New York, Jan. 29, 2024 (GLOBE NEWSWIRE) — According to Market.us, the Orthopedic Implants Market size is projected to surpass around USD 78.0 Billion by 2033, and it is poised to reach a registered CAGR of 4.9% from 2024 to 2033.
Orthopedic implants are the devices used in orthopedic surgeries for treating joint replacements, fractures, spinal abnormalities and bone deformities. Depending upon the surgery different types of implants are brought under use such as for hip replacement, knee replacement and total shoulder replacement. In the treatment of bone tumors, orthopedic implants play a significant role. The availability of advanced orthopedic implants, rise in the geriatric population and increasing number of muscoskeletal disorders drive the orthopedic implants market substantially.
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- Biocompatible materials like titanium, stainless steel, cobalt-chromium alloys, ceramics and polymers are used for the manufacturing of orthopedic implants.
- According to world population prospect, 40% of the population could be over 65 years by 2050 in North America and Europe.
- Based on product type analysis, knee implants segment holds a large market share, dominating the market in 2023.
- Due to the property of low corrosiveness, metallic implants segment dominated the orthopedic implants market.
- The increasing healthcare expenditure and reimbursement policies, enables the patients to prioritize hospitals for the treatment.
Factors affecting the growth of the orthopedic implants market
Several factors can have an impact on the growth of the orthopedic implants market industry. Some of these factors include:
- High Cost: Orthopedic implants can be expensive, which may prevent some patients from accessing the procedure. This could potentially hinder market growth by decreasing affordability for some consumers.
- Limited Reimbursement Options: In certain countries, orthopedic implant procedures may not be covered by insurance plans, making it difficult for patients to afford the treatment.
- Complex Procedure: Orthopedic implant placement is a surgical procedure requiring specialized training and expertise, potentially restricting the number of qualified practitioners who can perform it and potentially impacting the market growth.
- Technological Limitations: Despite advances in orthopedic implant technology, there may still be limitations to the procedure, such as implant failure in case of pediatric patients, which could impact market growth.
The field of orthopedics focuses on preventing, identifying, and treating musculoskeletal system injuries and disorders. It is at the forefront of numerous cutting-edge technologies revolutionizing how to identify and treat musculoskeletal injuries and illnesses. The precision of surgical planning and training is improved using augmented and virtual reality technologies. Orthopedic implants innovation and trend contribute to industrial advancement and improve patient outcomes. Industries are still focused to more exciting improvements ranging from cutting edge technologies to patient-centered treatment.
North America is accounted to hold a large market share of 54.5%, dominating the orthopedic implants market, and promising the growth during the forecast period. the increasing pervasiveness of bone and muscoskeletal disorders coupled with advancing orthopedic treatment drives the region to stand strong in the orthopedic market place.
In addition to this, rise in cases of osteoarthristis, osteoporosis and bone injuries, along with growing geriatric population in the countries like Japan and China, leads Asia-Pacific region to secure the fastest growth in orthopedic implants market.
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Scope of the Report
|Market Value (2023)
|USD 48.0 Billion
|Forecast Revenue 2033
|USD 78.0 Billion
|CAGR (2024 to 2033)
|North America Share
|2018 to 2022
|2024 to 2033
With the increase in cases of bone and muscoskeletal disorders worldwide, there is rise in demand for orthopedic implant procedures. According to the World Health Organisation(WHO), in 2022, around 1.7 billion individuals globally were affected by muscoskeletal illnesses. Another driving factor is the growing geriatric population, leading to expand the number of market share rapidly. The aged people needs more orthopedic care as the bones become weaker and fragile, significantly demanding the orthopedic implants treatment.
One of the major restraining factor for the market growth of orthopedic implants market is the risk of allergic reactions. These allergies are associated with the use of materials such as nickel and cobalt used for the manufacturing of orthopedic implants. This can result in localized inflammation, pain or uneasiness around the implant site. In addition to this, there is risk of infection, as the bacteria can enter inside the patient while implanting and cause bio film over the implant, making it difficult to exterminate the infection. Thus, these factors can restrain the implants market during the foreseen period.
The outstanding move to excel the market revenue of orthopedic implants market is the increasing number of initiatives and campaigns for rising bone and muscoskeletal disorder awareness. For example, the European Space Agency, Samantha Cristoforetti, and the international Osteoporosis Foundation have partnered to launch the Liftoffforbonehealth campaign, for promoting bone health and encourage people to engage in weight bearing and resistance activities for strong and healthy bones. Thus, such kind of awareness through campaigns offers several opportunities for the market players to up surge the revenues more efficiently.
The innovation of advanced orthopedic implants by major market players helps in the significant growth of the market. For instance, hyperlordotic lateral implants was launch by 4WEB Medical. There is reduction in the need for invasive posterior correction procedure with the use of hyperlordotic lateral implants working in conjunction with lumber spine plating solutions. Such product launches lead to the development of improved orthopedic implants, fostering the market of orthopedic implant.
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Report Segmentation of the Orthopedic Implants Market
By Product Type Analysis
Based on product type, the orthopedic implants market is divided into knee, dental, hip and spine implants. The knee implant segment holds a large revenue share of 38.8%, experiencing the highest demand in 2023. The dominance owes to the rising number of over weight people and geriatric population, demanding knee implants. This demand is allowing the manufacturers to develop new materials resistant to corrosion, providing high strength to the implant.
By Material Analysis
With respect to material, the market is fragmented into metallic, ceramic and stainless steel implants. Amongst all, the metallic implant segment is highly demanded by virtue of low corrosiveness properly, affordability and rigidity. Thus, the metallic implant segment holds a large market share of 57.6%, dominating the orthopedic implants market in 2023.
By End User Analysis
Based on end use of the orthopedic implants, the market is segmented into hospitals, orthopedic clinics and ambulatory surgical centres. Holding a revenue share of 62.9%, the hospital segment dominated the market in 2023. This owes to the fact of having a great demand for orthopedic implants in hospitals coupled with rising number of muscoskeletal disorders. In addition to this, orthopedic clinics are also projected to register a promising growth during the prophecy period.
Impact of macroeconomic factor
With the emergence of Russia-Ukraine war crisis, the healthcare organisations faced unprecedented challenges related to manufacturing, access and supply chain. The employee safety and patient’s access to critical medications and supplies are the top priorities of the orthopedic implant manufacturing companies. There was a risk of long term disruption in global supply chain, such as the increase in cost of raw material and logistics. These implant manufacturing companies faced headwinds due to rising freight and shipping cost.
Recent Development of the dental implants Market
- In April 2022: Orthopedic Implant Company(OIC), received the FDA approval for its dorsal spanning plate, which is a cost effective alternative to other over priced plating systems.
- In February 2022: DePuy Synthes, a Johnson and Johnson subsidiary company purchased Cross road extremity systems, which offers a comprehensive selection of procedure-specific, sterile packed implants and equipments.
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- Knee implant
- Dental implant
- Hip implant
- Spine implant
- Stainless steel
By End User
- Orthopedic clinics
- Ambulatory surgical centres
- The UK
- Rest of Europe
- South Korea
- New Zealand
- Rest of APAC
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
The market is united, with a couple of vital participants holding a significant piece of the market. Being moderately competitive, there are few major players in the orthopedic implants market. Due to the increasing demand for orthopedic implants for treating several bone and muscoskeletal disorders, the market is expected to grow during the prophecy period.
Some of the major players in orthopedic implants market are:
- Smith and Nephew Plc.
- Stryker Corporation
- Medtronic Plc.
- Arthrex, Inc.
- NuVasive Inc.
- Orthopedic Implant Company
- Health Canada
- Wright Medical Group N.V
- Kyocera Medical Technologies Inc.
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