According to the latest report by IMARC Group, titled “Orthopedic Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global orthopedic implants market growth.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global orthopedic implants market size reached US$ 50.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 67.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
An orthopedic implant represents a medical device specially designed for repairing or replacing a deformed or damaged joint, bone, or cartilage. It is made of titanium alloys and stainless steel to provide strength and coated with a plastic layer for operating as an artificial cartilage. Orthopedic implants are widely used in spinal fusion surgery for the treatment of back pain and hip and joint replacement. As a result, these devices find widespread applications in orthopedic clinics, hospitals, and ambulatory surgical centers across the globe.
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The escalating number of operations being performed globally, owing to the increasing traumas, injuries, and accidents and the high majority of bone density issues and middle-aged bone diseases in individuals, are among the primary factors driving the orthopedic implants market. Besides this, the elevating requirement for these devices to treat musculoskeletal and the rising geriatric population are further augmenting the market growth. Moreover, various technological advancements in orthopedic implants, such as robot-assisted surgical tools, and the growing prevalence of orthopedic diseases, including arthritis and osteoarthritis, are propelling the demand for these devices, which are also catalyzing the global market.
Apart from this, the launch of several policies by the government bodies to invest in the healthcare infrastructure is acting as another significant growth-inducing factor. Additionally, the emerging trend of urbanization, the inflating disposable income of individuals, and the expanding medical industry are also stimulating the market growth. Furthermore, the leading players are focusing on research and development (R&D) activities to design bioresorbable instruments and internal fixation devices, which is expected to bolster the orthopedic implants market in the coming years.
Who Are The Key Players/Companies In The Global Orthopedic Implants Market?
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.
The report has been segmented the market into following categories:
Breakup by Product:
- Reconstructive Joint Replacements
- Knee Replacement Implants
- Hip Replacement Implants
- Spinal Implants
- Spinal Fusion Implants
- Vertebral Compression Fracture (VCF) Devices
- Motion Preservation Devices/Non-Fusion Devices
- Dental Implants
- Root Form Dental Implants
- Plate Form Dental Implants
- Demineralized Bone Matrix (DBM)
- Bone Morphogenetic Protein (BMP)
- Viscosupplementation Products
- Synthetic Bone Substitutes
Breakup by Type:
- Wrist and Shoulder
Breakup by Biomaterial:
- Metallic Biomaterials
- Stainless Steel
- Titanium Alloy
- Cobalt Alloy
- Ceramic Biomaterials
- Polymers Biomaterials
Breakup by End User:
- Orthopedic Clinic
- Ambulatory Surgical Centers
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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