The “Global Orthopedic Implants Market Can Expect To Achieve A CAGR Of Roughly 6.8% During The Forecast Period (2017-2023)”, Reveals Market Research Future (MRFR).
Orthopedic implants help prevent and treat injuries or deformities of the musculoskeletal system. Advancements in anesthesia techniques and the growing adoption of minimally invasive procedures have added to the market value in recent years. Also, the surge in incidence rate of injuries, expansion of the geriatric population and the increasing adoption of technologically sophisticated products add to the strength of the global orthopedic implants market.
The need for minimum pain, cheaper-priced treatments and quicker recovery has boosted the demand for minimally invasive joint replacement surgeries around the world. Other factors bound to favor the market could be the rising government initiatives to promote sports and the consequent growth in number of injuries. Latest data reveals that more than 2 million patients come to the U.S. emergency departments for injuries like head trauma every year.
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Putting a dampener on the otherwise excellent market growth rate are the strict FDA regulations that lead to longer waiting period for product approval. This specific challenge restricts the entry of new vendors into the market. On the bright side, the increasing acceptance of implantable medical devices, emergence of robot-assisted surgical tools, and widespread applications of orthopedic implants will ensure the market’s smooth run in the forthcoming years.
Some of the key participants of the worldwide orthopedic implants market are,
- Globus Medical Inc. (US)
- Medtronic plc (Ireland)
- Wright Medical Group N.V. (Netherlands)
- Zimmer Biomet Holdings Inc. (US)
- Depuy Synthes Inc. (Johnson & Johnson) (US)
- Stryker Corporation (US)
- NuVasive Inc. (US)
- The Orthopedic Implant Company (US)
- Aesculap Implant Systems (US)
- Smith & Nephew plc. (UK)
- Arthrocare Corporation (US)
- BioTek Instruments Inc. (US)
- Conmed Corporation (US)
- Integra LifeSciences Holdings Corporation (US)
- and others.
The worldwide market for orthopedic implants has been segmented with respect to product type, procedure, biomaterial, device type, application, and end-user.
As per product type, the orthopedic implants market can be considered for spinal implants, dental implants, trauma and craniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others.
Depending on the procedure, the orthopedic implants market caters to open surgery, Minimally Invasive Surgery (MIS), and others.
Biomaterial-wise, the orthopedic implants market covers metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials.
In context of device type, the orthopedic implants market has been divided into internal fixation devices and external fixation devices.
Application-based segments in the global orthopedic implants market include neck fracture, spine fracture, hip replacement, shoulder replacement, and others.
The end-users in the orthopedic implants market are hospitals, orthopedic clinics, home cares, and others.
The key orthopedic implants markets are Europe, Asia Pacific, the Middle East and Africa as well as America.
The Americas is projected to emerge as the biggest market for orthopedic implants in the upcoming time frame. The regional dominance can be established based on the burgeoning geriatric population that elevates the number of patients afflicted with osteoporosis and osteoarthritis. North America, with a share of 53.4%, dominated the orthopedic implants market in 2015. It has been noted that the United States (U.S.) gets a great deal of attention from the Total Joint Arthroplasty (TJA) on account of the rising demand and cost. Moreover, the steadily growing demand for minimally invasive procedures in the region is presumed to do wonders for the market in the subsequent years.
Coming in second in the global orthopedic implants market, Europe benefits from the mounting geriatric population and the surge in demand for orthopedic implants and devices to treat spinal disorders. This spurt in the number of patients suffering from bone-related complications can emerge as a lucrative market opportunity in terms of orthopedic implants’ sale in the region.
Speaking of lucrative markets for orthopedic implants market, Asia Pacific could expect a good run in the following years. The increasing patient awareness pertaining to the commercial availability of orthopedic implants has been identified as a chief driver of the said growth. Apart from this, the booming medical tourism along with the rapidly improving healthcare infrastructure could spell further success for the regional market. India and China are believed to be the fastest growing countries in the region. Based on the studies by Osteoporosis Australia, out of roughly 4.74 million Australians, more than 50% have poor bone health or osteoporosis. Further, the 2013 data reveals that minimum one fracture happens every 3.6 minutes in the country, which can increase to one fracture every 2.9 minutes by the year 2022. On this basis, the market size in Asia Pacific is projected to expand in the review period.
MiRus, a vendor dealing with spine and orthopedic devices, has obtained a 50,000-square-foot facility to accelerate its production capacity. The company is expected to collaborate with hospital systems as well as surgeons for the development of new products in robotics, implants, analytics and navigation.
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