Orthopedic Implants Market to Reach USD 73.32 Billion, Globally, by 2032 at 4.5% CAGR: Allied Market Research
Increase in the prevalence of orthopedic injuries or diseases such as arthritis and osteoarthritis and rapid surge in the aging population across the world who are more prone to orthopedic diseases drive the growth of the global orthopedic implants market.
PORTLAND, Ore., March 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, " Orthopedic Implants Market by Product Type (Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma, Orthobiologics, Others), by Biomaterial (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials, Others), by Type (Knee, Hip, Wrist and Shoulder, Dental, Spine, Ankle, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global orthopedic implants industry was estimated at $47.19 billion in 2022, and is anticipated to hit $73.32 billion by 2032, registering a CAGR of 4.5% from 2023 to 2032.
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Drivers, restraints, and opportunities-
Increase in the prevalence of orthopedic injuries or diseases such as arthritis and osteoarthritis and rapid surge in the aging population across the world who are more prone to orthopedic diseases drive the growth of the global orthopedic implants market. On the other hand, factors such as the high cost associated with procedures involving orthopedic implants treatment and stringent government policies regarding the implants impede the growth to some extent. However, rise in adoption of orthopedic implants, increase in awareness about the same, and favorable government policies for the development of orthopedic implants are expected to create lucrative opportunities in the industry.
What is the impact of COVID-19 on Orthopedic Implants Market?
- The outbreak of the pandemic forced several industries to shut down temporarily, including the several sub-domains of health care. Less patient visits for diagnosis and monitoring orthopedic disorders impacted the global orthopedic implants market negatively, especially during the initial period.
- However, the market has now recovered slowly and steadily.
The reconstructive joint replacements segment to dominate by 2032-
By product type, the reconstructive joint replacements segment held the major share in 2022, generating more than one-third of the global orthopedic implants market revenue, and is expected to rule the roost by 2032. Increase in the prevalence of osteoporosis and osteoarthritis and rise in investment by the key players in the R&D of orthopedic implants drive the growth of the segment. The ortho-biologics segment, on the other hand, would showcase the fastest CAGR of 6.0% from 2023 to 2032. Rise in demand for advanced therapies and minimally invasive procedures and surge in patient awareness toward the use of orthobiologics fuel the segment growth.
The metallic biomaterials segment to rule the roost-
By biomaterial, the metallic biomaterials segment contributed to the highest share in 2022, holding nearly two-thirds of the global orthopedic implants market revenue, due to the cost-effectiveness of these materials. The others segment, however, would showcase the fastest CAGR of 5.5% throughout the forecast period. This is owing to the growing demand for these materials due to several advantages over synthetic biomaterials.
The knee segment to retain its dominance by 2032-
By type, the knee segment accounted for around one-fourth of the global orthopedic implants market share in 2022, and is expected to retain its dominance by 2032. Surge in demand for knee implants due to increase in the prevalence of orthopedic diseases and rise in road accidents, sports injuries, and others propel the segment growth. The spine segment, simultaneously, would portray the fastest CAGR of 6.0% during the forecast period. This is attributed to the increase in the geriatric population and the rise in the incidence of spinal disorders.
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North America garnered the major share in 2022 –
By region, North America held the highest share in 2022, generating nearly half of the global orthopedic implants market revenue. Increase in the prevalence of orthopedic disorders, rise in the geriatric population, high healthcare expenditure, and the presence of major key players offering advanced orthopedic implants across the region drive the market growth. Asia-Pacific, at the same time, would display the fastest CAGR of 6.4% from 2023 to 2032. This is due to rise in R&D activities, increase in the prevalence of arthritis & sport-related injuries, unmet medical demands, and surge in investments in the healthcare sector in the region.
Key players in the industry-
- Colfax Corporation (DJO LLC)
- Conmed Corporation
- Globus Medical Inc.
- Arthrex Inc.
- Johnson & Johnson (DEPUY SYNTHES)
- NuVasive Inc.
- Medtronic PLC
- Smith & Nephew PLC
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
The report analyzes these key players in the global orthopedic implants market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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