Orthopedic Implants Market

Market Synopsis:

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.

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.

Market Segmentation:

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.

Recent Developments:

• 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.

Competitive Landscape:

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: