Enjoy complimentary customisation on priority with our Enterprise License!
The Orthopedic Implants Market size is estimated to grow by USD 14.06 billion at a CAGR of 6.62% between 2022 and 2027. Emerging economies like China and India are becoming focal points for medical device manufacturers, driven by expanding healthcare infrastructure and rising healthcare expenditure. These countries offer significant growth opportunities due to their large populations, increasing demand for healthcare services, and substantial investments in the healthcare sector. Moreover, the availability of low labor costs in these regions further enhances their attractiveness for medical device production. As a result, manufacturers are increasingly focusing on tapping into these markets to capitalize on the growing demand and to establish a strong presence in these rapidly developing economies.
To learn more about this report, Request a Free Sample
This report extensively covers market segmentation by product (joint reconstruction implants, spinal implants, and craniomaxillofacial implants), end-user (hospitals, orthopedic clinics, and others), and geography (North America, Europe, Asia, and Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is being driven by various factors, including the rising demand for joint replacements and spinal surgeries due to an aging population and increasing cases of osteoarthritis. Technological advancements have led to the development of advanced implants, catering to the specific needs of patients. Additionally, the adoption of digital technology has streamlined workflows for orthopedic doctors and improved patient outcomes. However, challenges such as the high cost of procedures and the complexity of manufacturing processes remain. Furthermore, ensuring patient attendance and addressing health-conscious consumers' concerns present ongoing challenges for market growth. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market development is the increasing incidence of knee injuries. Some of the common cases of knee injuries include strains; sprains; fractures; dislocations; meniscus tears; bursitis; overuse injuries, injuries, or tears of the posterior cruciate ligament (PCL). As per research, ACL injuries are more common than PCL injuries such that in the US, about 150,000 ACL ruptures occur every year.
Moreover, the meniscus tear, which occurs when you're playing sports, is another type of knee injury. While playing sports, players might squat and twist the knee, resulting in meniscus tears. Hence, the increases in cases of knee injuries among the population are expected to drive the demand for orthopedic treatments which in turn will drive the market growth during the forecast period.
A key factor shaping the market growth is the rising number of strategic alliances. One of the main advantages of strategic alliances is that it helps the companies that manufacture medical equipment to look for additional opportunities without incurring a considerable financial burden. Cost containment, the addition of product lines, and a wider geographic scope are some of the most important benefits of Strategic Alliances.
As a result, such benefits are positively impacting the market and are significantly contributing to the market growth. Furthermore, factors such as the rising number of partnerships, licensing agreements, and collaborations between companies and distribution channel partners are expected to drive market growth during the forecast period.
Stringent regulations associated with orthopedic implants are one of the key challenges hindering market development. The development and marketing of medical device manufacturers are highly influenced by the stringent regulations of authorities and regulatory bodies. Most of the orthopedic implants which are placed inside the bodies such as pins, wires, screws, staples, plating systems, pedicle screws, cages, rods, plates, ACL implants, pedicle screw systems, and intramedullary nailing systems are classified as Class III and Class II devices by regulatory authorities.
As a result, the approval for such crucial devices is difficult, and have to comply with stringent regulations in several countries such as US and Japan, and other European countries. For instance, in May 2017, the European Union launched a new Medical Device Regulation to classify these orthopedic devices into Class III of high-risk equipment when they are sold within the EU. Therefore, these regulations are negatively impacting the market growth, which, in turn, is expected to hinder market growth during the forecast period.
Buy Now Full Report and Discover More
The market is experiencing significant growth propelled by various factors. With increasing procedures like joint replacements, spinal surgeries, and fracture repairs, there's a rising demand for advanced implants. This surge is further fueled by the growing geriatric population and health-conscious consumers seeking improved quality of life. Technological advancements have led to the development of innovative orthopedic implants using materials like metallic biomaterials and orthobiologics. Physicians and orthopedic doctors are adopting digital technology to enhance workflows and patient outcomes. As manufacturers continue to launch new products, the market presents a promising opportunity for growth and development in the healthcare industry.
The joint reconstruction implants segment is estimated to witness significant growth during the forecast period. Repairing, replacing, and reconstructing broken or damaged joints are some of the main uses for joint reconstruction implants. This segment mainly comprises of treatment of orthopedic conditions related to knee, hip, trauma, and extremities. The segment accounts for the largest share of the global orthopedic implants market.
Get a glance at the market contribution of various segments View a PDF Sample
The joint reconstruction implants segment was the largest and was valued at USD 13.20 billion in 2017. The rising number of orthopedic conditions such as knee and hip fractures, new product launches, the growing trend of robotic surgeries, and the presence of prominent players with a strong product portfolio are some of the key factors significantly contributing to the market growth of this segment. In addition, the market for orthopedic implants is expected to grow over the forecast period due to factors such as rising incidences of orthopedic disorders such as osteoporosis, arthritis, hip and knee fractures, or bone deformities.
For more insights about the market share of various regions View PDF Sample now!
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors for the significant growth of the market in North America is due to the factors such as the growing prevalence of orthopedic conditions, product launches, favorable reimbursement for orthopedic implants, and several initiatives by governments and non-profit organizations to spread awareness about orthopedic conditions.
In addition, the growing prevalence of medical conditions such as osteoporosis, arthritis, spine disorders, and knee injuries is also a key factor for market growth in North America. According to the CDC, the number of adults diagnosed with arthritis in the United States is expected to rise from 54.4 million between 2013 and 2015 to 78.4 million by 2040. Hence, such factors are expected to drive the global
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Amplitude SAS: The company offers orthopedic implants such as the Score prosthesis, the Anatomic prosthesis, and the Integrale stem.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
The orthopedic implants market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing remarkable growth, driven by a surge in orthopedic surgeries like knee replacements and procedures for musculoskeletal disorders. Innovations in materials such as ceramic and polymer biomaterials have enhanced bone healing and led to the development of advanced implants like orthopedic trauma implants and bone plates. With the rising prevalence of orthopedic diseases like rheumatoid arthritis and spinal disorders, there's increasing adoption of minimally invasive orthopedic technology. Furthermore, the COVID-19 pandemic has spurred investments in healthcare, accelerating R&D activities and the integration of digital technology in health services. This market trend underscores the importance of preventive services, disease screening, and effective medical treatments in addressing orthopedic conditions and ensuring patient well-being.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.62% |
Market growth 2023-2027 |
USD 14.06 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.15 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amplitude SAS, Arthrex Inc., Auxein Medical Inc., B.Braun SE, Conmed Corp., Corin Group PLC, Enovis Corp., Globus Medical Inc., icotec AG, Johnson and Johnson Services Inc., Medtronic Plc, Narang Medical Ltd., Naton Medical Group, Orthofix Medical Inc., OrthoPediatrics Corp., Pega Medical Inc., RTI Surgical Inc., Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.