Orthopedic Implants Market Size, Share, Growth Analysis, By Product(Hip Implants, Knee Implants), By Procedure(Open Surgery, Minimally Invasive Surgery (MIS)), By End User(Hospitals, Orthopedic Clinics) - Industry Forecast 2024-2031

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.