Orthopedic Implants Market Forecasts to 2028 – Global Analysis By Product (Trauma, Orthobiologics and Other Products), Types (Spine, Hip and Other Types), Biomaterial (Ceramic Biomaterials, Metallic Biomaterials and Other BiomaterialS), Procedure, End Use

Orthopedic Implants Market Forecasts to 2028 – Global Analysis By Product (Trauma, Orthobiologics and Other Products), Types (Spine, Hip and Other Types), Biomaterial (Ceramic Biomaterials, Metallic Biomaterials and Other BiomaterialS), Procedure, End User and By Geography

According to Stratistics MRC, the Global Orthopedic Implants Market is accounted for $51292.34 million in 2022 and is expected to reach $75690.09 million by 2028 growing at a CAGR of 6.7% during the forecast period. An orthopaedic implant is a medical device created to support a broken bone, replace a missing joint, or replace a missing bone. The titanium and stainless steel alloys used to make the medical implant are primarily used in its construction for strength, and the plastic covering applied to it serves as an artificial cartilage. These are generally utilised in minimally invasive procedures for the treatment of lumbar spinal stenosis and spinal trauma.

According to an article published by the Lancet in 2021, the incidence of new fractures was reported to be 178 million cases globally, along with a prevalence of 455 million cases of fracture.

Market Dynamics:

Driver:

Increase in Incidence Rate of Injuries

The key factor driving the market is the increase in orthopaedic operations. The need for orthopaedic implants is increasing as a result of more traumas, accidents, and injuries. Additionally, issues with bone density and bone health in middle age are fast increasing. All of these are pushing the orthopaedic market's expansion during the anticipated era. As a result of bad eating habits and nutritional deficiencies, the elderly population is growing. These illnesses affect millions of individuals or more. Demand for the market is also being driven by the expansion of biodegradable orthopaedic implants.

Restraint:

The cost of the procedure

One of the main market constraints is the procedure's price. One of the more complicated operations is removing or replacing a bone. The likelihood of bone re-growth is determined by the placement of suitable orthopaedic implants. Many patients are hesitant to consider orthopaedic implant surgery because of its high cost. As a result, the market's overall demand may decrease in the years to come. Additionally, orthopaedic implants are subject to severe government regulation. It is a disadvantage for the orthopaedic implants business to adhere to these standards. It causes a delay in the development and use of orthopaedic implants in several places. The implants market may even reduce the market's growth prospects.

Opportunity:

Adoption of Technologically Advanced Products

Numerous international manufacturers working to develop and produce revolutionary orthopaedic prosthetics goods have technical know-how and core skills. Both the orthopaedic biomaterials and implant markets, in developed and developing nations, are seeing strong demand for enhanced biomaterial-based implants with high strength and low wear. Technologies including computer-aided implant fixation, 3D bioprinting, variable axis screw systems, minimally invasive surgery (MIS), navigation technology, and custom implants have all seen rapid adoption.

Threat:

Declining impact on the market's demand trend

A significant obstacle on the market is the price of the goods. High-quality components are used to create the orthopaedic implants. The materials for orthopaedic implants include metal, polymer, and ceramic. Both the production cost and the final cost to the client are higher. It may have a declining impact on the market's demand trend. Numerous end users have less demand because of the expensive merchandise. Price has an impact on the market's profitability and potential for expansion. To reduce costs and make it more accessible, the major stakeholders are taking numerous actions.

Covid-19 Impact

The COVID-19 pandemic had a negative effect on the market for joint replacements as a whole, including smart orthopaedic implants, which saw decreased sales and demand. This came about as a result of postponed or cancelled elective procedures, logistical difficulties in carrying out clinical trials, supply chain difficulties, and decreased sales and marketing efforts. Important market participants indicated a fall in revenues. For instance, Stryker reported a 9.1% decrease in net revenue from 2018 to 2019. Since knee replacement is a less urgent treatment than hip replacement, the pandemic had a significant influence on sales.

The spine segment is expected to be the largest during the forecast period

The spine segment is estimated to have a lucrative growth due to the ageing of the population and the number of osteoarthritis patients. The knee, hip, and extremities are further divided into sub-segments for joint repair. The growth of the segment is predicted to be supported during the forecast period by the rising number of hip and knee operations worldwide. Increased sports-related injuries, upper extremity replacement procedures, and ankle fractures are all contributing factors to the segment's expansion.

The hospitals & ambulatory surgery centers segment is expected to have the highest CAGR during the forecast period

The hospitals & ambulatory surgery centers segment is anticipated to witness the fastest CAGR growth during the forecast period. The large hospitals that offer implantations are to blame for the segment's domination with their wide reimbursement practises. Additionally, efforts by manufacturers to introduce cutting-edge goods through collaborations with important hospitals and increased acceptance of cutting-edge implantation procedures such robot-assisted orthopaedic surgeries are predicted to fuel the segment's expansion.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. Growth in the market is predicted to be fuelled by rising implantation rates and rising demand for orthopaedic operations. A prominent element influencing the market's growth in North America is the market players' reliance on inorganic growth tactics, such as partnerships and collaborations, to provide innovative implants to meet the increased need for patient-centric customization.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to to the rising number of patients with osteoarthritis and other bone problems as well as tactical moves made by major industry players, like mergers and acquisitions, in the area. The segment's expansion is also anticipated to be aided by the increasing use of technologically advanced items in the market, product type diversification, and regulatory approvals for these products.

Key players in the market

Some of the key players profiled in the Orthopedic Implants Market include Zimmer Biomet Holdings, Inc., Medtronic Plc, NuVasive, Inc., CONMED Corporation., Johnson & Johnson (DePuy Synthes), Stryker Corporation, Smith and Nephew Plc., Arthrex, Inc., DJO Finance LLC, B. Braun Melsungen AG, DePuy Synthes, MicroPort Scientific Corporation

Key Developments:

In March 2022, Zimmer Biomet announced the launch of WalkAI. The Artificial Intelligence (AI) model identifies patients predicted to have a lower walking speed post hip replacements. The WalkAI is further integrated into the company’s ZBEdge Connected Intelligence Suite, providing it a competitive edge in the bone implants market.

In January 2022, Smith & Nephew announced the acquisition of Engage Surgical. The investment involves procurement of Engage’s cementless partial knee system. The newly acquired implant is compatible with Smith & Nephew’s proprietary CORI robotic surgical system.

Products Covered:
• Trauma
• Orthobiologics
• Reconstruction Joint Replacements
• Spinal Implants
• Dental Implants

Types Covered:
• Spine
• Hip
• Knee
• Dental
• Ankle
• Wrist & Shoulder
• Other Types

Biomaterials Covered:
• Ceramic Biomaterials
• Metallic Biomaterials
• Polymers Biomaterials
• Other Biomaterials

Procedures Covered:
• Minimally Invasive Surgery (MIS)
• Open Surgery
• Other Procedures

End Users Covered:
• Hospitals & Ambulatory Surgery Centers
• Orthopedic Clinics
• Home Cares
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements