Sunday, December 4, 2022

Orthopedic Implants Market to Make Great Impact in Near Future by 2031

Last updated Monday, November 7, 2022 11:43 ET , Source: Transparency Market Geeks

Wilmington, Delaware , 11/07/2022 / Transparency Market Geeks /

Orthopedic Implants Market Outlook 2031

  • The global orthopedic implants market was valued at US$ 34.5 Bn in 2021
  • The global market is projected to grow at a CAGR of 5.0% from 2022 to 2031
  • The global orthopedic implants market is anticipated to reach more than US$ 56.3 Bn by the end of 2031

Orthopedic Implants Market Introduction

Orthopedic implant is a medical device manufactured to replace a missing joint or bone, or to support a damaged bone. For instance, a woman may want a bone implant or bone replacement to make it easier to do a weight bearing operation. A surgeon could also use an implant to assist in strengthening or entirely changing the joints in a patient’s bone or region. Pain in the joints and bones could be triggered due to damage or deformity, which could require repairing. Some sufferers with the issue could use an implant to beef up or completely replace joints or bones.

Orthopedic implants/orthopedic prostheses are made of various materials such as metal alloys ceramics and polymers. Metal alloys, such as titanium, are the most common materials used to make implants. Bioceramics is a class of material that aids surgeons in replacing a degenerative tissue and bone due to osteoporosis. Polymers are useful in mimicking cartilage or ligaments that may have degenerated over time or after significant trauma. According to the Centers for Disease Control and Prevention, 78 million adults in the U.S. aged 18 or older are estimated to suffer from doctor-diagnosed arthritis by 2040.

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Increase in Incidence Rate of Injuries to Drive Global Orthopedic Implants Market

Injuries caused during sports, driving, and adventure have increased over the last decade. According to the Johns Hopkins Medicine, around 30 million children and youth participate in organized sports in the U.S., and every year, participants suffer over 3.5 million injuries that result in some time lost in participation. Around one-third of all childhood injuries are sports related. Sprains and strains are the most common injuries. According to the American Academy of Pediatrics, every year, more than 3.5 million children under the age of 14 are injured while playing sports or engaging in recreational activities, and nearly 50% of head injuries in sports or leisure occur while cycling, skateboarding, or skating.

According to the WHO, road traffic injuries are the leading cause of death among children and young people aged five to 29. Traffic accidents account for around 1.3 million deaths every year. The number of hip fractures has increased over the last decade. According to the Geriatric Orthopedic Surgery & Rehabilitation (GOS), the number of hip fractures in the U.S. is likely to rise to 840,000 by 2040. As per global orthopedic implants market trends, surge in number of accidents and bone disorders such as joint pain, instability in the joint, bone loss, and infection is anticipated to drive the demand for orthopedic implants/orthopedic prostheses during the forecast period.

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Surge in Adoption of Technologically Advanced Products to Propel Demand for Orthopedic Implants

Large numbers of global manufacturers with technical expertise and core competencies are striving to develop and manufacture novel orthopedic prostheses products. Demand for improved biomaterial-based implants with high strength and low wear is high in the orthopedic biomaterials market and the orthopedic implants market in both developed and developing countries. Technologies such as minimally invasive surgery (MIS), navigation technology, 3D bioprinting & tissue engineering, custom-made implants, computer-aided implant fixation, and the development of variable axis screw systems have witnessed rapid adoption. Key manufacturers are entering into collaborations and partnerships with emerging market players offering novel product pipelines. This combination of key players’ technical expertise and new players’ novel product techniques or materials ensures the launch of new products with enhanced functionalities.

Large Number of Joint Replacement Procedures Performed Bolstering Joint Reconstruction Segment

In terms of product, the global orthopedic implants market has been classified into joint reconstruction, spinal devices, trauma fixation, orthobiologics, dental implants, and others. The joint reconstruction segment accounted for major market share in 2021. This can be ascribed to the large number of joint replacement procedures performed such as knee replacements and hip replacements. Non cement knee replacement surgery is the most common, as it does not require cement to be added between the prostheses and bone. The orthobiologics market segment is also likely to grow steadily during the forecast period.

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Availability of Instruments and Facilities for Orthopedic Procedures Fueling Hospitals Segment

Based on end-user, the hospitals segment is projected to account for significant share of the global orthopedic implants market during the forecast period. This can be ascribed to easy availability of instruments and facilities required for orthopedic procedures in hospitals, and favorable reimbursement policies. The orthopedic clinics segment is anticipated to grow at a high CAGR due to changing preference from hospitals to orthopedic clinics owing to advancements in clinics in terms of facility requirements. Shorter hospital stay, quality of procedures & care, and availability of emergency minimal invasive surgeries and advanced implants are likely to propel the segment during the forecast period.

Regional Outlook of Global Orthopedic Implants Market

North America dominated the global orthopedic implants market in 2021. The market in the region is projected to grow at a high CAGR from 2022 to 2031. This can be ascribed to the rise in demand for technologically advanced orthopedic implants and orthopedic procedures in the region. According to the Canadian Joint Replacement Registry (CJRR), hip and knee replacements are the third and second most common surgeries in Canada, with over 123,000 surgeries performed each year. Around 110,000 joint replacements were performed during 2020–2021; more than 7,300 were performed in day clinics, which is four times more than that in the previous year.

The market in Asia Pacific is expected to grow at a rapid pace from 2022 to 2031, led by the high number of orthopedic diseases and improving economy in China, India, and other countries in Southeast Asia, which has resulted in high per capita health care expenditure. According to the International Osteoporosis Foundation, more than 50% of all osteoporotic hip fractures are expected to occur in Asia by 2050. Osteoporosis is substantially underdiagnosed and undertreated in Asia, even in the most highly susceptible patients who have already suffered a fracture. Countries such as China and India, wherein the bulk of the population lives in rural regions, have less access to diagnosis and treatment compared to urban areas. This suggests that the number of people with osteoporosis in rural countries in Asia could be underestimated.

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Analysis of Key Players in Global Orthopedic Implants Market

The global orthopedic implants market is consolidated, with the presence of a small number of large companies. Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by the leading players. Prominent players operating in the global market are Stryker, DePuy Synthes, Zimmer Biomet, Orthopedic Implant Company, Smith & Nephew, Evonik, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., Globus Medical, KYOCERA Medical Technologies, Inc., Health Canada, Teijin Nakashima Medical Co., Ltd., and HCM Orthocare Pvt. Ltd.

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