The Global Orthopedic Implants Market generated $47.3 Billion in 2016 and is anticipated to reach $74.8 Billion by 2023, growing at a CAGR of 6.8% during the forecast period, 2017-2023. 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.
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A surge in orthopedic disease incidences, rise in geriatric population, technological advancements in the field of orthopedic implants, and increased acceptance of orthopedic implants drive the growth of the global orthopedic implants market. The trend of improved healthcare facilities in developing countries provides lucrative opportunities for market expansion. However, high cost of treatment and strict approval procedures impede market growth.
The report segments the global orthopedic implants market by product, biomaterial, and geography. Based on product, the market is fragmented into reconstructive joint replacements, spinal implants, dental implants, trauma & craniomaxillofacial, orthobiologics, and others. The reconstructive joint replacements segment garnered nearly one-third of global revenue in 2016 and is expected to continue dominance throughout the forecast period, owing to rise in osteoporosis & osteoarthritis and significant R&D investment of key players in orthopedic implants. However, the orthobiologics segment is projected to witness the highest growth rate through 2023, due to the growth in demand for innovative products, increase in sport-related injuries, rise in prevalence of chronic arthritis and road accidents, and the rapid surge in geriatric population worldwide.
Based on biomaterial, the report sub-segments the market into metallic, ceramics, polymers, and natural. In 2016, the metallic segment occupied about three-fourths share of the total market. Regionally, the U.S. was the major shareholder in North America in 2016, accounting for five-ninths share. However, the Asia-Pacific and LAMEA markets are poised to grow significantly in the near future, owing to increase in orthopedic implants development and rise in geriatric population.
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The report also profiles key players involved in the global orthopedic implants market, such as
- Zimmer Biomet Holdings, Inc.,
- Medtronic plc. Stryker Corporation,
- Aesculap Implant Systems, Inc.,
- Johnson & Johnson (DePuy Synthes),
- The Orthopaedic Implant Company,
- Smith and Nephew plc.,
- Wright Medical Group N.V.,
- BioTek Instruments, Inc., and Conmed Corporation
They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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