Orthopedic implants are the medical devices used to replace or fix injuries of the musculoskeletal system including spinal cord, Bone joints, and several others. Accidental injuries, old age, and Several disorders related to bone and bone joints are some of the vital factors responsible for the need for external orthopedic implants being installed in the body. Subsequently, rising accidental injuries and increasing geriatric population across the globe are escalating the market growth.
According to the International Osteoporosis Foundation (IOF), approximately 1.6 million hip fractures occur worldwide every year and the number is anticipated to increase and reach between 4.5–6.3 million by 2050. According to the World Health Organization (WHO), geriatric people suffer greatest number of accidental and fall-related injury across the globe. Technological advancements related to orthopedic implants and growing number of orthopedic surgery hospitals are the other factors which are expected to positively influence the market growth.
However, High cost of the orthopedic implants and lack of reimbursement policies are the factors which are likely to hamper the market growth. Other factors restraining the market growth are lack of skilled professionals performing orthopedic surgery especially in the developing regions including the Middle East & Africa and Latin America.
The global orthopedic implants market is segmented on the basis of Product, Biomaterial, and region.
Based on product, the global orthopedic implants market is segmented into Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma & Craniomaxillofacial, Orthobiologics, and Others. Dental implants segment is expected to account for significant share of the market owing to the rising dental problems across the globe.
Based on biomaterial, the market is segmented into Metallic, Ceramic, Polymeric, and Natural. Amongst biomaterial, ceramic segment is anticipated to experience healthy growth over the forecast period 2019–2026.
In terms of region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Europe is expected to account for significant share of the global orthopedic implants market owing to the ongoing technological advancements and presence of major global players in the region. Other factors escalating the market growth are rising number of injuries related accidents and falls.
Asia Pacific orthopedic implants market is expected to grow swiftly and experience healthy growth in terms of CAGR throughout the forecast period 2019–2026.
Some of the major players of the global; orthopedic implants market are Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic plc., BioTek Instruments, Inc., Arthrocare Corporation, Orthopedic Implant Company, Smith and Nephew plc., Integra LifeSciences, Holdings Corporation, NuVasive, Inc., and Aesculap Implant Systems.
Orthopedic Implants Market Segmentation