The orthopedic implants market size is anticipated to grow at CAGR 4.71%, to reach USD 67 billion in the forecast period 2022-2030
The orthopedic implants market size is projected to grow at 4.71% CAGR to reach USD 67 billion during the forecast period 2022-2030. Those medical devices used for the replacement of a missed bone or a damaged bone are referred to as Orthopedic Implants. These devices are manually inserted into the bodies through surgeries, and they further enhance the body posture.
The Orthopedic Implants Market is majorly drawn by factors like the increasing number of geriatric patients around the world. The increase in the number of Osteoporosis and other related diseases is what majorly drives the Implant and surgery market. Every second person in America is suffering from metabolism-related diseases, and there is a constant awareness among the consumers for the adoption of implants that helps them tackle with the same. However, the market's revenue was significantly impacted due to the pandemic and its imposition put forward by the government. A significant disruption in the functioning of the raw materials supply chain led to a disruption of the imports and export.
The outbreak of covid 19 is leading to several challenges in global markets. The orthopedic implants market is facing some difficulties during this period. The focus of the medical sector is on frontline services. The covid patient care services are high in the health industry. The number of patients visiting a dental clinic is reducing during this period.
Also, orthopedic implants production is declining. The availability of doctors to perform such implants is less. Due to covid 19, many doctors are assisting the frontline services. Due to lockdowns and restrictions, the growth rate of the market is affected. It may affect the overall trends of the market in the forecast period. However, in the upcoming years, the demand will gradually increase.
The rising number of orthopedic surgeries is the crucial driver for the market. The number of traumas, accidents and injuries is raising the demand for orthopedic implants. Also, bone density problems and middle age bone problems are surging rapidly. All these are increasing the orthopedic market growth in the forecast period. The geriatric population is increasing due to poor eating habits and deficiency. More than millions of people suffer from these disorders. Further, the growth of biodegradable orthopedic implants is driving demand for the market.
Biodegradable implants are safe and reliable than other implants. Most of the patients prefer biodegradable orthopedic implants. Biodegradable implants are driving most of the end-users towards the market. Due to this market driver, there is expected to be immense profit in the forecast period. Also, market growth opportunities are wide due to biodegradable implants. The use of screws and the growth of spinal fusion surgery is another factor driving the demand for this market. The fixation of bone and surgeries will massively expand orthopedic implants market size.
The focus on robotic surgeries is growing in many regions. Automation in the orthopedic implants market technology is opening new growth possibilities. Also, the assistance of robots makes the process effortless. Robots can carry out successful surgeries than human professionals. It increases the adoption of robots in the orthopedic implants market. It is a crucial factor that tremendously increases growth.
Further, the rising research and development is another aspect that offers growth opportunities. The major regional player’s o the market is allocating millions of dollars to orthopedic implants. The research and development in the market will lead to more growth opportunities. Also, product variation, development and advanced implants are some of the factors creating growth opportunities. The advancement in the market will lead to a high market expansion rate.
The cost of the procedure is a major restraint in the market. Removing or replacing a bone is one of the complex surgeries. Placing proper orthopedic implants decide the possibility of bone growing again. Due to the high cost of orthopedic implant procedures, many users hesitate to choose these surgeries.
Due to this, the overall demand for the market can decline in the upcoming years. Also, there is a strict regulatory framework by the government for orthopedic implants. Complying with these norms is a drawback for the orthopedic implants market. It delays the production and adoption of orthopedic implants in many regions. Even the growth opportunities of the market can lessen due to the implants market.
The cost of the product is a major challenge in the market. The orthopedic implants are made with high-quality material. The orthopedic implants are available in metal, polymer and ceramic materials. The cost of production is higher as well as the final cost for the customers.
It can create a decreasing effect on the demand trend of the market. Due to the high cost of products many end users have less demand. Price is a factor affecting the profitability and growth opportunities of the market. The key players are taking many cost reduction measures to make it more affordable.
The orthopedic market is witnessing a perpetual rise in growth. The factors contributing to the growth are the rising number of orthopedic surgery. Due to low bone density and middle age bone problems, many are opting the orthopedic implants. Further, the launch of biodegradable implants is driving the demand in this market. All these contribute to the positive growth trend of the market. However, the product cost and cost of the procedure is a major drawback in this market.
There may be slight effects of these limitations on the market demand. However, the growth of robotic in the orthopedic implants market will bring exceptional changes. The use of robots in the health industry is leading to profitable changes. The orthopedic implants market will attract new end users due to the launch of robotics to carry out these surgeries. Also, the hip and knee orthopedic surgical implants market is witnessing high demand. Due to all these actors, the growth of the market looks promising in the forecast period.
North America leads with high orthopedic implants market share. With the presence of top orthopedic implants market leaders, the market is developing rapidly. Innovative surgical procedures are reasons for immense demand. The adoption of invasive surgeries is higher in this region. Also, the proper distribution of disposable income is another factor contributing to market growth.
The awareness about bone problems is higher in this region. The cases of advanced prostheses and orthopedic diseases include users opting for implants. Also, the advancement in infrastructure makes these surgeries effortless. All these factors boost the overall demand for the orthopedic implants market in North America.
By orthopedic implants products
The competition in the orthopedic implants market is rising in the forecast period. There are new product launches, innovations, market expansion and acquisitions in the competitive landscape.
The rising investment for biodegradable orthopedic implants will gain more profit to the market. The entry of new key players will enable product variation. Also, the investments for the orthopedic implants market will increase in the forecast period.
The orthopedic implants market is diversified into Asia Pacific, Europe and North America. North America will lead the market with high demand. The presence top orthopedic implants company will continue to stir demand for the market. The adoption rate of the market will constantly increase in the forecast period.
The Asia Pacific will witness the fastest growth rate for orthopedic implants. The rising awareness about orthopedic procedures will lead to more demand from end-users. Also, the prevalence of bone disorders will incline the customers towards the implants market. Europe will expect moderate demand. Also, the orthopedic implants manufacturers uk are facing immense demand. However, the market expansion rate is higher in the forecast period.
The key players of the orthopedic implants market are
In January 2021, an Orthopedic Implants Market firm GOeasy announced its collaboration with PeekMed, a software development company that helped forward with the 3D planning tool of the operation media.
In Feb 2019, another Orthopedic Implants and medical company, Implant, went forward and carried out the vertebral surgery along with knee surgery implant that led to its label distribution contract with SeaSpine to promote the spine portfolio of the area. This treatment is also used in treating degenerative mal-functions of traumatic conditions.
|Market Size||2027: 67 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Biomaterial and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Braun Melsungen AG (Germany), CONMED Corporation (US), Globus Medical (US), Integra LifeSciences (US), Johnson & Johnson (US), Medtronic (Ireland), NuVasive, Inc. (US), Orthopaedic Implant Company (US), Smith+Nephew (UK), Stryker (US), Wright Medical Group NV (UK), and Zimmer Biomet (US)|
|Key Market Opportunities||Governments are also investing much in research and developments that are helping the market gain momentum.|
|Key Market Drivers||
The orthopedic implants market is predicted to grow at a 4.71% CAGR between 2022-2030.
Key competitors in the orthopedic implants market include Zimmer Biomet (US), Wright Medical Group NV (UK), Stryker (US), Smith+Nephew (UK), Orthopaedic Implant Company (US), NuVasive, Inc. (US), Medtronic (Ireland), Johnson & Johnson (US), Integra LifeSciences (US), Globus Medical (US), CONMED Corporation (US), and Braun Melsungen AG (Germany).
Increasing cases of orthopedic surgeries, increasing R&D activities, and technological advances are boosting market growth.
High product and procedure cost may restrict market growth.
The Americas is predicted to dominate the orthopedic implants market.