June 14, 2022 06:38 ET | Source: The Brainy Insights The Brainy Insights
Newark, June 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global orthopedic implants market is expected to grow from USD 46.27 billion in 2021 to USD 71.16 billion by 2030, at a CAGR of 4.9% during the forecast period 2022-2030.
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The advancements in the methods utilized in the domain of anesthetics, technology advancements such as the adoption of implanted medical appliances, robot-assisted surgical devices, and general use of orthopedic implants to treat orthopedic, musculoskeletal illnesses, and injuries are expected to expand demand for orthopedic implants market during the projection period. The factors such as the prohibitive expense essence of these implants associated with the inadequate refund coverage, the high consumption for treating the back pain, and orthopedic implants such as bone screws & plates that are utilized in fixation of fractured bone & spinal fusion surgery are also helping to drive the market growth during the forecast period. Moreover, increasing the number of accidents & injuries, traumas, middle-age bone problems, and bone viscosity problems are streaming rapidly and help to drive the orthopedic market growth in the forecast period. Additionally, the increasing prevalence of co-morbidities like diabetes & obesity has raised the incidence of degenerative joint disease, especially among seniors. As more youthful people partake in fitness & sports activities, the increasing incidence of accidents is associated with these activities. This has raised the demand for orthopedic implants around the globe. Furthermore, the orthopedic implants systems are expensive, the limited repayment coverage and different risks associated with metal implants such as postoperative infections, joint stiffness, and implant failure are restraining the market growth during the forecast period. Further, the different technological inventions in orthopedic implants and improved healthcare facilities also create lucrative opportunities for market growth during the forecast period. Also, the accumulation in R&D in orthopedic implants, the expansion of biodegradable implants & interior fixation appliances, and expanding economies will provide opportunities for market growth during the forecast period.
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Key players operating in the global orthopedic implants market are:
• Medtronic Plc • CONMED Corporation • Arthrex Inc. • Stryker Corporation • Johnson & Johnson (DePuy Synthes) • DJO Finance LLC • Smith and Nephew Plc. • Zimmer Biomet Holdings Inc.
To enhance their market position in the global orthopedic implants market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
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The knee type segment led the market with a market share of 22.18% and a market value of around 10.26 billion in 2021.
The type segment is divided into wrist & shoulder, ankle, hip, dental, spine, knee, and others. The knee type segment led the market with a market share of 22.18% and a market value of around 10.26 billion in 2021. This growth is attributed to the upsurge in the more aging population who are more vulnerable to disorders like osteoporosis & osteoarthritis.
The metallic biomaterial segment led the market with a market share of 32.5% and a market value of around 15.03 billion in 2021.
The biomaterial segment is divided into ceramic biomaterials, polymeric biomaterials, metallic biomaterials, and others. The metallic biomaterial segment led the market with a market share of 32.5% and a market value of around 15.03 billion in 2021. This growth is attributed to the load-bearing and cost-effectiveness properties of these materials.
The reconstructive joint replacements product type segment led the market with a market share of 25.19% and a market value of around 11.65 billion in 2021.
The product type segment is divided into dental implants, reconstructive joint replacements, trauma, spinal implants, orthobiologics, and others. The reconstructive joint replacements product type segment led the market with a market share of 25.19% and a market value of around 11.65 billion in 2021. This growth is attributed to the raised investment by key industry participants in orthopedic implant R&D. Additionally, by 2030, the orthobiologics product type segment will likely dominate the market due to the augmented patient knowledge of orthobiologics.
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Regional Segment Analysis of the Orthopedic Implants Market:
• North America (U.S. Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe) • Asia-Pacific (China, Japan India, Rest of APAC) • South America (Brazil and Rest of South America) • Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region occurred as the largest market for the global orthopedic implants market with a market share of 40.35% and a market value of around 18.66 billion in 2021. North America currently dominates the orthopedic implants market due to the rising aging population. Additionally, the incremental shift toward minimally invasive approaches also helps drive market growth in this region. Moreover, rising investments in R&D via prominent pharmaceuticals and increasing disposable incomes are also boosting the market growth in this region. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 7.3% over the projection period. This growth is attributed to the enhancing healthcare infrastructure and the profitable medical tourism enterprise in this specific region. Moreover, the expansion in healthcare infrastructure and upgrade in diagnosis will probably help the market's growth during the projection period. Also, the development in the number of surgical approaches in emerging economies like China & India helps boost market growth during the forecast period.
The global orthopedic implants market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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