The global orthopedic implants market size was estimated to be at USD 4,747.8 million in 2018 and is expected to grow at a CAGR of 5.1% from 2019 to 2026. Orthopedic Implants is a medical device that is used to stand-in for missing joints or bones. They sign up for the missing joints or bones by supplying medications, lend support to damaged bones or tissues and optimize body functioning. These are primarily used in minimally invasive surgeries that are used for treating spinal injuries and lumbar spinal stenosis.
This market is anticipated to grow at a faster pace because risk of osteoporosis and oerstoarthitis becomes more common as one nears old-age. These are the devices that replace or provide bone fixation or replace articulating surface joints. Such implants are made of iron, cobalt, chromium, titanium and plastic-coated alloys that behave as cartilages.
Know more about this report: request for sample pages
They can be used life-long or even replaced once they have fulfilled their purpose. Risks associated with the devices occur during replacement or removal of these implants. The drivers to growth of the orthopedic implants market are the increasing geriatric population present globally. The center for health designs states that the number of elderly population is going to double in coming years. Furthermore, increasing number of joint replacements and sport accidents across the globe would also enjoy reassuring growth during forecast period. Most importantly, trauma cases and fractures boost this market infinitely during forecast period. Accompanying trauma cases and fractures, hip implants also push market growth higher during forecast period.
Restraints to market growth is the exorbitant costs, negligent reimbursable policies and strict confirmatory policies followed by Government in adopting various implants hinder the market growth. Product recalls at many a times also hinders market growth during forecast period.
According to available figures, around two million patients visit United States of America for head trauma related cases every year. The spinal implants segment is slated to gain momentum in developing regions form 2019-2026. Rise in demand for spinal surgery and increase in incidence of spinal fractures among the geriatric population are prime factors fueling growth of the segment. Based on end-user, Hospital segment led the market in terms of revenue growth in 2018. But spinal orthopedic segment market will lose some of its sheen owing to preferences by patients for orthopedic clinics to undergo treatment. Most orthopedic implants fall under CLASS III category which is the most rigorous classification present in medical devices.
A lot of outsourcing by OEM’s and supplier alliances continue to benefit outsourced manufacturers, thus affecting this industry. New areas of entrant are likely to pose a lot of market opportunity to various manufacturers in this field.
Furthermore favorable reimbursements for different musculoskeletal disorders under Medicare policy boost the market growth in the region. For instance, Medicare paid for more than 400,000 hip and knee replacements at a cost of USD 7 Billion to taxpayers for hospitalization alone. The focus of leading players will also pave the way for growth of this market. In the US, more than 1.35 million children suffered a sports related injury which was complicated enough to send them to hospital emergency. Such volume of sport related injuries will drive the market growth. It has come to notice that total joint arthroplasty has been grabbing lot of eye balls due to increasing demand and more so its cost. In the U.S. cost of implants is grossly high and some health care providers have tried their best in reducing costs which certainly have showed positive signs in market growth. Australians over 50 have osteoporosis or poor bone health with data showing that 1 in every 3.6 minutes is recorded and these patients who suffer from bone related injuries will in all likelihood improve market growth in Asia Pacific market.
Know more about this report: request for sample pages
On the basis of application type, the overall market is segmented as spinal, hip, knee, dental, craniomaxillofacial and S.E.T (Sports Medicine, Extremities, Trauma) orthopedic implants. The knee segment beats market figures with joint replacement surgeries for geriatric population increasing in physical numbers across the globe.
Furthermore developing regions are getting more educated of joint replacement surgeries that will drive market extremities during forecast period. In the same vein, spinal segment will have a good run during forecast period.
By Geography, Orthopedic implant market is segmented into North America, Europe, Asia Pacific, MEA and Latin America. North America keeps strong grip on the entire orthopedic implants market. The growth in the market is driven by increasing healthcare spending by local government and well-established healthcare infrastructure in US and Canada. More importantly, the rising aged population in North America will drive growth in forecast period. Asia Pacific also improves upon growth rankings in the foreseeable future owing to knowledge with use of various orthopedic implants, nascent market needs and developing healthcare infrastructure. As always, joint replacements and its increased knowledge with accessible market for treatment in Asia pacific will boost market future in forecast period.
Some of the major key players in orthopedic implants market include Medtronic, Zimmer Bionet Holdings, Inc., Aesculap Implants Systems, DePuy Synthes, Biotek Instruments, Inc., Conmed Corporation., The Orthopedic Implant Company, Smith and Nephew plc., Stryker Corporation, Wright Medical Group, N.V., Nuvasive INc., and Arthrocare Corporation.