Orthopedic Implants Market Size, Share, Trends Analysis Report By Product (Hip Implants, Knee Implants, Spinal Implants, Craniomaxillofacial Implants), By Region, And Segment Forecasts 2023 - 2030

Orthopedic Implants Market Size, Share, Trends Analysis Report By Product (Hip Implants, Knee Implants, Spinal Implants, Craniomaxillofacial Implants), By Region, And Segment Forecasts 2023 - 2030

Orthopedic Implants Market Growth & Trends

The global orthopedic implants market size is expected to reach USD 54.2 billion by 2030, registering a CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increase in the frequency of musculoskeletal problems, the rising geriatric population, and the increase in demand for joint replacement are all factors driving the growth. The increase in the use of orthopedic devices, issues with low bone density, the introduction of biodegradable implants and internal fixation devices, and the increase in the number of patients in their middle age choosing orthopedic implants are the other factors driving the growth.

The COVID-19 outbreak has put medical practices of all sizes under great pressure, and healthcare facilities all across the world were overrun by the large number of patients coming to the hospitals every day. In many countries worldwide, the rising incidence of COVID-19 has increased demand for the precise diagnosis and treatment tools. The pandemic had a negative impact on the market as in many countries government imposed lockdowns which reduced the footfall in many hospitals, moreover many healthcare services were recognized as critical and non-critical which reduced noncritical treatments during the pandemic. The demand was reduced due to the pandemic as implants were considered non-critical or nonessential healthcare services.

Another driving force is increasing participation in sports & related events and the injuries accompanying it. Sports injuries occur more frequently in males than in females, and the incidence of sports injuries increases with age. Children and teenagers are particularly susceptible to sports injuries. Approximately 30 million children and adolescents participate in organized sports in the U.S., and an estimated 3.5 million sports-related injuries occur each year. Moreover, the market is also expected to witness significant growth owing to the increasing number of trauma and fracture cases, the increasing prevalence of low bone density & degenerative bone disorders, and the growing availability of internal fixation devices.

The competition in the market is high, with key players holding a significant share. However, local players & startups are anticipated to increase in the coming years owing to the favorable government policies and ease of business & funding opportunities, thereby increasing the competition in the market.

Companies are undergoing multiple partnerships and mergers & acquisitions to increase their product portfolios, as well as expand their footprints across new regions. In addition, companies are focusing on product differentiation and bundling strategies to capture significant market share. In March 2021, IMPLANET, a medical tech company offering knee and vertebral implants announced that it has obtained a shareholder’s agreement to acquire a majority of stake in Orthopedic & Spine Development, a company that specializes in spine surgical implants.

Orthopedic Implants Market Report Highlights

• The knee implants segment held the majority share of the market in 2022, with a revenue share of 33.4%. This can be attributed to the rapidly rising number of knee surgeries, the adoption of unhealthy lifestyles, and the increasing prevalence of musculoskeletal & bone degenerative disorders
• The dental implants segment is anticipated to record the fastest CAGR of 9.8% during the forecast period from 2023 to 2030, owing to the increasing incidence of dental injuries arising from accidents, trauma, and sports injuries. These serve as restorative treatment solutions preserving natural bone and providing a secure foundation for a prosthesis
• North America accounted for the majority share of the market in 2022, with a revenue share of 49.3%, owing to the increasing number of trauma and fracture cases, increasing prevalence of low bone density & degenerative bone disorders, and growing availability of biodegradable implants & internal fixation devices
• Asia Pacific is anticipated to expand at the fastest rate of 8.1% during the forecast period from 2023 to 2030, owing to the rapidly developing healthcare infrastructure, growing medical tourism, and rising prevalence of chronic orthopedic disorders