The global orthopedic implants market size is expected to reach around US$ 68.2 Bn by 2026 and growing at a CAGR of around 4.7% over the forecast period 2019 to 2026.
Orthopedic implants is manufactured or produced from biological sources such as nucleic acid, living orgasms, and protein and combination of these substances. The orthopedic implants are placed inside the body through surgery and functions as a bone structure by replacing or reinforcing a damaged structure. Orthopedic Implants is very important to for introducing or launching new products. Based on product type, different types of orthopedic implants such as a reconstructive joint replacement, spinal implants, dental implants, orthobiologics, trauma & craniomaxillofacial are used.
The growth of the orthopedic implants market is primarily driven by growing number of bone replacement surgeries,stringent government regulations regarding biologics, increase in chronic diseases across the globe, rising number of geriatric population and technological advancements in orthopedic implants. Furthermore, increase in a number of research and development in new bone joints and pharmaceutical devices key players and expanding base of various dieses patients worldwide, is estimated to boost the market growth. According to National Center for Biotechnology Information (NCBI) the number of products launched increased from 29 in 2003 to 56 in 2013. According to world Health Organization (WHO) and The International Agency for Research on Cancer (ICRA), around 19.3 million new bone implants cases will be diagnosed per year, by 2025. Moreover, changing lifestyles of consumers across developed countries, growing number of hospitals and clinic centers, growing pharmaceutical and medical industry, growing number of implant applications; technological advancement and increase in the number of applications are expected to create opportunities for the manufacturers in the global market over the forecast period. However, high cost of research and development, stringent government regulations towards product approval, and risks associated for skilled professionals are expected to hamper the growth of the global orthopedic implants market in the coming years.
By product type, reconstructive joint replacements segment dominated the orthopedic implants market
The reconstructive joint replacements segment accounted for approximately 34% of the share in the global orthopedic implants market in 2018. Increase in demand for replacement surgery, increase in prevalence of osteoporosis and osteoarthritis and growing number of development in orthopedics and regular sales of reconstructive joint replacements as compared to other product type is further expected to raise segment over the forecast period.
By end user, hospital segment dominated the orthopedic implants market
The hospital segment accounted for approximately 32% of the share in the global orthopedic implants market in 2018. Growing demand for orthopedic implants for various applications and cataract procedures and growing investment for new implant development and initiatives for immunization is further expected to raise segment over the forecast period. Owing to increase in number of hospitals, growing number of new treatment launches and supportive government initiatives for orthopedic implants in hospitals further grows the demand for orthopedic implants in hospital during the forecast period.
By biomaterial, metallic segment dominated the orthopedic implants market
The metallic segment accounted for approximately 27% of the share in the global orthopedic implants market in 2018. Growing use of metals in manufacturing bolts, screw, devices, and plates, and rising demand for sturdy structure of implants is further expected to raise segment over the forecast period.
The market research study on “Orthopedic Implants market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global orthopedic implants market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global orthopedic implants market, its product type, biomaterial, end user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Orthopedic Implants market size and volume, and segment markets by product type, biomaterial, end user, and geography along with the information on companies operating in the market. The orthopedic implants market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the orthopedic implants market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the rapid consumption of orthopedic implants in various applications, presence of orthopedic implants companies, favorable reimbursement policies, and increased adoption in cancer research. High research and development in medical device and pharmaceutical, development and launching of new implant and devices, and developed healthcare infrastructure in the North America region are one of the key factors driving the consumption of orthopedic implants in this region. Moreover, highly skilled surgeons, growing number of laboratory and research centers in key countries such as US and Canada are also propelling the growth of orthopedic implants in the North America region. Europe is followed by the North America region in the Orthopedic Implants market.
Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The growing pharmaceutical and medical device industry, increase in innovation and development in orthopedic implants, and growing outsourcing industry, are expected to enhance the market growth in the global orthopedic implants market during the forecast.
The players profiled in the report include Nuvasive, Inc., Medtronic, PLC, DepuySynthes, Stryker Corporation, and Globus Medical, Inc., Alphatec Holdings, Inc., K2M Group Holdings, Inc., RTI Surgical, Inc., Johnson & Johnson, Wright Medical Group N.V, Smith & Nephew plc, and Zimmer Biomet Holdings, Inc., among others. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market By Product Type
Market By Biomaterial
Market By End User
Market By Geography
Middle East & Africa
There are different types of orthopedic implants such as a reconstructive joint replacements, spinal implants, dental implants, orthobiologics, trauma & craniomaxillofacial are used.
Factors such as growing number of bone replacement surgeries,stringent government regulations regarding biologics, increase in chronic diseases across the globe restrain the orthopedic implants market growth.
Reconstructive joint replacements segment accounted for approximately 34% of the share in the global orthopedic implants market in 2018.
According to Acumen Research and Consulting, the orthopedic implants market value is anticipated to be worth around US$ 68.2 billion in 2026.
The orthopedic implants market is anticipated to grow over 4.7% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for orthopedic implants market.
Nuvasive, Inc., Medtronic, PLC, DepuySynthes, Stryker Corporation, and Globus Medical, Inc., Alphatec Holdings, Inc., K2M Group Holdings, Inc., RTI Surgical, Inc., Johnson & Johnson are the top players operating in the orthopedic implants market.