The orthopedic implants market size is expected to surpass around US$ 69 billion by 2028, registering a CAGR of 4.9% from 2021 to 2028.
Orthopedic implants are manufactured to replace or support a missing or damaged bone or joint. These implants are intended to treat the deformities, stabilize body posture, and restore the normal skeletal function. The orthopedic implants market has witnessed a shift from conventional surgical procedures to the use of modern fixation and rosthetic devices. The demand for orthopedic implants has increased significantly, owing to rise in geriatric population that increases the risk of osteoporosis, osteoarthritis, technological innovations in the orthopedic implants, and other musculoskeletal disorders. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies for approval of orthopedic implants can hamper the orthopedic implants market growth. Furthermore, the emerging economies present lucrative opportunities for the market.
Among regions, North America region will likely register highest revenues, thanks to increased push for innovation by the FDA, growing investments in research and development by major pharmaceuticals, and favourable winds for a more suitable reimbursement model. On the other hand, Asia Pacific is likely to register the fastest CAGR, thanks to expanding access to healthcare, and rising disposable income.
Joint Replacement Products Continue to Spring Surprises with Robust Growth
Despite the growth of several product segments in the market including dental implants, trauma implants, orthobiologics, the joint replacement product segment remains most vital to growth. The joint replacement remains extremely positive in its outlook as demand for minimally invasive surgeries continue to rise. The growth of elderly population, and programs like MediCaid for medical aid, the segment continues to draw major growth. Among other product segments, dental implants are expected to witness major growth, again thanks to product innovations like new varieties of root canals, and more natural seeming tooth material. The growth of the orthobiological and spinal implants will also provide impetus for market growth during 2021-2028 period.
Surge in Hip Replacement Procedures to Drive North America Region
Rise in illnesses such as osteoarthritis are expected to drive demand for orthopaedic implants in the North America region. The disease is the most common form of arthritis, and affects the largest single group, the rising elderly population in the region. According to Center for Disease Control and Prevention (CDC), nearly 22.7% of the adult population suffers from doctor-diagnoses arthritis. Moreover, the disease also affects women on average more as compared to men. As women generally experienced longer life spans than men, the cases of arthritis may be higher than expected. In 2014, over 400,000 hip and knee surgeries were conducted in United States. The hospitalization of these treatment resulted in over $7 bn in costs to the taxpayers. The high costs of hospitalization remains a challenge for growth. However, costs for new product replacements are likely to even out in the near future as market in Asia Pacific, Latin America, and Middle East & Africa promises more opportunities for growth.
The global orthopedic implants market has been segmented based on product, end-user, and region. In terms of product, the global market has been classified into joint reconstruction, spinal implants, trauma implants, orthobiologics, dental implants, and others. The joint replacement segment, which includes hip & knee replacements as the leading sub-segment, dominated the global orthopedic implants market in 2020. This is attributed to large number of hip and knee replacement procedures performed in the last decade across the world. However, it is expected to lose market share during the forecast period due to increase in adoption of orthobiological and spinal implants. The spinal implants segment is likely to gain momentum in developing regions from 2020 to 2028. Rise in demand for minimally invasive approach for spine surgery and increase in incidence of spinal fractures among the geriatric population are the key factors fueling the growth of the segment. Based on end-user, the hospitals segment led the market in terms of revenue in 2020. However, the segment is projected to lose market share during the forecast period due to rise in patient preference for orthopedic clinics for treatment.
In terms of region, North America held major share of the global orthopedic implants market in 2020. High cost of technologically advanced surgical procedures and increase in prevalence of orthopedic diseases such as osteoarthritis among the geriatric population are anticipated to contribute to North America’s large market share. Moreover, favorable reimbursement for the treatment of different musculoskeletal disorders under Medicare policy boosts the growth of the market in the region. In 2020, Medicare paid for more than 400,000 hip and knee replacements, at a cost of US$ 8 Bn to taxpayers for hospitalization alone. In terms of revenue, the market in Europe and Asia Pacific is projected to grow at a rapid pace during the forecast period. Rise in prevalence of orthopedic disorders and awareness about the treatment, and focus of leading players to establish their presence in the emerging markets are anticipated to drive the market in these regions in the near future.
Key companies profiled in the global orthopedic implants market report include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and gain market share. For instance, in January 2016, NuVasive, Inc. acquired the U.S.-based Ellipse Technologies, Inc. This acquisition helped NuVasive, Inc. provide Ellipse Technologies, Inc.’s novel technology of magnetic adjustable implant systems to its customers.
The global orthopedic implants market has been segmented as follows:
The Orthopedic implants market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Orthopedic implants market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Orthopedic implants market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Orthopedic implants market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Orthopedic implants market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Orthopedic implants capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Orthopedic implants by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Orthopedic implants market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Orthopedic implants market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Orthopedic implants market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Orthopedic implants industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Orthopedic implants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Orthopedic implants market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Orthopedic implants market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Orthopedic implants market. These factors have benefited the growth of the global market for Orthopedic implants. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Orthopedic implants. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Orthopedic implants are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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