The North America orthopedic implants market is predicted to see remarkable growth during the forecast period owing to the growing demand for orthopedic implants among individuals worldwide. Based on product type, the reconstructive joint replacement sub-segment is expected to be the most lucrative.
New York, USA, April 26, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the North America orthopedic implants market is envisioned to generate a revenue of $30,646 million and grow at a CAGR of 3.9% during the analysis period from 2019 to 2025.
As per our analysts, with the increasing demand for orthopedic implants due to the rising geriatric population all across the globe, which increases the risks of osteoporosis, and other musculoskeletal disorders, the market is expected to witness significant growth during the forecast period. Moreover, the growing need for orthopedic implants to stabilize body posture, treat deformities, and restore normal skeletal function is expected to foster the growth of the North America orthopedic implants market over the estimated timeframe. However, the high-cost procedures involved in orthopedic implants treatment and strict government policies for the approval of orthopedic implants may restrict the growth of the market throughout the analysis period.
Segments of the Market
The report has been divided the North America orthopedic implants market into segments based on product type, biomaterial, type, and country.
Product Type: Reconstructive Joint Replacements Sub-Segment to be Most Lucrative
The reconstructive joint replacement sub-segment is predicted to occupy the largest share of the market over the forecast period. This is mainly due to the increasing prevalence of osteoporosis and osteoarthritis among people worldwide. Furthermore, the rising investments in the R&D activities of orthopedic implants by leading market players and rising innovations in joint replacements are the factors expected to augment the growth of the North America orthopedic implants market sub-segment during the analysis timeframe.
Biomaterial: Metallic Biomaterials Sub-Segment to be Most Productive
The metallic biomaterial sub-segment is expected to hold the maximum share of the market during the forecast period. This is mainly because of the cost-effectiveness of metallic biomaterials. Furthermore, the increasing demand for metallic biomaterials for providing the efficacy of bone healing as compared to other materials is predicted to propel the growth of the North America orthopedic implants market sub-segment over the analysis period.
Type: Knee Sub-Segment to be Most Profitable
The knee sub-segment is expected to hold the highest market share and hold a steady growth throughout the forecast timeframe. On the other hand, the spine sub-segment is expected to grow at the highest CAGR over the analysis period due to the increasing incidence of spinal disorders and the rising geriatric population all across the world.
Country: U.S to Have Wide Growth Opportunities
Based on country, the North America orthopedic implants market size is studied across U.S., Mexico, and Canada. Among these countries, the U.S. is expected to hold the largest share of the market which is approximately more than three-fourths of the total shares accounted for in the year 2018.
Key Players of the Market
The major players in the North America orthopedic implants market include
- Globus Medical Inc.
- Johnson & Johnson (DePuy Synthes)
- DJO Finance LLC
- Zimmer Biomet Holdings, Inc.
- Arthrex, Inc.
- Stryker Corporation
- Medtronic Plc
- CONMED Corporation
- Smith and Nephew Plc.
- Wright Medical Group N.V.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire leading positions in the industry.
For instance, in May 2021, Shalby Advanced Technologies Inc., a completely owned subsidiary of Mars Medical Devices, announced its acquisition of Consensus Orthopedics, a leading California-based high-quality manufacturer of hip and knee implants. With this acquisition, Shalby aimed to diversify its core health care services by providing high growth implant product offerings which include mobile bearing knee systems, hip systems, and planting equipment.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
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