-- An orthopedic implant, simply put, is a medical device that helps in replacing a missing bone or joint or for supporting a damaged bone. It is generally fabricated using titanium and steel alloys for strength while the plastic coating serves as the artificial cartilage.
Market Outlook
The global orthopedic implant market is predicted to grow at a 6.8% CAGR over the forecast period (2017-2023), as per the new Market Research Future (MRFR) report.
Various factors are propelling the orthopedic implant market growth. These factors, as per the new MRFR report, include the growing number of replacement surgeries such as shoulder, knee, hip, and other bones/joints, growing incidence of injuries and orthopedic diseases, growing geriatric population, and growing acceptance of implantable medical devices.
Additional factors pushing market growth include the growing number of sports-related injuries, increasing use of minimally invasive procedures, extensive application in the treatment of injuries, musculoskeletal, and orthopedic diseases, and technological innovations such as robot-assisted surgical tools.
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On the flip side, the high price of orthopedic procedures, strict government mandates, negligent reimbursement policies, risk of implant dislocations, risk of infection related to metal implants after surgery, and product recalls owing to manufacturing errors or device inefficiency are factors that may restrict the orthopedic implant market growth over the forecast period.
Major Key Players Competitive Dashboard
Key players profiled in the orthopedic implant market report include –
Arthrocare Corporation (US)
Conmed Corporation (US)
Aesculap Implant Systems (US)
BioTek Instruments Inc. (US)
The Orthopedic Implant Company (US)
Wright Medical Group N.V. (Netherlands)
Integra LifeSciences Holdings Corporation (US)
Medtronic plc (Ireland)
Stryker Corporation (US)
Zimmer Biomet Holdings Inc. (the US)
NuVasive Inc. (US)
Smith & Nephew plc. (UK)
Johnson & Johnson (US)
Depuy Synthes Inc.
Globus Medical Inc. (US).
Market Segmentation Analysis
The MRFR report offers an all-inclusive segmental analysis of the orthopedic implant market report on the basis of end user, application, biomaterial, device type, product type, and procedure.
Based on product type, the orthopedic implant market is segmented into orthobiologics, trauma & craniomaxillofacial implants, reconstructive joint implants, spinal implants, dental implants, and others. Of these, the reconstructive joint implants segment will have the largest share in the market over the forecast period. Huge investments in research and development by industry players and the soaring prevalence of osteoporosis and osteoarthritis are accelerating the market growth of this segment.
Based on procedure, the orthopedic implant market is segmented into open surgery, minimally invasive surgery, and others. Of these, the minimally invasive surgery segment will dominate the market over the forecast period. This is chiefly due to minimum pain at the time of surgery and fewer chances of infection after surgery.
Based on biomaterial, the orthopedic implant market is segmented into natural biomaterials, ceramic biomaterials, metallic biomaterials, and polymer biomaterials. Of these, the metallic biomaterials segment will lead the market over the forecast period. Factors aiding the growth of the segment include its cost-effective price and efficacy of bone healing in comparison to other materials.
Based on device type, the orthopedic implant market is segmented into internal fixation devices and external fixation devices.
Based on application, the orthopedic implant market is segmented into hip replacement, shoulder replacement, neck fracture, spine fracture, and others.
Based on end users, the orthopedic implant market is segmented into hospitals, orthopedic clinics, home cares, and others. Of these, the hospital segment will have the maximum share in the market over the forecast period. Factors aiding the growth of the segment include the presence of modern healthcare facilities in hospitals and favorable reimbursement policies.
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Regional Analysis
By region, the orthopedic implant market report covers the latest trends and growth opportunities across Europe, the Asia Pacific (APAC), the Americas, and the Middle East and Africa (MEA). Of these, the Americas will remain at the forefront in the market over the forecast period. Factors aiding growth in the region include surging geriatric population that has triggered the number of patients having osteoarthritis and osteoporosis. Moreover, the gradual shift towards using minimally invasive procedures is also accelerating growth in the region.
The orthopedic implant market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors aiding growth in the region include an increase in the aging population, growing demand for orthopedic implants and devices for treating spinal cord disorders, and the growing number of patients having bone-related diseases.
The orthopedic implant market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in the region include increasing patient awareness levels related to the commercial accessibility of orthopedic implants, improving healthcare infrastructure, and growing medical tourism. China, Brazil, and India are the leading contributors in this market chiefly due to the presence of well-developed healthcare infrastructure, increasing geriatric population, and rising buying power.
The orthopedic implant market in the MEA is predicted to have a steady growth over the forecast period.
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September 2019: Leading developer of orthopedic implant solutions, Active Implant, LLC has announced that the NUsurface® Meniscus Implant has received a Breakthrough Device Designation from the US FDA. This new treatment will help all those patients experiencing persistent knee pain after meniscus surgery yet are very young for a complete knee replacement. This will be the first-ever artificial meniscus that will be marketed in Europe.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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