Orthopedic Implants Market
Orthopedic Implants Market - Global Industry Assessment & Forecast
- By Products Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma, Orthobiologics, Other Products
- By Types Knee, Hip, Wrist & Shoulder, Dental, Spine, Ankle, Other Types
- By Biomaterials Metallic Biomaterials, Ceramic Biomaterials, Polymers Biomaterials, Other Biomaterials
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 42.1 Billion|
|Revenue 2028:||USD 55.4 Billion|
|Revenue CAGR (2021 - 2028):||4.7%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The Global Orthopedic Implants Market was valued USD 42.1 Billion in 2021 and is anticipated to reach a value of USD 55.4 Billion by 2028. Over the projection period, the Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.7%.
An Orthopedic Implants is a medical device designed to replace a missing joint or bone or to support a broken bone. The medical implant is mainly made of stainless steel and titanium alloys for strength, while the plastic coating works as artificial cartilage. These are most widely used in minimally invasive operations to treat spinal injuries and lumbar spinal stenosis. A rise in the number of orthopedic procedures is driving the market. The demand for Orthopedic Implants is growing as traumas, accidents, and injuries rise. In addition, bone density concerns and middle-aged bone illnesses are increasing. All of these reasons are projected to promote the growth of the orthopedic industry in the coming years. The Orthopedic Implants Market is expected to grow due to an increase in the global elderly population. In addition, the increased frequency of orthopedic illnesses such as arthritis and osteoarthritis would significantly impact the Orthopedic Implants Market growth.
Orthopedic Implants Market Size, 2021 To 2028 (USD Billion)
Along with this, expanding urbanization and disposable income are the key drivers promoting the expansion of the market. In addition, the growing number of Research and Development (R&D) activities will assist the growth of the Orthopedic Implants Market. Furthermore, the introduction of bioresorbable implants and internal fixation devices, as well as a greater emphasis on robotic procedures, will influence market dynamics and generate new opportunities in the coming years.
However, the high procedure costs will slow the growth rate of the Orthopedic Implants industry. On the other hand, the lack of experienced specialists in developing countries would pose a challenge to the Orthopedic Implants Market.
The Orthopedic Implants Market is segmented based on Products, Types, Biomaterials, and Region. Based on the Products, the market is further segmented into Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma, Orthobiologics, and Other Products. Furthermore, based on the Types, the market is further bifurcated into Knee, Hip, Wrist & Shoulder, Dental, Spine, Ankle, and Other Types. In addition, based on the Biomaterials, the market is further divided into Metallic Biomaterials, Ceramic Biomaterials, Polymers Biomaterials, and Other Biomaterials.
Based on Products:
The Reconstructive Joint Replacements category dominated the market in 2021
The Reconstructive Joint Replacements segment dominated the market. This segment is expected to dominate the market due to the significant increase in occurrences of osteoarthritis and osteoporosis. Rapid research and development by key market players to develop the best implants for such patients have contributed to the market's growth. In addition, the growing need for new procedures and improved therapies, such as minimally invasive techniques, has fueled market participants' desire to create better implants.
Based on Biomaterials:
The Metallic Biomaterials category dominated the market in 2021
The Metallic Biomaterials segment dominated the market. The key reason for this is that Metallic Biomaterials are less expensive and promote faster bone repair than other materials. They are primarily employed in producing Orthopedic Implants such as plates, screws, and VCF devices. On the other hand, different types of Biomaterials are expected to generate increased demand during the projection period. In addition, the benefits of lower toxicity and biocompatibility have also boosted the market for various sorts of materials.
Based on Regional Analysis:
Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period because of the region's increased disposable income and well-developed healthcare infrastructure. Furthermore, rising awareness of better and more advanced orthopedic prostheses and the development of medical tourism would accelerate the market's growth rate in this region. China, India, and Brazil are expected to expand the fastest during the predicted period. Growing patient knowledge levels connected to the commercial availability of Orthopedic Implants and constantly developing healthcare infrastructure are factors responsible for the enormous market expansion in these nations.
- In December 2021, DePuy Synthes, a Johnson & Johnson subsidiary, announced the acquisition of OrthoSpin via its Synthes GmbH affiliate. OrthoSpin is an Israeli firm working on a robotic-assisted external fixation approach for orthopedic treatments.
- In January 2021, GOeasy, a leading market player in the Orthopedic Implants industry that manufactures instruments and implants for joint replacement procedures, announced a collaboration with PeekMed, a leading software technology industry developing a digital planning platform that is a powerful 3D preoperative tool.
The key players in the Global Orthopedic Implants Market include- Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Stryker Corporation, Medtronic PLC, NuVasive Inc., Smith & Nephew PLC, CONMED Corporation, Arthrex Inc., DJO Finance LLC and others.
Segmentation of the Global Orthopedic Implants Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Orthopedic Implants in terms of revenue?
The global Orthopedic Implants valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 4.7%.
Which are the prominent players in the market?
The prominent players in the market are Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Stryker Corporation, Medtronic PLC, NuVasive Inc., Smith & Nephew PLC, CONMED Corporation, Arthrex Inc., DJO Finance LLC.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.7% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Orthopedic Implants include
- Rise in prevalence of orthopedic diseases
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Orthopedic Implants in 2020.