Orthopedic Implants Market Overview
The orthopedic implant can be referred as a medical device, which is surgically placed within the body of a patient in order to restore functioning of bone by replacing or reinforcing a damaged structure. These implants are either withdrawn from the body after getting the desired results or permanently incorporated within the body. The global orthopedic implants market, as per a report by Market Research Future (MRFR) is touted to register 6.8% CAGR during the forecast period (2017-2023).
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The orthopedic implant market has witnessed a tectonic surge over the past few years, mainly due to the rising number of replacement surgeries like hip, knee, shoulder, and other joint or bone. The increased incidences of orthopedic diseases and injuries and rapid growth in the aging population are some of the growth stimulants of the orthopedic implants market. Advancing technological innovations like robot-assisted surgical tools, extensive application of orthopedic implants in the treatment of orthopedic diseases, musculoskeletal, and injuries, coupled with the increased acceptance of implantable medical devices are likely to encourage the market growth.
On the contrary, the high cost of orthopedic implant procedures, coupled with the strict government mandates are likely to restrict the market growth in the foreseeable future.
Global Orthopedic Implants Market: Segmental Analysis
The orthopedic implants market has been segmented on the basis of procedure, product type, device type, biomaterial, application, and end-user.
By product type, the orthopedic implants market is segmented into dental implants, spinal implants, reconstructive joint implants, trauma and craniomaxillofacial implants, orthobiologics, and others. Of these, the reconstructive joint implants segment is estimated to gain prominence due to the soaring prevalence of osteoarthritis and osteoporosis and huge investments by the industry players in R&D.
The procedure segment comprises minimally invasive surgery (MIS), open surgery, and others. Of these, the minimally invasive surgery is huge demand globally due to fewer chances of infection post-surgery and minimum pain during the surgery.
Based on the biomaterial, the market is segregated into polymer biomaterials, metallic biomaterials, ceramic biomaterials, and natural biomaterials. Of these, the metallic biomaterials segment will garner considerable share, mainly due to the cost-effectiveness of these products. Moreover, these materials offer efficacy of bone healing compared to other materials, which further increases their demand.
Considering the device type, the market is segmented into external fixation devices and internal fixation devices.
Based on the application, the market consists of spine fracture, neck fracture, shoulder replacement, hip replacement, and others.
The end users segment comprises home cares, orthopedic clinics, hospitals, and others. Of these, the hospital’s segment is predicted to gain prominence due to favorable reimbursement policies and the presence of advanced healthcare facilities in hospitals.
Orthopedic Implants Market Competitive Dashboard
The top players operating in the orthopedic implants market 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 Regional Frontiers
Geographically, the orthopedic implants market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America is likely to dominate the orthopedic implants market, mainly due to the surging geriatric population count, which has triggered the number of patients suffering from osteoporosis and osteoarthritis. In this region, North America is predicted to command the largest share with a revenue share of 53.4% in 2015. The gradual shift towards the use of minimally invasive procedures is predicted to offer the market a thrust.
Europe acquires the second spot in the orthopedic implants market. The regional growth is credited to the rise in the aging population, coupled with soaring demand for orthopedic devices and implants in the treatment of spinal cord disorders. The increased number of patients with bone-related diseases will further create promising opportunities for the sale of orthopedic implants in the market. This will encourage the market growth in the coming years.
The Asia Pacific is considered an emerging market due to the surging patient awareness levels associated with the commercial availability of orthopedic implants. The recent boom in medical tourism and improving healthcare infrastructure has further created new growth opportunities for the market in the APAC. Countries like India, Brazil, and China will register the fastest growth rate due to rising buying power, growing the aging population, and well-developed healthcare infrastructure.
Industry Updates
On August 2019, a co-operation contract was signed between Syntellix Asia Pte. Ltd., Syntellix AG from Hannover, and Beijing Chunlizhengda Medical Instruments Co., Ltd., with the aim to tap into the Chinese med-tech market, which is based on magnesium-based implant technology, developed by Syntellix. It has already obtained market approval and product registration in almost 56 nations.
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