Orthopedic Implant Market is valued around USD 50.12 Billion in 2019 and expected to reach USD 81.34 Billion by 2030 with the CAGR of 4.5% over the forecast period.
Orthopedic implants are the medical devices surgically placed in the body for the correction of damaged structure. These devices are made up of biocompatible material to avoid rusting, allergies and other complications from the implant. In some case the entire damaged structure is replaced by the implants. These implants can also be removed after the restoration of normal functioning or desired results. In joint replacement surgeries, the damaged portion of joint is partially or completely removed for better and effective results.
Global Orthopedic Implant Market report is segmented on the basis of products, services & software, technology, end user and by regional. Based upon product, the orthopedic implant market is fragmented into joint reconstruction, trauma implants, spinal implants, orthobiologics, and dental implants. Based on biomaterial, the market is fragmented into metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and others. On the basis of end user, the market is divided into hospitals, ambulatory surgical centers, orthopedic clinics and others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The orthopedic implants market is mainly driven by the constant growth in the prevalence of orthopedic disorders along with the surge in joint replacement surgeries owing to the huge geriatric population. In addition to technological advancements together with the development of well-established healthcare facilities over the forecast period is likely to proliferate the market growth. There has been amplification in the trauma cases with wide acceptance of implants are expected to enhance the market growth. However, high cost of the orthopedic implants along with stringent regulatory policies may restrain the market growth. On the other hand, rising demand of minimally invasive procedures over the period of time associated with various advantages over conventional surgical procedures. Also, the rising demand of 3D printed orthopedic implants may create new avenues in the market.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of well-established healthcare facilities & infrastructure in the region. Moreover, presence of major market players with advanced technology followed by aggressive research & development activities. Moreover, Asia Pacific is expected to dominate the orthopedic implant market in terms of growth rate owing to the developing healthcare facilities as well as surge in the adoption of advanced surgical procedures. In addition, the high prevalence rate of orthopedic disorders and wide acceptance of implants followed improved quality of life are expected to promote the market growth.
The major market players profiled in the orthopedic implant market includes Johnson & Johnson (DePuy Synthes), Stryker Corporation, Smith and Nephew Plc., Medtronic Plc, DJO Finance LLC, Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., Arthrex, Inc., CONMED Corporation., and Globus Medical Inc among others.
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