The global bone implant market is growing pervasively over the past few years. Increasing number of orthopedic surgeries, rising occurrences of sports-related injuries and growing geriatric populace are some of the major factors supporting the market growth. Moreover, rising R&D expenditures and substantial investments transpired by the players to bring about innovations, and new product launches are escalating the market on the global level.
According to a leading research firm, Market Research Future (MRFR), the global bone implant market is expected to witness significant growth by 2023. In its recently published analysis, MRFR also asserts that the market would register approximately 6.8% CAGR during the review period (2018-2023). Rising prevalence of osteoarthritis and osteoporosis and the increasing aging population, worldwide, are a key factor fostering the growth of the market.
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Moreover, increasing accident cases and increasing hyper-obesity disorders, drive the demand for bone implants, causing severe bone injuries. Augmenting demand for bone implants leads to increasing the size of the market. Technological advancements transpired into medical technology is a dominant driving force behind the growth of the market.
Several ongoing researches expected to foster market growth, offering the best results, and improving the quality of life of patients. Conversely, the high cost of orthopedic surgeries and bone-implant products are factors impeding the growth of the market.
Also, corrosion and instability occurring in implants alongside, the stringent government policies are obstructing the growth of the market during the assessment period. Nevertheless, bio-resorbable bone implants would support the growth of the market, becoming a vibrant trend.
Global Bone Implant Market – Segmentations
The report segments the market into six key dynamics to widen the scope of understanding,
By Biomaterial : Ceramics, Metals, Polymers, and others.
By Product : Orthopedic Plates, Orthopedic Screws, Interlocking Nails (Rods), and others.
By Application : Knee Orthopedic Implants, Hip Orthopedic Implants, Spine Orthopedic Implants, Dental Orthopedic Implants, and others.
By Device : External Fixators and Internal Fixators.
By End-user : Hospitals and Orthopedic Clinics, among others.
By Regions : North America, Europe, Asia Pacific, and Rest-of-the-World.
Global Bone Implant Market – Geographical Analysis
The North American region is likely to retain its dominance over the global bone implants market. Advances in medical technology, product innovations, and advanced manufacturing processes with the usages of nanotechnology, are some of the key factors substantiating the growth in the market. The US and Canada are the major bone implants market in the region and contribute to the regional market growth, largely.
Rising investments into R&D and higher per capita health care expenditures are supporting the growth of the market in the region. Moreover, factors, such as the rising prevalence of osteoarthritis & osteoporosis in the aging population, increase in the number of surgical procedures, and presence of a well-established healthcare system propel the growth in the regional market.
The bone implants market in the European region stands second in terms of the size of the market, globally. The market would exhibit phenomenal growth throughout the review period driven by the government support for R&D activities, the increase in the geriatric population, and increasing demand for bone implants and devices for the treatment.
Furthermore, the rising occurrences of orthopedic diseases are contributing to the regional market growth, generating massive demand for orthopedic implants and devices during the assessment period.
The bone implant market in the Asia Pacific region is emerging as a promising market. Rapidly increasing healthcare sector and improvements in the medical technology drive the regional market. Rising obesity disorders that could lead to bone density issues, alongside, the large unmet needs would foster the market growth in the region. Moreover, increasing healthcare expenditures and government funding led by the improving economy in the region act as major tailwinds pushing up the market growth.
Also, growing awareness about the availability of novel bone grafting techniques is accelerating the growth of the regional market. Additional factors, such as the burgeoning medical tourism market due to the availability of low-cost, quality bone grafting procedures drive the regional market.
Global Bone Implant Market – Competitive Landscape
Highly competitive, the bone implant market appears to be fragmented due to the presence of many key players. Manufacturers of bone implants try to develop their products that can offer surgeons a superior option for bone fusion surgery without much of the challenges in the surgical procedures. They strive to offer unique, cutting-edge implant design, and surgical solutions to help patients achieve bone balance.
By using a controlled incremental expansion design, they develop products that allow surgeons to restore the gap and optimize the implant efficiently, literally, for each patient. For the same, they are increasingly investing in R&D activities to bring about innovations in the implants.
Players leading the global bone implant market include Globus Medical, Inc., NuVasive, Inc., Depuy Synthes Inc. (Johnson & Johnson), Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc., Medtronic, plc, The Orthopedic Implant Company, Integra LifeSciences Holdings Corporation, Aesculap Implant Systems, BioTek Instruments, Inc., Wright Medical Group N.V., Conmed Corporation, and Arthrocare Corporation, among others.
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Industry/ Innovation/ Related News:
August 01, 2019 — Generex Biotechnology (Canada), an integrated healthcare holding company, announced the completion of its acquisition of MediSource Partners, (the US), a medical devices company. This strategic acquisition provides Generex with a value-added service model that fits the corporate mission of NuGenerex Distribution Solutions, adding immediate revenues and profits.
Simultaneously, it would provide a significant upside as it integrates the medical and surgical supply business into its current and future MSO networks. MediSource provides Generex’ MSO with access to new products, especially biologics, including bone marrow aspirate, platelet-rich plasma, cord blood, and bone implants. Medisource Partners is an FDA registered distributor with an extensive portfolio of medical and surgical products, including bone grafts and biologics.
Additionally, Medisource Partners is currently contracted with over 25 vendors for nationwide distribution of implants and devices for the spine, hips, knees, foot, ankle, hand, and wrist surgeries.
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