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The bone implant Market resides in a dynamic milieu of several factors that influence its growth and development. Basically, the market is driven by the increasing prevalence of musculoskeletal disorders and the aging population globally. The demand for advanced and innovative bone implant solutions has been buoyed by increased conditions related to bones like osteoporosis and fractures.
Also, technological advancements have been critical in shaping these market dynamics. Continuous research and development has seen the introduction of state-of-the-art materials and design techniques, thus improving the effectiveness and lifespan of bone implants. For example, titanium and its alloys have become popular due to their bio-compatibility as well as strength hence boosting the expansion rate of this market.
Similarly, global economic trends together with healthcare policies significantly affect the bone implant market. A number of opportunities have opened up following increasing expenditure on health care services as well as better medical infrastructure in emerging economies. This further fueled market growth since patients are more aware about benefits associated with bone implant procedures.
In addition to that, key industry players’ collaborations and strategic partnerships continue shaping up competitive landscape within this sector of bone implant market. These alliances seek pooling resources, sharing expertise in order to expedite development commercialization processes for innovative bone implants’ products among others. In effect therefore; technological advancements fostering this trend have also led to some consolidation of various market segments where bigger organizations acquire smaller firms strategically towards bolstering their portfolios.
The regulatory frameworks coupled with standards also critically impact on such dynamics within markets. Compliance to provided guidelines ensures safety along with efficacy regarding such implants thereby instilling confidence both among doctors and patients generally speaking. Regulatory environment is changeable because product developments changes entry strategies marketing approaches etc.
Moreover, patient’s preferences play a significant role in determining how the industry evolves over time (Jiao et.al 2016). This has necessitated innovative approaches for instance; minimally invasive techniques whereby personal customisations underpin bone-implant market. These developments enable the manufacturers to come up with implants not only addressing medical needs but also meeting the anatomical variations and lifestyle preferences of individuals.
Equally, geographical factors affect these dynamics. Differences in healthcare infrastructure; reimbursement policies as well as prevalence rates for musculoskeletal disorders across different regions dictate market growth trends. Amidst global health systems’ transformations, there are discussions on value-based care which is about improving patient outcomes at lower costs thereby influencing adoption of bone implant technologies.
Hence, it can be seen that the market dynamics of bone implant Market are very complex interplay between medical technological economic regulatory and socio-cultural factors. Consequently, even as worldwide population continues aging and musculoskeletal disorders continue being public health issue; the bone implant market is poised to experience uninterrupted growth. It is therefore imperative for industry participants to understand this dynamism so as to capitalize on available opportunities while tackling challenges within this critical healthcare sector."
Bone Implant Market Highlights:
Global Bone Implant Market Overview
The bone implant market is expected to grow USD 7.92 Billion at CAGR 8.30% a during the forecast period 2022 to 2030. Bone implants are used to heal bone fractures or as fillers and scaffolds to facilitate the bone formation. Bone implants are surgically placed into the body and designed to restore the function by replacing or reinforcing a damaged structure. The rapid growth in aged population, increasing number of orthopedic surgeries, and rising occurrences of sports-related injuries are expected to drive the growth of the market. Moreover, rising R&D spending and aggressive strategies adopted by top players such as new product launches are contributing to the growth of the bone implant market. For instance, in May 2018, NN Inc. acquired Paragon Medical for USD 375 million. Paragon Medical is a medical device manufacturer which focuses on orthopedics, case and tray, and implant and instrument markets. The acquisition supports NNs Inc.’s strategy to grow its life science revenue and positions NN Inc. as one of the ten largest contract manufacturers in orthopedics.
The rising cost of orthopedic surgeries, the high price of bone implant products, corrosion and instability of bioimplants, and stringent government policies may hinder the growth of the market during the assessment period.
Bone Implant Market Segment Insights
The bone implant market has been segmented on the basis of biomaterial, product, application, device, and end-user.
On the basis of biomaterial, the market has been classified as metals, ceramics, and polymers. The metal segment has been further divided into titanium, stainless steel, cobalt chromium alloy, gold alloys, and Tantalum. The ceramics segment has been further divided into alumina, hydroxyapatite, beta-tricalcium, phosphate, carbon, bioglass, zirconia, and zirconia-toughened alumina. The polymers segment has been classified into polymethylmethacrylate, polytetrafluoroethylene, polyethylene, polysulfone, polyurethane, and polyether ether ketone.
The market, by products, is divided into orthopedic screws, orthopedic plates, interlocking nails (rods), and others. The market, by application, has been classified into hip orthopedic implants, knee orthopedic implants, spine orthopedic implants, dental orthopedic implants, and others.
The market, by device, is divided into external fixators and internal fixators.
The market, by end-user, has been segmented into orthopedic clinics, hospitals, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The bone implant market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European bone implant market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The bone implant market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East and Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Bone Implant Market Share, by Region, 2017 (%)
Source: MRFR Analysis
The Americas is likely to dominate the bone implant market. The rising occurrence of osteoarthritis and osteoporosis in the aging population, increase in the number of surgical procedures, the presence of a well-established healthcare system, growing prevalence of sports injuries, and adoption of highly advanced technology are contributing to the growth of the market. According to the Annual Report of the American Joint Replacement Registry (AJRR), 860,080 hip and knee replacement procedures from 4,755 surgeons at 654 institutions were conducted in 2017.
The European market is expected to be the second-largest bone implant market. The market growth in this region can be attributed to the rising prevalence of orthopedic diseases. Moreover, the increasing demand for orthopedic implants and spinal treatment devices during the forecast period are contributing to the growth of the market in this region. Major players are adapting inorganic growth policies to expand their portfolio. For instance, Stryker Corporation, a major player in the orthopedic market acquired Vexim for USD 215 million in 2017. Vexim offers spine related products, which helped Stryker Corporation to capture the new segment.
Asia-Pacific is expected to be the fastest-growing bone implant market during the forecast period owing to the increasing prevalence of medical tourism, orthopedic diseases along with bone-related issues, and rising investments in healthcare and expansions by market players in the region. Asia-Pacific is anticipated to show significant growth from 2022 to 2030
The market in the Middle East and Africa is expected to account for the smallest share of the bone implant market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Key Players
Some of the key players in the bone implant market are Depuy Synthes Inc. (Johnson & Johnson), Globus Medical, Inc., NuVasive, Inc., Smith & Nephew plc. , Stryker Corporation, Zimmer Biomet Holdings, Inc., Integra LifeSciences Holdings Corporation, Medtronic, plc, The Orthopedic Implant Company, Wright Medical Group N.V., Aesculap Implant Systems, BioTek Instruments, Inc., Conmed Corporation, Arthrocare Corporation, and others.
Bone Implant Market Segmentation
Bone Implant Biomaterial Outlook
- Metals
- Titanium
- Stainless Steel
- Cobalt Chromium Alloy
- Gold Alloys
- Tantalum
- Ceramics
- Alumina
- Hydroxyapatite
- Beta-Tricalcium phosphate
- Bioglass
- Carbon
- Zirconia
- Zirconia-toughened alumina
- Polymers
- Polymethylmethacrylate
- Polytetrafluoroethylene
- Polyethylene
- Polysulfone
- Polyurethane
- Polyether ether ketone
Bone Implant Product Outlook
- Orthopedic Screws
- Orthopedic Plates
- Interlocking Nails (Rods)
- Others
Bone Implant Application Outlook
- Hip Orthopedic Implants
- Knee Orthopedic Implants
- Spine Orthopedic Implants
- Dental Orthopedic Implants
- Others
Bone Implant Device Outlook
- External fixators
- Internal fixators
Bone Implant End-User Outlook
- Orthopedic clinics
- Hospitals
- Others
Bone Implant Regional Outlook
- North America
- US.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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