Orthopedic Implants Market to Achieve CAGR 6.8% During Forecast Period Reveals MRFR
Overview:
The global orthopedic implants market can expect a 6.8% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a detailed study. Orthopedic implants market is experiencing a surge in sale across the globe, and it has been considerably boosted by technological advancement.
The study includes orthopedic implants market drivers such as increasing prevalence of orthopedic conditions such as fractures, osteoporosis, arthritis and technological advancement which has led to the use of more sophisticated implants. Obesity, sedentary lifestyle and adventure sports are instigating such diseases.
However, stringent regulations can put a brake on the regular orthopedic implants market growth. In addition, these implants are costly which can have an impeding effect on the market and reimbursement policies are often not enough to cover the expense which is one of the prime irritants for the orthopedic implants market growth.
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Furthermore, governments are also investing much in research and developments that are helping the market gain momentum. At the same time, developing countries are opening up wide spaces for orthopedic implants market to expand.
Segmentation:
The global orthopedic implants market can be segmented by product type, procedure, biomaterial, device type, application, and end-user.
Based on product type, the orthopedic implants market can be segmented into spinal implants, dental implants, trauma and craniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others.
Procedure-wise, the orthopedic implants market includes open surgery, minimally invasive surgery (MIS), and others.
Biomaterial-based segmentation of the orthopedic implants market includes metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials.
Based on the device type, the orthopedic implants market includes internal fixation devices and external fixation devices. External fixation devices are further subdivided into orthopedic rods/wires, orthopedic screws, orthopedic plates, fixation pins, and orthopedic nails.
Application-wise, the orthopedic implants market comprises neck fracture, spine fracture, hip replacement, shoulder replacement, and others.
Based on end-user, the orthopedic implants market consists hospitals, orthopedic clinics, home cares, and others.
Competitive Landscape
The innovation in products and services of the markets will alter the course of development of the market substantially. The long run viability of the market is highly dependent on the techniques and the strategic roadmaps that are engaged by market players.
Few of the noteworthy orthopedic implants market players are NuVasive, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Smith & Nephew plc. (UK), Wright Medical Group N.V. (Netherlands), Depuy Synthes Inc. (Johnson & Johnson) (US), Stryker Corporation (US), BioTek Instruments, Inc. (US), Aesculap Implant Systems (US), Medtronic, plc (Ireland), Globus Medical, Inc. (US), Integra LifeSciences Holdings Corporation (US), Conmed Corporation (US), Arthrocare Corporation (US), The Orthopedic Implant Company (US), and others.
In 2019, California-based medifacturing company PrinterPrezz announced the news of signing a customer agreement with SI-BONE. The agreement is based on a deal of developing services for advanced 3D-printed orthopedic devices and implants. SI-BONE hopes to capitalize on the expertise of PrinterPrezz to come up with the next generation of medical devices.
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Intended Audience
- Orthopedic implants manufacturers
- Orthopedic implants suppliers
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Government research laboratories
- Government and independent regulatory authorities
- Market research and consulting service providers
Detailed Regional Analysis
The regional analysis of the orthopedic implants market comprises of regions such as America, Asia Pacific, Europe, and the Middle East & Africa.
The Americas region controls the market significantly through the forecast period. The control of this region can majorly be attributed to the rising geriatric population count thus increasing the number of patients being diagnosed with osteoporosis and osteoarthritis. The North American region is dominating the orthopedic implants market with a revenue share of 53.4 percent in 2015. It was noticed that Total Joint Arthroplasty (TJA) had garnered a great deal of attention in the US owing to the rising cost and growing demand. Additionally, the gradual transition towards minimally invasive procedures is anticipated to boost the market’s growth in the American region.
The European region is the next major market due to the rise in the geriatric population and the growing demand for orthopedic implants and devices for the treatment of spinal disorders. This progress in the number of patients suffering from bone-related issues will make a positive market opening for the sale of orthopedic implants in the orthopedic implants market in the European region.
The Asia Pacific region is a developing market in the market due to the rising patient awareness levels connected to the commercial availability of orthopedic implants, thriving medical tourism, and the continually improving healthcare infrastructure. Brazil, China, and India are expected to list the fastest growth over the forecast period. The Asia Pacific is expected to demonstrate significant growth in the forecast period.
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