Orthopedic Implants Market
Number of pages: 100 | Report Format: PDF | Published date: June 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 43.21 billion |
|
Revenue Forecast in 2031 |
US$ 65.89 billion |
|
CAGR |
4.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Material, Type, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic implants market was valued at US$ 43.21 billion in 2022 and is expected to register a revenue CAGR of 4.8% to reach US$ 65.89 billion by 2031.
Orthopedic Implants Market Fundamentals
Orthopedic implants are devices used to support or replace musculoskeletal system bones and joints that have been injured. These implants help people with orthopedic problems or injuries regain function, manage pain, and live better. The injured joints these implants repair include the hips, knees, shoulders, elbows, and ankles. They are often constructed of ceramics or metals (such as titanium or stainless steel) and are intended to imitate the structure and function of the natural joint.
These implants are used to fixate bones during the healing process or to stabilize fractures. While screws are used to keep the broken pieces of bone together, plates are metal devices affixed to the surface of the bone. They offer support and stability as the bone heals. These implants, often called nails, repair long bone fractures like those in the femur and tibia. They offer internal fixation and support during the healing process by being implanted into the medullary canal of the bone.
Spinal disorders such as degenerative disc degeneration, spinal fractures, or spinal abnormalities are treated with these implants. Cages for spinal fusion, rods, screws, and artificial discs are a few examples. They aid in spinal stabilization, pain relief, and improved spinal alignment. While bone grafts are frequently utilized in orthopedic treatments, they are not implants in and of themselves. They include employing donated bone (allograft) or bone taken from one region of the body (autograft) to fill up bone abnormalities, encourage bone fusion, or accelerate bone repair. Prosthetic limbs are utilized to replace the amputated body component in such circumstances. Simple aesthetic devices to more complex robotic prostheses with greater functionality can be included in these implants.
Orthopedic Implants Market Dynamics
The demand for bone implants has increased due to the rise in orthopedic operations. Due to the growing demand for implanted medical devices and the unique problems each patient presents to the surgeon, implants may now be customized. The orthopedic doctor can install an implant in various ways due to customization. Robotic orthopedic surgery conducted entirely remotely, portable navigation to direct the surgeon during the implant, and guiding software powered by artificial intelligence (AI) will all see increasing commercial application. One of the main industry developments in manufacturing orthopedic implants is using 3D printing to create specialty implants, such as multi-customization layered composite implants.
Additionally, in December 2021, Health Canada authorized the first locally made, implant-specific mandibular plate. The implant was made by (LARA 3D), a branch of Investissement Québec (CREEK) with its main office in Quebec City. The market is anticipated to grow due to the assistance that governments worldwide provide for local production and the creation of innovative medical items like implants. Due to the increased risk of bone disorders, fractures, and bone porosity as individuals age, the elderly population is considered a suitable patient group for orthopedic implants. Older people are more likely to have fractures, with a likelihood of 40–50% for women and 13-22% for men as they age, according to research from MDPI Medicine 2021. In addition, an article from the World Health Organization (WHO) from 2021 states that by 2030, there will be 1.4 billion older persons globally. In addition, 1 in 6 people is predicted to reach 60 over this period. As a result, the CAGR for the market for orthopedic implants has lately increased. Another reason driving the growth of the Orthopedic Implants market revenue is the high rise in traffic accidents and sports-related injuries, which is anticipated to encourage market expansion.
Orthopedic Implants Market Ecosystem
The global orthopedic implants market is analyzed from the following perspectives by product, material, type, and region.
Orthopedic Implants Market by Product
Based on the product, the global orthopedic implants market is segmented into hip, knee, spinal, craniomaxillofacial, dental, and SET implants.
With a revenue share of 30.2%, the knee implants market segment held a major revenue share of the market in 2022. The increasing senior population, rising rates of chronic illnesses, including diabetes and obesity, and unhealthy lifestyle choices are accelerating knee therapy use. The rising demand has forced developers of knee implants to create new biomaterials and enhance the performance of current materials in terms of corrosion resistance, biocompatibility, and reduced wear.
The segment for dental implants is predicted to grow at the fastest rate, with a revenue CAGR of 8.3%. The segment is being driven by growth in its medicinal uses and a rise in the need for prosthetics. Implants are most frequently made of titanium and titanium alloys.
Orthopedic Implants Market by Material
Based on the material, the global orthopedic implants market is segmented into metallic biomaterials, ceramic biomaterials, polymeric biomaterials, and others.
The metallic biomaterials segment held the largest share in 2022 due to the cost-effectiveness of these materials, their effectiveness in promoting bone healing when compared to other materials, and their suitability for use in orthopedic trauma Implants devices like joint replacements, bone plates, and screws used in fractures. The other segment is anticipated to experience the greatest CAGR during the projected period due to the rising use of these materials and increased R&D efforts to investigate their use in orthopedic implants.
Orthopedic Implants Market by Type
Based on the type, the global orthopedic implants market is segmented into wrist and shoulder, dental, spine, ankle, knee, and hip.
The knee segment among these has had the largest growth over the projected period and is expected to maintain its position during the forecast period due to the rising incidence of sports injuries, which is seen as a result of the players' greater competition, the number of bone injuries has also grown. Since road traffic accidents are becoming more common, bone fractures and joint dislocations have steadily increased. Accidental lifestyle choices resulting from obesity significantly contribute to several bone fractures and joint problems. Because the knee carries the body's natural weight, several reasons have contributed to the market's growth. Additionally, this has resulted in various spinal problems, which spurs market expansion. The number of cases of spinal diseases has grown due to the rapidly growing senior population.
Orthopedic Implants Market by Region
Based on the region, the global orthopedic implants market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & America.
In 2021, North America generated the largest share of the global market. The demand for orthopedic operations is anticipated to rise due to the rising frequency of orthopedic illnesses among Americans, such as osteoporosis and other related bone disorders, and the expanding senior population at a substantially greater risk of bone fractures. In a 2021 Lancet article, the incidence of new fractures was estimated to be 178 million instances worldwide, with a prevalence of 455 million fracture cases. It is projected that the rising incidence of fractures would support both an increase in the need for orthopedic treatments and an increase in the uptake of implants. It is projected that there will be an increase in the number of implantations and the rising need for orthopedic operations. A prominent component influencing North America’s market growth is the players' reliance on inorganic growth tactics, such as partnerships and collaborations, to provide novel implants to meet the increased need for patient-centric customization. For instance, LimaCorporate S.p.A. stated in March 2022 that it had partnered with Ortho Carolina Center in New York City, U.S., and had successfully implanted ProMade, a patient-specific 3D printed implant. The research highlights the advantages of on-site implant development in conjunction with surgeons' knowledge, such as shortening the length of the surgery and customizing implants for each patient. Additionally, the strategic presence of key market participants in the area, including Zimmer Biomet and Stryker, among others, and the rising popularity of orthopedic implants are anticipated to boost market expansion.
Europe held the second-largest market share in terms of volume. The market expansion is being fueled by the rising number of patients suffering from F and other bone problems and strategic moves made by major industry players, such as mergers and acquisitions, in the area. The segment's expansion is also anticipated to be aided by the increasing use of technologically advanced items in the market, product type diversification, and regulatory approvals for these products. For instance, Bioretec Ltd, a producer of bio resorbable implants, submitted an application for CE certification of the RemeOs trauma screw in December 2021 to market it in the European Union.
During the forecast period, the Asia Pacific is expected to expand at its fastest CAGR, 7.1%. Due to reasons including increased healthcare spending and an aging population with a higher prevalence of osteoarthritis, osteoporosis, bone traumas, and obesity, the orthopedic business in the region is predicted to rise. The fast-growing medical tourism sector and the healthcare infrastructure in developed nations like India, China, and Japan drive the region's need for these devices. The Asia-Pacific region presents lucrative opportunities for key players operating in the orthopedic implants market. As a result, it will grow fastest during the forecast period. The region's growth of contract manufacturing businesses also presents significant potential for new entrants.
Orthopedic Implants Market Competitive Landscape
Some of the prominent market players in the global orthopedic implants include,
Orthopedic Implants Market Strategic Development
Orthopedic implants are devices used to support or replace musculoskeletal system bones and joints that have been injured or are ill. These implants help people with orthopedic problems or injuries regain function, manage pain, and live better.
The estimated market size of the orthopedic implants Market in 2031 will be US$ 65.89 billion.
The revenue CAGR of the orthopedic implants market during the forecast period is 4.8%.
The metallic biomaterials segment led the global orthopedic implants market in 2022.
North America region is dominated the global orthopedic implants market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain