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.)
Report Covering |
Details |
Market size value in 2021 |
USD 46.43 billion |
Revenue forecast in 2030 |
USD 74.90 billion |
Growth rate |
CAGR of 5.53 % from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
Report coverage |
Market dynamics such as Drivers,
Restraints, Market Trends and Opportunities,
Revenue size, market share, company ranking, competitive landscape,
geographical presence, recent developments, strategic initiatives, and
overall contribution to the market. |
Segments covered |
Product, End-user, Region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; and Middle East & Africa. |
Country Scope |
U.S.; Canada; Germany; France; U.K.; Italy; Spain; China; Japan; India;
South Korea; Mexico; Brazil; Argentina; Colombia; Saudi Arabia; UAE; South
Africa |
Key companies profiled |
Zimmer Biomet (Indiana, U.S.); Medtronic (Dublin, Ireland); DePuy
Synthes Companies (Johnson & Johnson Services, Inc.) (Raynham, MA, U.S.);
Smith & Nephew (London, U.K.); Stryker (Michigan, U.S.); ArthroCare
Corporation (Texas, U.S.); BioTek Instruments, Inc. (Vermont, U.S.); CONMED
Corporation (New York, U.S.); 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