex, Inc., CONMED Corporation., and Globus Medical Inc. among others.