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Bone Implant Market Share

ID: MRFR//4830-HCR | 100 Pages | Author: Rahul Gotadki| April 2024

Market share positioning strategies are critical determinants of success and growth in the Bone Implant Market’s competitive landscape. Such strategies are important for companies to gain a strong foothold, differentiate themselves from their competitors, and eventually capture a substantial market share.

One of the common market share positioning strategies is innovation based differentiation. Innovations are consistently made by the bone industry in order to bring new products that either meet specific patient needs or offer better outcomes. This may involve advanced materials use, latest technology application as well as unique design features that make a product different from others available in the same market. Leading with new ideas can make such organizations attract healthcare professionals who will take their products thus leading to increased market share due to superior performance and patient benefits.

Cost leadership is also another significant strategy that firms use in their attempt to become the lowest-cost producers within an industry. Hence it requires streamlining of manufacturing processes, improving upon supply chain efficiencies and getting favorable terms with suppliers of raw materials. Cheaply priced bone implants without quality reduction is aimed at being affordable to cost cautious health facilities through this tactic. The effectiveness of cost leadership may be highest in price-sensitive markets where it can lead to larger sales volumes hence greater market shares.

Strategic collaborations with medical establishments, research centers or other industry players also form part of market share positioning in the Bone Implant Market. Firms often strike partnerships with hospitals, research organizations or other industrial players so as to optimize on shared resources, knowledge and expertise among them. These alliances improve product development capabilities which improves go-to-market approaches and strengthens distribution networks among other things. By entering into strategic relationships with these partners that have good reputation companies will enhance their credibility thereby making them visible hence growing the market share.

Furthermore, segmentation is another vital approach used for positioning in the bid for market shares.Different demands among different groups of health care providers and patients have necessitated various brands within these companies.This enables focused approach towards each segment’s expertise such as trauma implants, dental implants or joint replacement implants in order to serve niche markets profitably. By specializing in these areas, companies can become known experts on certain domains, attracting customers peculiarly from such segments and thereby giving some competitive advantages.

Another way of positioning a company’s market share is through customer focused strategies.Creating strong relationships with medical practitioners and fostering brand loyalty among buyers are integral to its sustainability.This entails provision of excellent customer support services, offering training programs and ensuring consistency in product quality. Businesses that prioritize the satisfaction of their customers often build good reputation thus leading to repeat purchases, positive word-of-mouth referrals and increasing market shares.

Geographically speaking, emerging economies see an increasing adoption of colposcopy due to development of healthcare infrastructure and increased awareness among population. Such regions have higher rates of cervical cancer making colposcopy an integral component for women health care.

In addition, the Colposcopy market is marked by various collaborations between medical device manufacturers and healthcare institutions. The goal behind these collaborations is usually improved research and development resulting into new innovative colposcopes being introduced into the market. Furthermore, these alliances are helpful in globalizing the practice of colposcopy hence enhancing transferability of information and skills across borders.

The above trends notwithstanding, there are continued challenges such as limited funding and localized availability. Among the many efforts that are in progress is the development of affordable colposcopy products and telemedicine programs. In this regard, through the use of this technique; remote consultations, diagnosis overcoming geographical boundaries and better access to colposcopic services are facilitated.”

Bone Implant Market Highlights:

Bone Implant Market Trends

Bone Implant Market Analysis

Bone Implant Market Share

Bone Implant Companies

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 (%)

Bone Implant Market Share

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

Bone Implant Companies

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