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The market for bone implants is shaped by a multitude of factors that collectively determine its dynamics and growth path. One of the major drivers of this market include growing prevalence of orthopedic disorders as well as bone related to ENT illnesses. As the world’s population grows older, there has been an increase in musculoskeletal conditions such as osteoarthritis and fractures thus surging demand for bone implants. Suited in addition to the ever increasing number of sports injuries and accidents that take place on daily basis, these have become some of the leading causes for surgical operations involving bone implants in order to treat these cases effectively.
Technological breakthroughs within orthopedics have always played a significant part in pushing forward the Bone Implant Market. The use of superior implant materials, designs and manufacturing processes has seen biocompatible devices being developed which are more durable and can be customized according to patient characteristics. This has led to increased acceptance by both patients and healthcare providers propelling substantial growth within this industry. Moreover, 3D printing incorporated into designing personalized implants is revolutionizing the sector due to its exactness and individuality thereby leading to improved patients outcomes during recovery.
Government efforts also weigh heavily on these markets regarding regulatory policies within them. Regulatory frameworks plus reimbursement policies dictate accessibilities as well as affordability issues surrounding bone implantation procedures hence affecting their market dynamics. Reimbursement provisions can catalyze investments in advanced implant technologies by health institutions which raise this industry’s prospects. Furthermore, strict regulatory guidelines ensure safety and performance capacity benchmarks are met prior before their usage thus boosting end-users’confidence.
Economic elements tied up with other market forces also influence the Evolutionary Process in Bone Implant Market Development . The broad economic state either regional or national impacts healthcare costs ad infrastructure enhancements. Affluent economies tend spend more on healthcare hence adopting complex medical systems including bones transplantation options.During recessions however their availability becomes hampered due to budget constraints.
The Bone Implant Market is witnessing a change in the competitive landscape due to globalization and increasing cross-border collaborations. Rising healthcare needs in emerging markets have seen many companies extend their footprints into these areas. Moreover, industry consolidation as well as mergers and strategic alliances are increasingly a norm which bring in both innovation and market growth. This form of team work allows for sharing resources, learning from one another but also diversifying on what they deal with so that they can compete favorably within global boundaries.
Patient preferences and awareness also contribute greatly to bone implant market dynamics. Patients now have access to vast amounts of health data enabling them take control of their own health care decisions. These facts often result in opting for advanced or least invasive treatment options influencing newer bone implant technologies depending on demand.
Environmental sustainability has become an important market consideration lately. As concerns about the environment escalate, the need for sustainable implant materials that can breakdown becomes increasingly urgent. Consequently, businesses are shifting towards environmentally friendly substitutes that meet emerging demands from health institutions as well as ecologically concerned clients."
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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