PUNE, India, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The Global Orthopedic Implants Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global orthopedic implants market size was estimated to be US$ 47 billion in 2019 and expected to reach US$ 79.5 billion by 2030 at a CAGR of 5% through 2030. Orthopedic implants are used to support the bones or joints for fixation of different degenerative disorders due to ageing or damaged bones due to accidents. The primary function of the orthopedic implants is to support the joints, treat deformities, restore normal skeletal functions, and stabilize body posture. The demand for orthopedic implants is increasing significantly due to expanding ageing population around the globe. With ageing, the risk of degenerative disorders of bone and joints such as osteoarthritis, and osteoporosis intensifies. Technological advancement in reconstructive joint surgeries through implants to support or replace the degenerated joints has been adopted around the globe, which is dynamically shaping the global orthopedic implants market. Additionally, increasing adoption of advanced prosthetics and fixation technology has fuelled the competition in the market, with leading players engaged in development of biomaterials based orthopedic implants. This is anticipated to bolster the growth of the global orthopedic implants market during the forecast period.
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Increasing incidences of osteoporosis and osteoarthritis to drive the demand for orthopedic implants
The global orthopedic implants market is segmented based on product type, material, applications, and geography. Based on product type, the global orthopedic implants market is segmented into reconstructive joint replacements, spinal implants, dental implants, trauma, Orthobiologics, and others. The reconstructive joint replacements are sub-segmented into knee replacement implants, hip replacement implants, and extremities. The spinal implants are sub-segmented into spinal fusion devices, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. The Orthobiologics are further sub-segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others. The reconstructive joint replacements contributed the largest share to the global orthopedic implants market owing to rising demand form osteoporosis and osteoarthritis, and increasing investment in research and development of orthopedic implants.
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Affordability and high operational efficacy of metallic implants is driving the demand for metallic orthopedic implants
Based on biomaterial, the global orthopedic implants market is segmented into metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and others. The metallic biomaterials are sub-segmented into stainless steel, titanium alloy, cobalt alloy, and others. The metallic biomaterials contributed a dominating share to the global market owing to high operational efficacy and affordability, and high demand for manufacturing of wide range of implants. The titanium biomaterial based implants are anticipated to witness prominent growth in coming years owing to increasing adoption fuelled by improved biocompatibility, and non-toxicity offered by titanium.
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Based on geography, the global orthopedic implants market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global market in 2019 and is anticipated to be the dominating geography during forecast period owing to prevalence of spine disorders, expanding geriatric population, and presence of leading manufacturers of implantable medical devices. Asia Pacific is anticipated to be the fastest growing segment during the forecast period owing to increasing investment on healthcare infrastructure, expanding geriatric population, and increasing number of spine surgeries across major countries. Growth of medical tourism across the major countries is anticipated to be a prominent factor fuelling the growth of orthopedic implants market in Asia Pacific.
Major players active in the global orthopedic implants market include Arthrex, Inc., CONMED Corporation., DJO Finance LLC, Globus Medical Inc., Johnson & Johnson (DePuy Synthes), Medtronic Plc, Smith and Nephew Plc., Stryker Corporation, Wright Medical Group N.V., and Zimmer Biomet Holdings, Inc.
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