The Orthopedic Implant can be referred as a medical device, which is surgically placed within the body of a patient in order to restore functioning of bone by replacing or reinforcing a damaged structure. The global orthopedic implants market can expect to achieve a CAGR of roughly 6.8% during the forecast period (2017-2023), reveals Market Research Future (MRFR).
The Orthopedic Implant Market has witnessed a tectonic surge over the past few years, mainly due to the rising number of replacement surgeries like hip, knee, shoulder, and other joint or bone. The increased incidences of orthopedic diseases and injuries and rapid growth in the aging population are some of the growth stimulants of the orthopedic implants market. Advancing technological innovations like robot-assisted surgical tools, extensive application of orthopedic implants in the treatment of orthopedic diseases, musculoskeletal, and injuries, coupled with the increased acceptance of implantable medical devices are likely to encourage the market growth.
Market Key Participants
Some of the key participants of the worldwide orthopedic implants market are Globus Medical, Inc. (US), Medtronic, plc (Ireland), Wright Medical Group N.V. (Netherlands), Zimmer Biomet Holdings, Inc. (US), Depuy Synthes Inc. (Johnson & Johnson) (US), Stryker Corporation (US), NuVasive, Inc. (US), The Orthopedic Implant Company (US), Aesculap Implant Systems (US), Smith & Nephew plc. (UK), Arthrocare Corporation (US), BioTek Instruments, Inc. (US), Conmed Corporation (US), Integra LifeSciences Holdings Corporation (US), and others.
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The worldwide market for orthopedic implants has been segmented with respect to product type, procedure, biomaterial, device type, application, and end-user.
As per product type, the orthopedic implants market can be considered for spinal implants, dental implants, trauma and craniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others.
Depending on the procedure, the orthopedic implants market caters to open surgery, Minimally Invasive Surgery (MIS), and others.
Biomaterial-wise, the orthopedic implants market covers metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials.
In context of device type, the orthopedic implants market has been divided into internal fixation devices and external fixation devices.
Application-based segments in the global orthopedic implants market include neck fracture, spine fracture, hip replacement, shoulder replacement, and others.
The end-users in the orthopedic implants market are hospitals, orthopedic clinics, home cares, and others.
Growth Drivers and Key Restraints
Orthopedic implants help prevent and treat injuries or deformities of the musculoskeletal system. Advancements in anesthesia techniques and the growing adoption of minimally invasive procedures have added to the market value in recent years. Also, the surge in incidence rate of injuries, expansion of the geriatric population and the increasing adoption of technologically sophisticated products add to the strength of the global orthopedic implants market.
The need for minimum pain, cheaper-priced treatments and quicker recovery has boosted the demand for minimally invasive joint replacement surgeries around the world. Other factors bound to favor the market could be the rising government initiatives to promote sports and the consequent growth in number of injuries. Latest data reveals that more than 2 million patients come to the U.S. emergency departments for injuries like head trauma every year.
LIST OF TABLES
Table 1 Global Orthopedic Implants Market Synopsis, 2018–2023
Table 2 Global Orthopedic Implants Market Estimates And Forecast, 2018–2023, (USD Million)
Table 3 Global Orthopedic Implants Market, By Region, 2018–2023, (USD Million)
Table 4 Global Orthopedic Implants Market, By Product Type, 2018–2023, (USD Million)
Table 5 Global Orthopedic Implants Market, By Procedure, 2018–2023, (USD Million)
Table 6 Global Orthopedic Implants Market, By Biomaterial, 2018–2023, (USD Million)
Table 7 Global Orthopedic Implants Market, By Device Type, 2018–2023, (USD Million)
Table 8 Global Orthopedic Implants Market, By Application, 2018–2023, (USD Million)
Table 9 Global Orthopedic Implants Market, By End-User, 2018–2023, (USD Million)
…To be Continued.
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The key orthopedic implants markets are Europe, Asia Pacific, the Middle East and Africa as well as America.
The Americas is projected to emerge as the biggest market for orthopedic implants in the upcoming time frame. The regional dominance can be established based on the burgeoning geriatric population that elevates the number of patients afflicted with osteoporosis and osteoarthritis. North America, with a share of 53.4%, dominated the orthopedic implants market in 2015. It has been noted that the United States (U.S.) gets a great deal of attention from the Total Joint Arthroplasty (TJA) on account of the rising demand and cost.
Speaking of lucrative markets for orthopedic implants market, Asia Pacific could expect a good run in the following years. The increasing patient awareness pertaining to the commercial availability of orthopedic implants has been identified as a chief driver of the said growth. Apart from this, the booming medical tourism along with the rapidly improving healthcare infrastructure could spell further success for the regional market. India and China are believed to be the fastest growing countries in the region. Based on the studies by Osteoporosis Australia, out of roughly 4.74 million Australians, more than 50% have poor bone health or osteoporosis. Further, the 2013 data reveals that minimum one fracture happens every 3.6 minutes in the country, which can increase to one fracture every 2.9 minutes by the year 2022. On this basis, the market size in Asia Pacific is projected to expand in the review period.
- North America
- South America
- North America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Western Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
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Factors such as a rise in the prevalence of orthopedic injuries or diseases and the rapid growth in aged population globally are driving the growth of the global orthopedic implants market. Moreover, technological innovations, such as acceptance for implantable medical devices, robot-assisted surgical tools, and extensive applications of orthopedic implants to treat orthopedic diseases and musculoskeletal diseases further enhance the market growth. However, high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hamper the market growth.
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