Global Statistics Representing Orthopedic Implants Market Scenario
In the last few years, there has been concurrency between drug therapies and implantable devices. Orthopedic implants are the devices that are operationally inserted into the body and are used to repair function by restoring or making a damaged structure strong. Treating backache uses orthopedic implants such as bone plates or bone screws which are inserted in the body by utilizing spinal fusion surgery.
Surge in the geriatric population exposed to increased risk of osteoarthritis, obesity lowered bone density, and osteoporosis are the vital factors driving the growth of the global orthopedic implants market. Furthermore, significant rise in the number of sports-related injuries and road accidental cases are likely to stimulate market growth. Apart from this, technological advancements, innovative procedures, and exponentially growing healthcare industry are projected to give a push to the overall market growth.
However, unfavorable reimbursement policies, high cost of the associated treatments, and stringent orthopedic implants authorization processes are likely to hamper the market growth.
Global Orthopedic Implants Market was valued at USD 48,641 million in 2017 and is expected to reach USD 88,796 million by 2026 at a CAGR of 6.7% during the forecast period 2019-2026.
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, Dental Implants, Orthobiologics, Spinal Implants, Trauma & Craniomaxillofacial, and Others. Amongst product, reconstructive joint replacements segment is expected to account for major share of the market owing to the increase in prevalence of joint injuries across the globe. Dental implants segment is expected to account optimum growth over the forecast period 2019–2026.
Based on biomaterial, the market is segmented into Metallic, Ceramic, Polymeric, and Natural. Amongst biomaterial, metallic segment is anticipated to gross largest share of the global orthopedic implants market. Ceramic segment is forecasted to account for significant share of the market owing to the rise in incidences of dental problems due to wrong eating and wrong hygiene habits.
In terms of region, the global orthopedic implants market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America dominates the global orthopedic implants market. Rise in incidences of internal severe injuries, surging technological innovations and constant efforts for cost reduction of total joint arthroplasty has majorly increased the growth of the orthopedic implant market in North America. According to American Joint Replacement Registry, the 2017 annual report addresses data on 860,080 knee and hip replacement procedures from 4755 surgeons at 654 institutions.
Europe orthopedic implants market is expected to account for optimum share of the market owing to the increasing adventurous sports trend in the region. Other factors driving the market are rising prevalence of joint fractures, increase in incidences dental disorders, and surge in the demand for orthopedic implants due to rising ligament tear incidences.
Asia Pacific is the fastest growing market for orthopedic implants. Growing medical tourism increased awareness amidst people regarding commercial availability of the orthopedic implants, and amendment in healthcare infrastructure is ascribed to the growth of the Asian-Pacific market.
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 Life Sciences, Holdings Corporation, NuVasive, Inc., and Aesculap Implant Systems.
Orthopedic Implants Market Segmentation
Why Buy This Report?
The global orthopedic implants market appears to be highly competitive in nature and diversified as it is filled with many well-established players having a global and regional presence. Merger & acquisition and innovation in technology are the primary actions taken by leading players of the market.
In June 2015, Zimmer Holdings, Inc. announced that it has successfully completed the acquisition of Biomet, Inc. Under this agreement, both the companies’ synergistic forces have united and have named as single entity Zimmer Biomet Holdings, Inc. The main aim behind this acquisition was to consolidate its product portfolio and to introduce innovative advanced solutions for the musculoskeletal healthcare market.
Likewise, Smith & Nephew the global medical technology business declared that they have acquired Blue Belt Technologies, Inc., to expand its product offering and to secure a leading position in the fast-growing area of orthopedic robotics-assisted surgeries.
Our report covers the orthopedic implants market insights, focusing on recent developments in the market in different regions and development strategies of the companies. Moreover, following sections are specifically covered in the report.