Orthopedic Implants Market Overview
The
orthopedic implants market is experiencing a surge in sales across the globe,
and it has been considerably boosted by technological advancement The Orthopedic
Implants Market Size was valued at USD 48.9 billion in 2022 and is
projected to grow from USD 51.20 Billion in 2023 to USD 67.48 billion by 2030,
exhibiting a compound annual growth rate (CAGR) of 4.71% during the forecast
period (2023 - 2030). The orthopedic implants market is witnessing significant
growth, driven in part by the increasing demand for advanced solutions such as
hinged knee replacement devices. These implants play a crucial role in
restoring mobility and alleviating pain for individuals suffering from severe
knee conditions, including osteoarthritis and rheumatoid arthritis. As the
population ages and lifestyles become more sedentary, the prevalence of
knee-related ailments is on the rise, fueling the need for innovative
orthopedic solutions like hinged knee replacements. These devices offer
enhanced stability and functionality compared to traditional knee replacements,
providing patients with improved joint movement and overall quality of life.
The
hinged knee
replacement segment within the orthopedic implants market is characterized by
ongoing technological advancements aimed at enhancing the efficacy and
durability of these devices. Manufacturers are investing heavily in research
and development to introduce innovative materials and designs that mimic the
natural movement of the knee joint more closely. Additionally, increasing
awareness among healthcare professionals and patients about the benefits of
hinged knee replacements is driving market growth. With a growing emphasis on
improving patient outcomes and reducing the need for revision surgeries, hinged
knee replacements are poised to play a significant role in the future of
orthopedic care. As the market continues to evolve, stakeholders are focused on
addressing challenges such as cost constraints and regulatory hurdles to ensure
broader accessibility to these transformative orthopedic solutions.
Orthopedic Implants Market Players
The
top players operating in the orthopedic implants companies include
Globus Medical, Inc. (US), Depuy Synthes Inc. (Johnson & Johnson) (US),
Smith & Nephew plc. (UK), NuVasive, Inc. (US), Zimmer Biomet Holdings, Inc.
(the US), Stryker Corporation (US), Medtronic, plc (Ireland), Integra
LifeSciences Holdings Corporation (US), Wright Medical Group N.V.
(Netherlands), The Orthopedic Implant Company (US), BioTek Instruments, Inc.
(US), Aesculap Implant Systems (US), Conmed Corporation (US), Arthrocare
Corporation (US), and others.
Orthopedic Implants Market Segmentation
The
global orthopedic
implants market research report can be segmented by product type,
procedure, biomaterial, device type, application, and end-user.
Based
on product type, the orthopedic implants market can be segmented into spinal implants, dental
implants, trauma and craniomaxillofacial implants, reconstructive joint
implants, Orthobiologics, and others.
Procedure-wise,
the orthopedic implants market includes open surgery, minimally invasive
surgery (MIS), and others.
Biomaterial-based
segmentation of the orthopedic implants market includes metallic biomaterials,
polymer biomaterials, ceramic biomaterials, and natural biomaterials.
Based
on the orthopedic device type, the orthopedic implants market includes internal
fixation devices and external fixation devices. External fixation devices are
further subdivided into orthopedic rods/wires, orthopedic screws, orthopedic
plates, fixation pins, and orthopedic nails.
Application-wise,
the orthopedic implants market comprises neck fracture, spine fracture, hip
replacement, shoulder replacement, and others.
Based
on end-user, the orthopedic implants market consists of hospitals, orthopedic
clinics, home cares, and others.
Orthopedic Implants Market Regional Analysis
Geographic
analysis of the orthopedic implants market size spans across mainly the
Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
Similar
reasons have worked well for Europe and the European orthopedic implants market
share gaining much prominence. The regional market is currently holding the
second spot. Meanwhile, the APAC region is expected to register the fastest
CAGR owing to the burgeoning medical tourism industry. China, and India, along
with Australia, are expected to contribute substantially, and the regional
market can bank on their enormous contribution.
The
Americas is currently spearheading the market and is expected to do so in the
coming years. The factors that are providing a tailwind for the regional market
are superior infrastructure, increasing patient pool with bone-related problems
and rising geriatric population. Minimally invasive surgeries are also picking
up the pace due to which the market can witness further growth in a new
direction.
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