In terms of revenue, the Global Orthopedic Implants Market is expected to reach USD 55.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.40% from 2022 to 2028.
An Orthopedic Implants is a medical device created to support a broken bone, replace a missing joint, or replace a missing bone. The titanium and stainless-steel alloys used to make the medical implant are primarily used in its construction for strength, and the plastic covering applied to it serves as artificial cartilage. These are generally utilized in minimally invasive procedures for treating lumbar spinal stenosis and spinal trauma. The market's expansion is also supported by technical advancements like robot-assisted surgical instruments, acceptance of implanted medical devices, and widespread use of Orthopedic Implants to treat musculoskeletal, orthopedic illnesses, & injuries. But expensive treatments, including orthopedic implant treatment and strict government regulations, restrain market expansion. Additionally, the developing economies provide attractive chances for the Orthopedic Implants Market growth.
Key Highlights from Report:
- The Spinal Implantssegment is expected to hold substantial growth in the market during the forecast period. Mall & Medium Enterprises (SMEs) segment is anticipated to propel the growth of the Orthopedic Implants Market during the forecast period. Spinal Implants are tools to facilitate fusion, stabilize, rectify abnormalities, and strengthen the spine. The size of the spinal implants varies depending on the treatment's needs, and they are constructed of metals like titanium or stainless steel.
- The Knee category held the largest market share in 2021, and it is projected that this trend will continue during the forecast period due to an increase in demand for knee implants caused by an increase in the frequency of orthopedic illnesses and a growth in traffic accidents, sports injuries, and other injuries.
- North America has lucrative prospects for key companies operating in the Orthopedic Implants Marketand will grow at the quickest rate during the projection period. Due to advancements in healthcare infrastructure, increased health awareness, and an increase in diagnosis, the primary driver of market expansion, is the rise in surgical operations in emerging economies.
A medical device known as an Orthopedic Implants is made to support or replace a missing bone or joint. The medical implant is mostly constructed of titanium alloys and stainless steel for strength, with a plastic coating that serves as synthetic cartilage. These are most frequently used in minimally invasive procedures to treat lumbar spinal stenosis and spinal trauma. Obesity and diabetes co-morbidities in the elderly population have been increasing the risk of degenerative joint diseases. Sports-related injuries are rising as young people participate in greater physical activity. This has increased the demand for Orthopedic Implants across the globe. Additionally, an increase in the prevalence of orthopedic illnesses and injuries such as osteoarthritis and arthritis is responsible for the significant growth in the market.
North America leads the global market for Orthopedic Implants Because of the region's established regulatory framework and the recommendations of governmental and healthcare organizations. Additionally, the market's growth rate in this region will be boosted by the increasing use of minimally invasive procedures. Due to improvements in healthcare infrastructure, more health awareness, and a rise in diagnosis, the North American region may see the largest revenues. Thanks to the Food and Drug Administration's (FDA's) increased drive for innovation, major pharmaceutical companies' rising Research and Development (R&D) expenditures and supportive winds for a more apt reimbursement scheme.
The Global Orthopedic Implants Market is Segmented as follows:
- Reconstructive Joint Replacements
- Spinal Implants
- Dental Implants
- Other Products
- Wrist & Shoulder
- Other Types
- Metallic Biomaterials
- Ceramic Biomaterials
- Polymers Biomaterials
- Other Biomaterials
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Orthopedic Implants Market is:
Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Stryker Corporation, Medtronic PLC, NuVasive Inc., Smith & Nephew PLC, CONMED Corporation, Arthrex Inc., DJO Finance LLC
The Global Orthopedic Implants Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||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 impact analysis|