Orthopedic Implants Market Size, Share & COVID-19 Impact Analysis, By Product (Joint Reconstruction Spinal Implants, Trauma Implants, Dental Implants, Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2021-2028

The global orthopedic implants market size was USD 43.16 billion in 2020. The market is anticipated to grow from USD 45.30 billion in 2021 to USD 64.18 billion in 2028 at a CAGR of 5.1% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with these implants witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -10.87% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Orthopedic implants are medical devices that are used for the replacement of a damaged or a missed bone. These implants are surgically inserted in the body to treat or support a damaged bone or joint, further stabilizing the body posture. Growing geriatric patient populations around the globe, an increase in osteoporosis-related fractures, and the rise in this type of implant surgeries are the major factors likely to contribute to the market growth rate during the forecast period. According to a report by the National Center for Biotechnology Information (NCBI) published in 2020, an estimated one in two Americans over age 50 is anticipated to be at risk of developing hip osteoporosis majorly due to the aging of the population and the prevalence of osteoporosis. The rise in osteoporosis is likely to accelerate the demand for products in the forthcoming years.

Decline in Revenues amid COVID-19 to Hinder Market Growth Opportunities

The COVID-19 outbreak placed an additional burden on healthcare systems globally. It had far-reaching societal and financial consequences and has altered the orthopedic landscape for the foreseeable future. Delays or cancellations in appointments and surgeries have had a massive impact on global market growth. Due to these impacts and measures, companies have experienced significant and unpredictable reductions in product demand and a decline in procedure volumes as healthcare customers divert medical resources and priorities towards treating COVID-19 globally. For example, due to pandemic Zimmer Biomet has seen a significant decline in their revenues and product volumes to around 12 percent.

Additionally, the U.K. National Health Service (NHS) had directed all hospitals in England to postpone non-urgent procedures for three months. Due to the COVID-induced lockdowns, the orthopedic implant sector witnessed a decline in the global market.

LATEST TRENDS

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Technological Advancements in Orthopedic Implants to Bolster Market Growth

The Rising demand for customized joint implants is anticipated to boost the orthopedic implant market growth. Subsequently, each patient has a unique anatomy, the concept of “one size fits all” is not appropriate. Therefore, large medical device companies strive to leverage advanced technologies to manufacture patient-specific implants. For instance, In July 2020, Stryker announced a real intelligence brand enabling technology solutions and its new generation handheld robotics platform - the CORI Surgical System. Additionally, the institution of 3D printing technology to manufacture implants has resulted in a massive increase in demand for customized implants. Companies are on the rise to develop cutting-edge technologies that can supply technically advanced joint implants and upsurge market growth during the projected time frame. Furthermore, growing technological advancements in orthopedics, a rise in obesity, and the growing adoption of a sedentary lifestyle are likely to boost the demand for the product in the coming years. Also, rising investments in the research domain by key players in the development of minimally invasive & cost-effective implants are likely to boost the market growth during the forecast period.

DRIVING FACTORS

Growing Prevalence of Orthopedic Injuries and Rapid Rise in Aged Population to Boost Market Growth

A rapid rise in the prevalence of orthopedic injuries and musculoskeletal diseases leading to restricted mobility & severe pain is likely to profoundly impact the patient's quality of life, adding a significant treatment cost burden. This factor may drive demand for orthopedic implants during the forecast period. As per the report published by the World health organization (WHO), in February 2021, around 1.71 billion people have musculoskeletal conditions globally. They are the biggest contributor to years lived with disability (YLDs) worldwide, with around 149 million cases, accounting for 17% of all YLDs worldwide.

Furthermore, there has been a significant rise in osteoporosis diseases characterized by low bone mass density and structural deterioration of bone tissue, accelerating the risk of hip and spine fractures. The increase in bone fractures due to osteoporosis around the globe is expected to fuel the demand for effective minimally invasive procedures using implants. Moreover, there has been a significant rise in the geriatric population, further augmenting the market growth. A rise in the aged population is likely to elevate the demand for joint replacement procedures, including hip and knee replacements. As per the Hindu Centre for Politics and Public Policy, in 2020, worldwide, there were around 727 million persons aged 65 years or above, and the share of the population aged 65 years or over is anticipated to rise from 9.3 percent in 2020 to around 16.0 percent in 2050. A consistent rise in the geriatric population, mainly above 60 years, is likely to develop degenerative disc diseases, osteoarthritis, and low bone density problems, likely driving the demand for implants significantly.

Growing Research & Development Investments and Increasing New Product approvals to Drive Market Growth

This market is becoming more competitive with growing implants to treat various musculoskeletal disorders and the increased introduction of advanced surgical solutions. Major key players in the market are adopting organic and inorganic growth strategies to maintain their market position. For instance, in September 2019, DePuy Synthes announced the CONDUIT Implants portfolio launch, including 3D printed Interbody implants accelerating spinal fusion. The launch of similar products by major players is likely to foster the spinal devices' market growth. Thus, increasing R&D investments and new product launches are expected to drive the orthopedic implants market growth during the forecast period.

RESTRAINING FACTORS

High Costs Associated with Orthopedic Implant Procedures and Barriers to Price Transparency

Orthopedic procedures signify a large expense to the medicare program, and costs of implantable medical devices account for a huge proportion of those procedures costs. Even though the increasing incidence of orthopedic injuries and a rise in the geriatric population worldwide, the high cost of the procedure and post-surgical complications limit market growth. Some of the risks and complications of implants include infections and lack of a full range of motion that may restrain the market growth. Additionally, the lack of price transparency creates a barrier to the patients' ability. The complications associated with the use of the implant are a significant factor that is anticipated to hamper the market's growth in the coming years.

SEGMENTATION

By Product Analysis

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Growing Number of Knee and Hip Replacement Surgeries to Drive Joint Reconstruction Segment Growth

Based on product type, the market segments include joint reconstruction, spinal implants, Trauma Implants, dental implants, and orthobiologics. Among them, the joint reconstruction segment held the largest market share in 2020, and it is projected to grow at a significantly high CAGR during 2021-2028. The joint reconstruction segment is sub-segmented into the knee, hip, and extremities. The growing number of knee and hip replacement surgeries is likely to accelerate the joint reconstruction market growth during the forecast period. Extremities sub-segment in the joint reconstruction segment is anticipated to be the fastest-growing sector due to the growing penetration of upper extremities implants, rise in ankle replacement surgeries, and increase in cases of accidents among the aging population.

The spinal implant segment is likely to be the most attractive segment in the coming years because of the increase in the number of launches of spinal implants products and a growing number of partnerships and acquisitions among many players for the distribution of spinal implants. Further, growing applications of orthopedic implants in dental and trauma surgeries are likely to boost the demand for dental and trauma implants.

By End-user Analysis

Adequate Reimbursement by Hospitals Leading to Higher Number of Surgeries Performed in these Settings

The rise in patients' preference towards hospitals for orthopedic surgeries, especially in emerging countries, has been pivotal in the segment's dominance in 2020. There has been a gradual increase in inpatient admissions for orthopedic surgeries, including knee and hip replacement surgeries in hospitals. Primary reasons for the increase include the adoption of advanced technologies such as robotic surgeries by hospitals and adequate reimbursement policies offered by these settings. Leading hospitals in U.S., U.K., and other developed countries have installed robotic systems for orthopedic procedures, which has been pivotal in attracting a large patient pool for treatment in these facilities.

The orthopedic clinics segment is poised to register a steady CAGR during the forecast period. Increasing preference of healthcare providers and patients towards outpatient surgeries in developed countries and adoption of advanced techniques by these facilities leads to the rising number of surgeries being performed in these settings. Furthermore, improving reimbursement policies in outpatient clinics is driving the segment's growth.

REGIONAL ANALYSIS

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The orthopedic implants market share in North America stood at USD 20.91 billion in 2020. The increasing patient population suffering from osteoarthritis and the increasing number of geriatric populations in the region lead to a rise in the number of surgeries performed. Further, the constant focus of market players in catering to the demand in the U.S. and Canada are some of the factors responsible for the dominance of North America in 2020. According to data published by the Osteoarthritis Research Society International (ORSI) in 2018, an estimated prevalence of osteoarthritis (OS) in North America was around 4.15% among the general population

Europe held the second-largest market share. A growing number of patient pool suffering from arthritis and other bone disorders, and strategic developments of the key industry players in the region are boosting the market growth. In March 2021, IMPLANET announced the acquisition of Orthopaedic & Spine Development (“OSD”), a company specializing in developing, manufacturing, and marketing implants for spine surgery.

Market in Asia Pacific is poised to register a comparatively higher CAGR during 2021-2028. Improving reimbursement policies and healthcare and hospital infrastructure are some reasons leading to the increasing number of patients undergoing treatment. Moreover, the adoption of technologically advanced systems by hospitals in these countries shall attract a higher number of patients to undergo hip and knee replacement surgeries.

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Market in Latin America and the Middle East & Africa is currently in the nascent stage. However, improving healthcare infrastructure in countries such as Brazil, UAE, and Saudi Arabia, along with rising per capita healthcare spending in these countries, leads to an increasing number of patients undergoing treatment. Furthermore, the entry of global and domestic players with new products in the regions is poised to drive the market growth during the forecast period.

KEY INDUSTRY PLAYERS

Robust Product Offerings by Key Players to Propel Orthopedic Implants Industry Growth

Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew, and Stryker dominated the market. Factors attributed to their dominance include a strong brand presence in the orthopedic segment and a widespread direct and indirect global presence. In December 2021, DePuy Synthes announced the acquisition of OrthoSpin Ltd., an Israeli company developing an automated strut system used in conjunction with the DePuy Synthes MAXFRAME multi-axial correction system.

A strong product portfolio and the strong R&D investment of these players have been pivotal for their dominance in the global market in 2020. Further, a strong focus on inorganic growth strategies, including mergers and acquisitions by these players, is projected to lead to the consolidation of the market during the forecast period.

Other prominent players in the global market are Conformis, CONMED Corporation, DJO, LLC, and Exactech, Inc.

LIST OF KEY COMPANIES PROFILED:

• Zimmer Biomet (Indiana, U.S.)


• Medtronic (Dublin, Ireland)


• DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (Raynham, MA, U.S.)


• Smith & Nephew (London, U.K.)


• Stryker (Michigan, U.S.)


• ArthroCare Corporation (Texas, U.S.)


• BioTek Instruments, Inc. (Vermont, U.S.)


• CONMED Corporation (New York, U.S.)


• Integra LifeSciences Corporation (Massachusetts, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2021 – 4WEB Medical announced the Lumbar Spine Plating Solution (LSTS-PS) launch.


• January 2021 – GOeasy, a manufacturer of orthopedic implants and instruments for joint replacement surgery, announced that the company had signed an agency agreement with PeekMed, a software technology company developing powerful 3D pre-operative digital planning tools.


• February 2019: Implant, a medical technology company engaged in developing vertebral & knee surgery implants, announced that it has entered into a label distribution agreement with SeaSpine to commercialize the Jazz spine portfolio in the U.S. This implant will be used for the treatment of degenerative spinal trauma conditions.

REPORT COVERAGE

An Infographic Representation of Orthopedic Implants Market

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The market research report provides qualitative and quantitative insights on the orthopedic implants market trends and a detailed analysis of the size & growth rate of the market. The report also provides elaborative market analysis, dynamics, and competitive landscape. Various key insights presented in the report are the recent key industry developments, the number of orthopedic injuries & prevalence of orthopedic diseases for key countries/regions, mergers & acquisitions, orthopedic surgeries procedure volume for 2020, regulatory and reimbursement scenario by country/region, among others.

Report Scope & Segmentation