Technological advancements and high demand for orthobiologics are expected to surge the growth of orthopedic implants market. A shift is witnessed from conventional surgical procedures to the use of modern fixation and prosthetic devices over the years, which has fostered the demand for orthopedic implants.
According to the report published by Allied Market Research, forecasts that the global Orthopedic Implants Market was valued at $47,261 million in 2016, and is expected to garner $74,796 million by 2023, registering a CAGR of 6.8% during 2017 – 2023. The reconstructive joint replacements segment accounted for nearly one-third share of the total market in 2016.
Orthopedic implant is a medical device surgically placed inside a body to restore bone function by reinforcing or replacing a damaged structure. These implants are either permanently incorporated inside the human body or withdrawn after desired results. The growth in number of replacement surgeries, such as knee, hip, shoulder, and other (bone or joint) has propelled the demand for implants globally.
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The spinal fusion devices segment dominated the spinal implants market with more than three-fourths share in 2016. These devices are used for the treatment of spinal deformities, such as degenerative disc disease and spondylolisthesis. Increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed drive the market growth. The global motion preservation devices/non-fusion devices market segment is expected to grow at a CAGR of 9.5% from 2017 to 2023.
The orthobiologics segment is expected to grow at the highest CAGR throughout the analysis period, owing to the growth in demand for innovative products, increase in sport-related injuries, rise in incidence of chronic arthritis and road accidents, and the rapid surge in aged population globally.
The global orthopedic implants market is segmented based on product, biomaterial, and geography. Based on product, it is classified into reconstructive joint replacements, spinal implants, dental implants, trauma & craniomaxillofacial, orthobiologics, and others. The reconstructive joint replacements market is further divided into knee, hip, and extremities. Spinal implants are further categorized into spinal fusion devices, non-fusion devices/motion preservation devices, and invasive spinal bone stimulators.
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Dental implants are further bifurcated into root form dental implants and plate form dental implants. Trauma & Craniomaxillofacial are further categorized into screws, plates, staples, and others. Orthobiologics are further classified into allografts, bone graft substitutes, and cell-based matrices. Based on biomaterials, it is categorized into metallic, ceramic, polymeric, and natural biomaterials. Among biomaterials, the metallic segment occupied dominant share in 2016, and is expected to maintain this trend during the forecast period, owing to their exclusive load bearing properties.
The key players operating in the global orthopedic implants market include Zimmer Biomet Holdings, Inc., Medtronic plc., Stryker Corporation, Johnson & Johnson (DePuy Synthes), The Orthopedic Implant Company, Smith and Nephew plc., Wright Medical Group N.V., BioTek Instruments, Inc., Aesculap Implant Systems, and Conmed Corporation.
The other prominent players in the value chain include Arthrex, Inc., NuVasive, Inc., Globus Medical, Inc., Integra Life sciences Holdings Corporation, Synthes Holding AG, Arthrocare Corporation, and Baxter International Inc.