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The global orthopedic implants market size valued at was USD 43.13 billion in 2022 and is anticipated to grow from USD 45.19 billion in 2023 to USD 64.27 billion by 2030, exhibiting a CAGR of 5.2% during the forecast period.
Orthopedic implants are devices used to replace or support a damaged bone. These are mostly made up of metallic alloys such as stainless steel, titanium & cobalt-based alloys, and polymers. The rising prevalence of orthopedic disorders and the increasing number of orthopedic procedures are anticipated to surge the demand for these devices. Moreover, the rising geriatric populations prone to osteoporosis and an increased risk of bone conditions are expected to increase the patient pool for diagnosis and subsequent surgical procedures for these implants.
According to a report published by the Journal of Orthopedic Surgery and Research in 2021, osteoporosis cases are around 18.3% globally. The condition was predominantly found in women (23.1%) than men (11.7%) affected by the condition.
Drop in Elective Procedures led to Declined Orthopedic Implant Demand during the COVID-19 Pandemic
COVID-19 negatively impacted the global demand for these devices due to cancellation of surgical procedures, including implantations. Major market players in the orthopedic implant manufacturing industry experienced a drop in their revenues from implant sales.
Moreover, key market players realigned their strategy from selling high-priced customized implants to a more standard variant, keeping costs low.
Additionally, orthopedic healthcare organizations, including the American Academy of Orthopedic Surgeons (AAOS), developed stringent rules for surgeons to operate in order to prevent the chances of infection, which was a major factor in the reduced adoption of these devices.
Additionally, due to cancellation of medical treatments, particularly elective ones, to stop the spread of COVID-19, there was a marked decrease in patient visits during the lockdown. This further led to a loss in revenue during the pandemic.
Moreover, raw material shortages and travel limitations were among the difficulties experienced by key players operating in the industry. However, patient volumes are returning to levels resembling those pre-pandemic. This was caused by the easing of rules and requirements put in place by governments globally. Due to increased vaccination rates among the general public, stringent COVID-19 standards in public settings, the removal of travel-related limitations, and other factors, the number of patients increased in 2021 and 2022.
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Innovation in Orthopedic Implants to Support the Growth of the Market
The increasing number of orthopedic procedures is generating higher demand for orthopedic implants. The growing demand has created room for the customization of implants since every patient brings a separate set of challenges to the surgeon. This customization allows the orthopedic expert to utilize various approaches to fit an implant. Innovations such as portable navigation to guide the surgeon through the implantation, completely remote robot-assisted orthopedic surgery, and Artificial Intelligence (AI) powered guidance software to assist the surgical procedures will have increasing applications in the market.
Moreover, 3D printing in the production of specialized implants to develop a multi-layered composite implant is one of the primary market trends in producing these devices, with various key players investing in the technology.
The increasing support of governments globally toward domestic manufacturing and the development of innovative medical devices such as implants is anticipated to support the uptake of these innovations, thereby fostering the market for orthopedic implants.
Increasing Geriatric Population and Prevalence of Orthopedic Diseases to Augment Market Growth
With the growing geriatric population globally, the prevalence of orthopedic diseases, such as arthritis, fractures, bone deformities, and others, is also increasing.
The increasing geriatric population and a higher risk of bone fractures due to fragility and other bone conditions are expected to increase orthopedic procedures during the study period. The increasing number of orthopedic procedures and various government initiatives to enable reimbursements for the patient population are anticipated to drive the demand for these devices.
This factor, coupled with the rising prevalence of osteoarthritis and other bone-related disorders, is projected to augment the market growth.
Increasing Investments in the Development of Novel Implants to Support Market Growth
Increasing competition and growing demand for bone implantations encouraged major market players to invest in developing novel implants, focusing on customization.
Domestic players are raising investments by industry stakeholders to launch novel implants. A rising number of product launches catering to the increasing demand for implants is anticipated to support the market's growth.
High Cost of Orthopedic Implants along with Side Effects Associated with these Devices to Hamper Market Growth
Many studies have demonstrated side effects of orthopedic implants post-surgery, such as implant rejection, septic arthritis, and osteomyelitis, caused due to bacteria Staphylococcus and allergies due to metallic degradation. These side effects are understood to create health risks among patients, which may adversely affect the market's growth.
Moreover, the high cost of the orthopedic procedure increases the total expenditure of the patient undergoing surgery. The high cost, coupled with revision procedures to be conducted in a few years depending on the wear of the implant, may decrease the adoption of the implant, which may further impede the market growth.
Thus, the high cost of implants and accompanying side effects associated with implantations may hamper the market growth.
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Increase in Hip and Knee Procedures Aided Growth for the Joint Reconstruction Segment
Based on product, the market is segmented into joint reconstruction, spinal implants, trauma implants, and others. The joint reconstruction segment dominated the market in 2022. Joint reconstruction is further sub-segmented into the knee, hip, and extremities. The growing number of hip and knee procedures globally is anticipated to support the segment's growth during the forecast period. The extremities segment is expected to register notable growth due to increased sports injuries, replacement surgeries of upper extremities, and ankle fractures.
The spinal implant segment is anticipated to grow notably during the forecast period due to the increasing number of spinal surgeries. The spinal implant segment is further sub-segmented into spinal fusion and non-fusion segments. Occupational hazards such as longer working hours have given rise to spinal conditions such as scoliosis and spondylitis. These conditions increase the demand for spinal procedures, thereby increasing the uptake of spinal implants. The higher adoption and increasing product launches by key market players are anticipated to grow the segment during the forecast period.
The trauma implants and other segments are anticipated to grow throughout the forecast period due to the high demand for trauma implants, owing to the increasing number of road accidents and sporting injuries. The segment is anticipated to grow with a significant CAGR during the study period due to the growing traffic mishaps leading to a higher demand for trauma implants.
Further, the introduction of novel implants by leading players fuels industry trends in the global market.
Increased Utilization of Orthopedic Implants by Hospitals & Ambulatory Surgery Centers Supports the Growth of the Segment
Based on end-user, the market is segmented into hospitals & ambulatory surgery centers and orthopedic clinics & others. The hospitals & ambulatory surgery centers segment captured a significant market share in 2022. The comprehensive reimbursement policies provided by large hospitals offering implantations are responsible for the segment's dominance. Moreover, initiatives by manufacturers to launch advanced products through partnerships with key hospitals and higher adoption of advanced implantation techniques, such as robot-assisted orthopedic surgeries, are anticipated to drive the segment's growth. Leading hospitals in the U.S., the U.K., and other developed countries have installed robotic systems for orthopedic procedures, which is pivotal in attracting a large patient pool for treatment in these facilities.
On the other hand, the orthopedic clinics & others segment is anticipated to record a higher CAGR, owing to the increasing number of orthopedic experts establishing private practices along with novel implant procedures such as remote surgical implantations providing the capability for various experts to collaborate through private practice is anticipated to support the growth of the orthopedic clinics & others segment. Moreover, key service providers collaborating to expand their presence and increasing demand for orthopedic surgeries are estimated to foster the segment's growth.
Furthermore, higher adoption of telemedicine during the pandemic for remote orthopedic consultations and scheduling of surgeries has provided an upper hand to orthopedic clinics for improving awareness among the patient population.
North America Orthopedic Implants Market Size, 2022 (USD Billion)
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North America dominated the global market share, generating USD 24.05 billion in 2022. The growing incidence of orthopedic disorders among Americans, such as osteoporosis and other relative bone disorders, and the increasing geriatric population at a relatively higher risk of bone fractures are expected to increase the demand for orthopedic procedures.
The increasing demand for orthopedic procedures coupled with a rise in implantations is anticipated to drive the market's growth. Moreover, the emphasis of market players on inorganic growth strategies, such as partnerships and collaborations, to launch innovative implants to cater to the rising demand for patient-centric customization is a significant factor responsible for driving the market's growth in North America.
Moreover, the region's strategic presence of major market players, such as Zimmer Biomet and Stryker, among others, and the growing adoption of orthopedic implants are expected to support the market growth.
Europe accounted for the second-largest market share in the global market. The surging patient population affected by arthritis and other bone disorders, alongside strategic developments of the key industry players, such as mergers and acquisitions, in the region, are boosting the market growth. Moreover, diversifying product types combined with regulatory approvals for these products are expected to augment the segment's growth with the growing adoption of technologically advanced products in the area.
The Asia Pacific market is anticipated to grow at the fastest rate. An increase in the number of patients getting orthopedic treatments is due to advancements in bone scan diagnostics for determining bone density among diagnostic laboratories, better reimbursements by private and governmental institutions, and the development of healthcare infrastructure. This, coupled with favorable regulation by governments to support orthopedic procedures, is expected to enhance the market growth in Asian countries.
Latin America is expanding in the global market with the Middle East and Africa. The growth during the forecast period is anticipated to be driven by an increase in orthopedic surgeries due to expanding medical tourism and the increased usage of implants in these countries. Moreover, factors such as increasing healthcare spending by the patient population and various domestic and global players entering these markets through mergers and collaborations are further expected to enhance the growth of these regions.
Approval and Introduction of Novel Products by Key Players to Strengthen their Position
Key players, including Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew, and Stryker, have consolidated the global market. The strong bone implant product portfolio and significant expenditure in research and development to introduce technologically sophisticated implants are credited with these companies' dominance.
A well-established distribution channel and strategic partnerships with important service providers to increase product reach propel market expansion. The major players are introducing technologically sophisticated items to obtain an advantage in the fiercely competitive business.
Moreover, the rise in number of domestic market players focusing on developing customized implants is focusing on providing competitive pricing, which is further estimated to cater to the increasing demand among developing markets across the globe.
An Infographic Representation of Orthopedic Implants Market
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The research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, products, and end-users. Besides this, it offers insights into the trends in the global market and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth.
CAGR of 5.2% from 2023-2030
Value (USD billion)
By Product, End-user, and Region
Fortune Business Insights says that the global market stood at USD 43.13 billion in 2022 and is projected to reach USD 64.27 billion by 2030.
In 2022, the market size in North America was USD 24.05 billion.
The global orthopedic implants market will grow at a CAGR of 5.2% during the forecast period to hit USD 64.27 billion by 2030.
By product, the joint reconstruction segment will lead the market.
Increasing geriatric population, prevalence of orthopedic diseases, and increasing investments in developing novel implants are the key factors driving the market.
Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew, and Stryker are the top players in the market.
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