USD 33.50 billion
Report ID:
SQMIG35A2224 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
94 |
Figures:
76
Global Orthopedic Implants Market size was valued at around USD 33.50 billion in 2022 and is expected to rise from USD 35.61 billion in 2023 to reach a value of USD 58.06 Billion by 2031, at a CAGR of 6.3% over the forecast period (2024–2031).
Some of the key factors boosting the demand are a growing number of weakened bones, skeletal issues, and degenerative bone disorders. Furthermore, it is anticipated that the availability of cutting-edge orthopedic implants and the rapid global development of healthcare infrastructure is going to have a positive impact on the medical industry.
On account of the numerous advantages these procedures offer, there is a growing awareness of and availability of minimally invasive surgical techniques, which is another important factor fueling the market's expansion. Additionally, the rise in sporting and physical activity participation is having a direct impact on the number of sports injuries requiring medical attention, which is anticipated to have an impact on market growth. However, the availability of complementary medical treatments like physical therapy, corticosteroids, NSAIDs, and rehabilitation exercises is in part limiting market expansion.
The demand for minimally invasive procedures is increasing since they are less likely to result in injuries and demand a shorter period to heal than invasive ones. Patients stay in hospitals for a shorter period of time due to quicker recovery times, which saves both hospital and surgical costs. This is a result of orthopedic procedures using more advanced and expensive replacement knees, hips, and other devices and implants. As a result, the market is growing due to the availability of a wide range of minimally invasive treatment alternatives and the rising popularity of minimally invasive operations.
A significant factor in the fall in the use of these devices was the strict standards that a select few orthopedic healthcare organizations, including the American Academy of Orthopedic Surgeons (AAOS), set for surgeons to follow in order to lower the risk of infection. Additionally, during the lockdown, orthopedic specialists noticed a noticeable decline in patient visits. In an effort to stop the spread of COVID-19, medical treatments were delayed, especially elective ones. Due to lockdowns and difficulties in product distribution, key producers in the sector also reported considerable income losses during the epidemic.
The market is predicted to develop significantly due to factors such as rising rates of osteoporosis and osteoarthritis, an aging population, an increase in trauma cases from auto accidents and sports injuries, as well as shifting lifestyles. A rise in the percentage of patients choosing orthopedic implants in their middle years, difficulties with low bone density, the development of biodegradable implants and internal fixation devices, and an increase in the usage of orthopedic devices are further factors impacting market growth. This need has forced manufacturers of orthopedic implants to develop fresh biomaterials and improve the corrosion resistance, biocompatibility, and wear resistance of existing materials.
US Orthopedic Implants Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 33.50 billion
Largest Segment
Knee Implants
Fastest Growth
Knee Implants
Growth Rate
6.3% CAGR
To get more reports on the above market click here to Buy The Report
The global orthopedic implants market is segmented based on product, procedure, end user, and region. With respect to classification by product, the market is segmented into hip implants, knee implants, spinal implants, craniomaxillofacial implants, dental implants, and set implants. In terms of procedure, the market is segmented into open surgery, minimally invasive surgery (mis), and others. Based on end user, the market is segmented into hospitals, orthopedic clinics, home cares, and others. Based on region, the global orthopedic implants market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Orthopedic Implants Market Analysis by Product
In 2022, the knee implants category held the biggest market share with a 33.4% revenue share. A number of causes are causing the usage of knee therapy to increase, including an aging population, an increase in chronic conditions including diabetes and obesity, and bad lifestyle choices. The increasing demand for knee implants has compelled those who are developing them to develop new biomaterials and improve the corrosion resistance, biocompatibility, and wear resistance of materials that have already been created.
The segment for dental implants is predicted to grow at the quickest rate, with a CAGR of 9.8% from 2023 to 2030. The segment is being driven by a growth in its medicinal applications and a rise in the need for prosthetics. Implants are most frequently made of titanium and titanium alloys. Additionally, factors supporting the segment's expansion include the increasing frequency of dental injuries brought on by auto accidents and sports-related injuries.
To get detailed analysis on other segments, Request For Free Sample Report
North America held a 49.3% revenue share of the global market in 2022 as a result of the rising incidence of osteoporosis and osteoarthritis, the aging population, the rise in trauma cases brought on by traffic accidents and sports injuries, and changing lifestyles. The market is expanding in the region as a result of other reasons such an increase in global healthcare spending and an increase in the use of 3D printing in the healthcare sector. New competitors are kept out of the market by the need for costly capital investments and regulatory compliance requirements.
Asia Pacific is anticipated to increase at the fastest pace, 8.1%, between 2023 and 2030. The orthopedic industry in the area is anticipated to grow due to factors like rising healthcare costs and an aging population with a higher prevalence of osteoarthritis, osteoporosis, bone injuries, and obesity. The region's demand for these devices is being driven by the rapidly expanding medical tourism industry and the advanced healthcare systems in countries like Japan, China, and India.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Orthopedic Implants Market Drivers
Increasing Prevalence of Orthopedic Disorders
Orthopedic Implants Market Restraints
Limited Reimbursement Coverage
Request Free Customization of this report to help us to meet your business objectives.
In order to preserve a competitive edge, the major corporations are implementing methods including new product launches, acquisitions, mergers, collaborations, and partnerships. In June 2021, DJO purchased Mathys AG Bettlach, a Swiss business that creates ground-breaking products for synthetic bone graft remedies, sports medicine, and artificial joint replacement. This purchase improves the company's ability to create and provide cutting-edge orthopedic solutions.
Top Player’s Company Profiles in Orthopedic Implants Market
Orthopedic Implants Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global orthopedic implants market analysis, we found that the growing number of weakened bones, skeletal issues, and degenerative bone disorders. Furthermore, it is anticipated that the availability of cutting-edge orthopedic implants and the rapid global development of healthcare infrastructure is going to have a positive impact on the medical industry. There is a growing emphasis on value-based healthcare in the orthopedic implants market, which involves providing the best possible outcomes for patients at the lowest possible cost. This trend is driving the development of new technologies and techniques that can provide improved outcomes and reduce healthcare costs, such as patient-specific implants and minimally invasive procedures.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 33.50 billion |
Market size value in 2031 | USD 58.06 Billion |
Growth Rate | 6.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Orthopedic Implants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Orthopedic Implants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Orthopedic Implants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Orthopedic Implants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG35A2224