NEW
YORK, July 23, 2024 /PRNewswire/ -- The global
orthopedic implants market size is estimated to grow by
USD 12.54 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 5.72% during the forecast period. High
prevalence of osteoporosis is driving market growth, with
a trend towards rising number of strategic alliances.
However, high costs associated with orthopedic implants and
procedures poses a challenge. Key market players include
Amplitude SAS, Arthrex Inc., Auxein Medical Inc., B.Braun SE,
Conmed Corp., Corin Group Plc, Enovis Corp., Globus Medical Inc.,
icotec AG, Johnson and Johnson Services Inc., Medtronic Plc, Narang
Medical Ltd., Naton Medical Group, Orthofix Medical Inc.,
OrthoPediatrics Corp., Pega Medical Inc., RTI Surgical Inc., Smith
and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc..
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Orthopedic Implants
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.72%
|
Market growth
2024-2028
|
USD 12548
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.32
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, Germany, China, UK,
and Canada
|
Key companies
profiled
|
Amplitude SAS, Arthrex
Inc., Auxein Medical Inc., B.Braun SE, Conmed Corp., Corin Group
Plc, Enovis Corp., Globus Medical Inc., icotec AG, Johnson and
Johnson Services Inc., Medtronic Plc, Narang Medical Ltd., Naton
Medical Group, Orthofix Medical Inc., OrthoPediatrics Corp., Pega
Medical Inc., RTI Surgical Inc., Smith and Nephew plc, Stryker
Corp., and Zimmer Biomet Holdings Inc.
|
Market Driver
Strategic alliances play a significant role in the growth of the
orthopedic implants market. By collaborating with other companies,
manufacturers can expand their product lines and reach wider
geographical markets without incurring substantial costs. For
instance, Stryker's acquisition of SERF SAS in March 2024 strengthened its presence in
Europe and broadened its implant
offerings. Similarly, THINK Surgical's partnerships with b-ONE
Ortho Corporation and Maxx Orthopedics in February 2024 enabled the integration of their
knee implants into THINK's robotic system. In September 2023, Envois' acquisition of
LimaCorporate expanded its product line and increased its
clientele. The increasing trend of collaborations and partnerships
among vendors and distribution channel partners is anticipated to
boost the global orthopedic implants market during the forecast
period.
The Orthopedic implants market is witnessing significant growth
due to increasing patient attendance for joint replacements, spinal
surgeries, and fracture repairs. The market caters to various
diseases and orthopedic disorders such as osteoporosis,
osteoarthritis, and musculoskeletal disorders. Both metal and
plastic implants are in high demand for joint replacements.
Orthopedic surgeries for the geriatric population, arthritic
conditions, and dentists' procedures are driving market growth.
Advanced implants made of metallic biomaterials, ceramic
biomaterials, and polymers biomaterials are being launched to
improve patient outcomes. Health-conscious consumers and physicians
are seeking preventive services like screening and monitoring
through digital technology. The COVID-19 outbreak has affected
workflows, leading to a temporary slowdown in surgeries. However,
the opportunity for manufacturing and innovation remains high.
Orthopedic doctors play a crucial role in diagnosis and treatment.
The market includes entities like bone healing solutions,
orthobiologics, and advanced implant manufacturers.
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Market Challenges
- The orthopedic implants market faces a significant challenge
due to the high cost of implants and related procedures. Orthopedic
implants are essential for treating conditions related to joints,
spine, and maxillofacial injuries. The cost of these implants
varies depending on their type and features. For instance, pedicle
screw implants cost between USD900
and USD1,000 per screw, while
absorbable implants are more expensive than metallic implants.
Orthopedic procedures, including surgery, consultation,
medications, consumables, and diagnostic tests, add to the overall
cost. Inpatient orthopedic procedures cost between USD25,000 and USD30,000, while outpatient surgeries range from
USD15,000 to USD20,000. Consultation fees for orthopedic
surgeons range from USD100 to
USD500. Post-surgery diagnostic
tests, such as CT scans, can further increase the cost burden. The
cost of a CT scan ranges from USD750
to USD1,300 per orthopedic procedure.
Repeated tests and the need for implant removal, especially in the
case of metallic implants, add to the cost. Healthcare
infrastructure also affects the cost of orthopedic treatment. These
factors may limit the growth of the orthopedic implants market
during the forecast period.
- The Orthopedic implants market faces challenges from the
COVID-19 outbreak, leading to disrupted workflows and delayed
surgeries for patients with arthritic
conditions, musculoskeletal disorders, and orthopedic diseases
like osteoporosis and rheumatoid arthritis. However, the launch of
advanced implants made from metallic biomaterials, ceramic
biomaterials, and polymers offers opportunities for growth.
Health-conscious consumers and an aging geriatric population with
arthritis and osteoarthritis drive demand for knee replacement
surgeries. Dentists and orthopedic doctors use orthopedic implants
for diagnosis and monitoring. Digital technology plays a crucial
role in treatment and diagnosis. Entities like Arthrex provide
innovative solutions for bone healing and orthopedic trauma
implants, including bone plates for fractures. The adoption of
materials like advanced orthobiologics continues to grow, offering
opportunities for entities in the market. Sport-related injuries
and spinal disorders also contribute to market growth.
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Segment Overview
This orthopedic implants market report extensively covers market
segmentation by
- Product
- 1.1 Joint reconstruction implants
- 1.2 Spinal implants
- 1.3 Craniomaxillofacial implants
- End-user
- 2.1 Hospitals
- 2.2 Orthopedic clinics
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Joint reconstruction implants- The
Orthopedic Implants Market's largest segment is Joint
Reconstruction Implants, which are utilized for repairing,
replacing, and reconstructing injured or diseased joints. This
segment encompasses implants designed for the treatment of knee,
hip, trauma, and extremities-related orthopedic conditions. The
segment's growth is driven by several factors, including the
increasing number of orthopedic conditions, such as osteoporosis,
arthritis, hip and knee injuries, and bone deformities. In the US,
for instance, approximately 50-55 million adults are diagnosed with
arthritis annually. Osteoarthritis, a common joint disorder,
affects around 10% of men and 13% of women aged 60 years or older.
The aging population and the rising prevalence of these conditions
result in a significant number of knee and hip replacement
surgeries, with around 1 million procedures performed each year.
Vendors in this market are launching innovative products to
maintain a competitive edge. Regulatory approvals for such
innovative devices streamline surgical procedures and increase the
success rate of joint reconstruction surgeries. For example, the
approval of joint reconstruction implants and related instruments
eases the joint reconstruction process, driving segment growth.
Cost reduction initiatives by vendors and improved patient care are
also contributing factors. Affordable knee and hip implant
treatments will increase demand for these implants, driving market
growth. Moreover, the emergence of robotic-guided surgeries for
knee and hip replacement is a significant trend. Key players are
adopting acquisition strategies to integrate robotic-guided surgery
technologies into their offerings, enhancing their knee replacement
portfolios and accelerating growth in this area. This, in turn,
will boost sales revenue for vendors in the global Orthopedic
Implants Market during the forecast period.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global Orthopedic Device Market is experiencing significant
growth, driven by technological advancements and an aging
population. The global Medical Implant Market is also expanding,
with innovations in materials and surgical techniques enhancing
patient outcomes. Additionally, the global Orthopedic 3D Printed
Devices Market is on the rise, revolutionizing personalized
healthcare by offering customized implants and prosthetics. These
markets are characterized by key players focusing on R&D and
strategic partnerships to cater to the increasing demand for
advanced orthopedic solutions.
Research Analysis
The Orthopedic Implants Market encompasses a wide range of
medical devices used in various orthopedic procedures, including
joint replacements, spinal surgeries, and fracture repairs. The
market is driven by the increasing patient attendance due to the
growing geriatric population and the rising prevalence of
conditions like osteoporosis and osteoarthritis. The launch of
advanced implants made from plastic, metallic biomaterials, and
orthobiologics continues to fuel innovation in the market.
Health-conscious consumers and physicians are increasingly turning
to orthopedic implants for effective treatment of joint-related
issues. Digital technology plays a significant role in streamlining
workflows and improving patient outcomes. However, the market faces
challenges such as the risk of implant failures and outbreaks of
infections. Despite these challenges, the opportunity for growth
remains immense, particularly in the areas of knee replacement
surgeries and advanced spinal implants.
Market Research Overview
The Orthopedic Implants Market encompasses a range of medical
devices used in the treatment of various orthopedic conditions.
These implants can be made of Metal, Plastic, or other materials
like Bone, and are utilized in Joint replacements, Spinal
surgeries, Fracture repairs, and other Orthopedic procedures.
Patient attendance for these treatments is driven by preventive
services, screening for diseases, and the increasing prevalence of
Orthopedic disorders such as Osteoporosis, Osteoarthritis, and
Rheumatoid arthritis. The market is also influenced by the launch
of advanced implants and the adoption of digital technology for
diagnosis, monitoring, and workflows. The COVID-19 outbreak has led
to a shift in healthcare delivery, with telemedicine and remote
patient monitoring gaining popularity. The geriatric population and
those with arthritic conditions or musculoskeletal disorders are
key patient groups. Entities involved include Orthopedic doctors,
Physicians, Patients, Dentists, and Manufacturers of Metallic
biomaterials, Ceramic biomaterials, and Polymers biomaterials.
Opportunities exist in the treatment of diseases like Osteoporosis,
Osteoarthritis, and Orthobiologics. The market also caters to the
needs of those undergoing Knee replacement surgeries, Spinal
disorders, Arthritis, and Sport-related injuries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Joint Reconstruction Implants
- Spinal Implants
- Craniomaxillofacial Implants
- End-user
-
- Hospitals
- Orthopedic Clinics
- Others
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
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Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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