Market Summary

The global orthopedic implant market was valued at USD 46.43 billion in 2021 and it is predicted to rise at a compound annual growth rate (CAGR) of 5.53 % from 2022 to 2030. The primary variables most likely to influence the market growth rate during the projection period are an increase in osteoporosis-related fractures, a rise in senior patient populations around the world, and an increase in this type of implant surgery. An estimated one in two Americans over 50 are predicted to be at risk of developing hip osteoporosis, mostly because of the aging of the population and the incidence of osteoporosis, according to research by the National Center for Biotechnology Information (NCBI) published in 2020. In the upcoming years, the prevalence of osteoporosis is projected to increase the demand for goods.

Orthopedic implants are surgically inserted replacements for missing or broken bones. These implants are placed surgically within the body to support or treat a broken bone or joint, further stabilizing the posture of the body. The COVID-19 pandemic's effects have been unprecedented and startling, and the demand shock for these implants has been felt around the world. According to our study, the worldwide market will experience a sharp fall in 2020 of -10.87%. When the pandemic is gone, this market's demand and growth will resume to pre-pandemic levels, which explains the abrupt increase in CAGR.

“Increasing Geriatric Population Globally Fuels the Market”

The technological revolution occurred not just in cities, but also in rural regions. Due to its increased accessibility across the globe, whether in rural or metropolitan regions, there has been a noteworthy shift in e-commerce demand. It provides increased customer convenience since consumers can quickly pick and purchase items of their choosing using apps and websites, and things will be delivered to their homes using the home delivery option.

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SEGMENT OUTLOOK:

The global orthopedic implants market is segmented based on type and distribution channel.

By Product: 

Based on product, the orthopedic implants market is segmented into joint reconstruction spinal implants, trauma implants, dental implants, orthobiologics, and others. The joint reconstruction segment was the one with the greatest market share among them in 2021, and it is anticipated that it would expand at a very high CAGR from 2022 to 2030. The knee, hip, and extremities are subsegments of the joint reconstruction segment. During the anticipated period, the market for joint reconstruction is predicted to increase more quickly due to the rise in knee and hip replacement surgeries. Due to the increasing penetration of upper extremities implants, an increase in ankle replacement surgeries, and an increase in accident cases among the elderly population, the extremities sub-segment in the joint reconstruction segment is predicted to develop at the highest rate.

The rapid increase in the number of spinal implant product launches, as well as the rising number of alliances and acquisitions among various businesses for the distribution of spinal implants, the spinal implant segment will probably be the most alluring section in the following years. The use of orthopedic implants in dental and trauma surgeries is also increasing, which is expected to increase the demand for these implants.

By End-user:

The orthopedic implants market, according to end-user, is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. Hospital inpatient admissions for orthopedic procedures, such as knee and hip replacement surgeries, have gradually increased. The use of cutting-edge technologies by hospitals, including robotic surgery, and the acceptable payment policies provided by these institutions are the main causes of the increase. Leading hospitals in the United States, the United Kingdom, and other industrialized nations have robotic equipment for orthopedic surgeries installed, which has been essential in drawing a sizable patient pool for treatment in these facilities.

Over the course of the projected period, the orthopedic clinics segment is anticipated to grow steadily. In industrialized nations, outpatient procedures are becoming more and more popular among patients and healthcare professionals, and these institutions are using more and more cutting-edge treatments as a result. The expansion of this market is also being fueled by better reimbursement practices in outpatient clinics.

REGIONAL OUTLOOK:

Based on geography, the orthopedic implants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

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In 2021, North America's market share was valued at USD 20.91 billion. The number of procedures conducted has increased as a result of an increase in the number of patients with osteoarthritis and senior populations in the area. Furthermore, one of the factors contributing to North America's dominance in 2021 is the market players' ongoing focus on meeting demand in the United States and Canada. Data from the Osteoarthritis Research Society International (ORSI) from 2018 indicate that the overall prevalence of osteoarthritis (OS) in North America was around 4.15%.

The second-largest market share was held by Europe. The market is expanding as a result of a rising patient base with osteoarthritis and other bone ailments, as well as tactical moves made by the major competitors in the industry in the area. Orthopedic & Spine Development ("OSD"), a business that specializes in creating, producing, and marketing implants for spine surgery, was acquired by IMPLANET in March 2021.

The market in the Asia Pacific is anticipated to experience a higher CAGR between 2022 and 2030. The number of people receiving treatment is rising, in part due to better healthcare and hospital facilities and reimbursement systems. Additionally, the implementation of technologically sophisticated systems by hospitals in these nations will draw more patients for hip and knee replacement surgery.

The markets in Latin America, the Middle East, and Africa are still in their infancy. However, as healthcare infrastructure improves and per capita healthcare spending rises in nations like Saudi Arabia, the United Arab Emirates, and Brazil, more people are seeking treatment. Additionally, the arrival of domestic and international companies with new products in the regions is anticipated to fuel market expansion over the course of the projection period.

By Key Competitors and Market Share Analysis:

As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position.

The competition among the players is based on numerous parameters including quality, innovation, product offerings, price, and, corporate reputation.

Recent Developments:

o      In May 2021, 4WEB Medical announced the Lumbar Spine Plating Solution (LSTS-PS) launch.

o    In January 2021, GOeasy, a manufacturer of orthopedic implants and instruments for joint replacement surgery, announced that the company had signed an agency agreement with PeekMed, a software technology company developing powerful 3D pre-operative digital planning tools.

o   In February 2019, Implant, a medical technology company engaged in developing vertebral & knee surgery implants, announced that it has entered into a label distribution agreement with SeaSpine to commercialize the Jazz spine portfolio in the U.S. This implant will be used for the treatment of degenerative spinal trauma conditions.

The following are some of the major market players operating across the globe:

o   Zimmer Biomet (Indiana, U.S.)

o   Medtronic (Dublin, Ireland)

o   DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (Raynham, MA, U.S.)

o   Smith & Nephew (London, U.K.)

o   Stryker (Michigan, U.S.)

o   ArthroCare Corporation (Texas, U.S.)

o   BioTek Instruments, Inc. (Vermont, U.S.)

o   CONMED Corporation (New York, U.S.)

o   Integra LifeSciences Corporation (Massachusetts, U.S.)

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SEGMENTS COVERED IN THE REPORT ARE AS FOLLOWS:

This report projects revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Quintile Insights has segmented the global orthopedic implants market report based on product, end-user, and region:

By Product Insights: Revenue in USD Million (2017 - 2030)

o     Joint Reconstruction Spinal Implants

o     Trauma Implants

o     Dental Implants

o     Orthobiologics

o     Others

By End-user Insights: Revenue in USD Million (2017 - 2030)

o     Hospitals

o     Orthopedic Clinics

o     Ambulatory Surgical Centers

o     Others