According to the latest report by IMARC Group, titled “Orthopedic Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global orthopedic implants market size reached US$ 50.6 Billion in 2022. Orthopedic implants refer to medical devices used to replace or provide support to bones, joints, and other body parts. They are manufactured using various strong, durable, and biocompatible materials, such as titanium, stainless steel, ceramics, composites, polymers, bone grafts, and collagen. Orthopedic implants are widely used for limb deformity correction, bone surgery, osteotomy, and treating injuries, fractures, congenital abnormalities, and osteoarthritis. They offer long service life, extended load-bearing capacity, and excellent wear resistance. They aid in stabilizing joints, improving mobility, stabilizing broken bones, correcting body posture, promoting faster recovery, and enhancing patients’ quality of life.
Orthopedic Implants Market Trends:
The rising number of orthopedic operations due to injuries, accidents, and traumas across the globe is one of the primary factors driving the market growth. Orthopedic implants are widely used in spinal, bone, foot, ankle, hand, and facial surgeries to restore normal function, reduce pain, correct deformities, prevent complications, improve appearance, and treat fractures, scoliosis, carpal tunnel syndrome, and congenital abnormalities. Along with this, the increasing prevalence of chronic diseases, such as cancer, arthritis, and osteoporosis, that require orthopedic implants to maintain an active lifestyle and promote healing is acting as another growth-inducing factor. Furthermore, the widespread product demand among the geriatric population to increase joint function, reduce stiffness, enhance mobility, and improve quality of life is providing an impetus to the market growth. Additionally, the introduction of three-dimensional (3D) printing technology to create customized implants that fit patients’ anatomy perfectly, improve performance, and reduce the risk of implant failure is positively influencing the market growth. Apart from this, the recent development of smart orthopedic implants that are equipped with sensors and wireless technology to provide real-time information on implant performance and detect problems, such as implant loosening and wear and tear, is favoring the market growth. Moreover, the implementation of favorable government policies to educate the masses regarding the product benefits and provide access to high-quality medical care is propelling the market growth. Other factors, including rising healthcare expenditure, increasing investment in the research and development (R&D) of advanced products, and growing acceptance of orthopedic implants among patients, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 67.8 Billion by 2028, exhibiting a CAGR of 4.8% during 2023-2028.
- On the basis of the product, the market has been divided into reconstructive joint replacements (knee replacement implants, hip replacement implants, and extremities), spinal implants (spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices), dental implants (root form and plate form dental implants), trauma, orthobiologics (demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others), and others.
- Based on the type, the market has been classified into knee, hip, wrist and shoulder, dental, spine, ankle, and others.
- On the basis of biomaterial, the market has been divided into metallic biomaterials (stainless steel, titanium alloy, cobalt alloy, and others), ceramic biomaterials, polymers biomaterials, and others.
- Based on the end user, the market has been classified into hospitals, orthopedic clinic, ambulatory surgical centers, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Arthrex Inc., Auxein Medical, B. Braun Melsungen AG, CONMED Corporation, Globus Medical Inc., Integra LifeSciences, Johnson & Johnson, Medtronic Plc, Narang Medical Limited, Orthopaedic Implant Company, Smith & Nephew plc, Stryker Corporation and Zimmer Biomet.
|Base Year of the Analysis
||Product, Type, Biomaterial, End User, Region
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Arthrex Inc., Auxein Medical, B. Braun Melsungen AG, CONMED Corporation, Globus Medical Inc., Integra LifeSciences, Johnson & Johnson, Medtronic Plc, Narang Medical Limited, Orthopaedic Implant Company, Smith & Nephew plc, Stryker Corporation and Zimmer Biomet
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