Orthopedic Implants Market Size, Share & COVID-19 Impact Analysis, By Product (Joint Reconstruction (Knee, Hip, and Extremities), Spinal Implants (Spinal Fusion Devices and Spinal Non-fusion Devices), Trauma Implants, and Others), By End-user (Hospitals & Ambulatory Surgery Centers and Orthopedic Clinics & Others), and Regional Forecast, 2023-2030

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.

COVID-19 IMPACT

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.

• For instance, Conformis switched to selling its cost-effective lower-priced bone implants during the lockdown from its more customized versions of these devices. The strategic decision was taken to improve the orthopedic implants market share of the company during the pandemic.

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.

• According to an article published by Cureus in 2021, the total number of orthopedic surgeries declined by 22.8% during the first year of the pandemic. Knee arthroplasty was the most affected, reducing by 64.0% compared to pre-pandemic levels. Moreover, hip arthroplasty and knee ligament reconstruction declined by 41.0% and 44.0%, respectively.


• Johnson and Johnson Services Inc., in 2020, reported a decline of 12.2% in revenue from its orthopedics segment and 20.9% in revenue from its knee implants segment compared to 2019. Also, Zimmer Biomet reported a decline of 12.0% in its orthopedic product revenue, while Stryker reported a decline of 6.3% in orthopedics product revenue.

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.

• For instance, in 2021, Johnson and Johnson Services Inc. reported a growth of 10.6% in revenue from its orthopedics segment and a recovery of 13.2% from its knee implants segment compared to the previous financial year. Major market players, such as Zimmer Biomet and Stryker, have reported recovery of 11.6% and 26.0% in the orthopedics segment's revenue compared to the previous financial year.

LATEST TRENDS

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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.

• For instance, in March 2023, Curiteva, Inc. received FDA 510(k) approval for its Inspire 3D Porous PEEK HAFUSE Cervical Interbody System. It’s a 3D printed PEEK implant manufactured by the company’s own Fused Filament Fabrication 3D printer.


• In March 2022, Evonik announced the launch of its 3D printable biomaterials VESTAKEEP iC4800 3DF. The portfolio expansion focuses on offering innovation in osteoconductive PEEK filament, improving bone and implant fusion.

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.

DRIVING FACTORS

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.

• A report published by MDPI medicine in 2021 reported the elderly being at a higher risk of fractures, with a 40-50% risk among women and a 13-22% risk faced by men with growing age.


• Also, an article published by the World Health Organization (WHO) in October 2022 estimated that the global geriatric population to increase from 1 billion to 1.4 billion people by 2030. 1 in 6 people is expected to reach 60 during this period.

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.

• For instance, according to a report published by the Journal of Bone and Joint Surgery in 2021, the average reimbursement by the Medicare program for orthopedic procedures was reported to be 10.5% of the treatment cost. The increasing coverage offered to the patient population is also contributing to the orthopedic implants market growth.

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.

• For instance, in January 2023, Trabtech, a medical technology company, announced a seed investment and research fund of around USD 1.4 million (€ 1.3 million). The funding aimed to be used for research and development of new implants in the orthopedic and pediatric fields.

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.

RESTRAINING FACTORS

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.

• For instance, an article published by Medscape in 2022 reported that bone implants cause a negative immune response, which may cause excessive inflammation, healing interference, and fibrous encapsulation around the affected surgical area. These effects may cause implant rejections and the need to undergo revision procedures.

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.

• For instance, the Economic Times reported the total knee systems to be priced at approximately USD 5,500, along with revision knee systems priced at USD 12,000.

Thus, the high cost of implants and accompanying side effects associated with implantations may hamper the market growth.

SEGMENTATION

By Product Analysis

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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.

• For instance, in March 2021, Stryker launched a hip stem Insignia, a compatible implant with the Mako robot-assisted surgical system. The implant optimizes surgical ease of implantation in muscle-sparing approaches for hemiarthroplasty and total hip procedures.

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.

By End-user Analysis

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.

• For instance, in March 2022, THINK Surgical announced a collaboration with Centennial Hills Hospitals Medical Center based in California, U.S., installing and supporting the TSolution One robot. The system is compatible with various choices of knee implants from multiple manufacturers with an open implant library.

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.

• For instance, in April 2022, Spire Orthopedic Partners, a leading orthopedic clinic chain, partnered with Peabody, a Massachusetts-based Orthopedic Surgical Center and Sports Medicine. The partnership aims to expand its network of private practices operated by orthopedic surgeons individually in the U.S.

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.

REGIONAL INSIGHTS

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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.

• According to an article published by the Lancet in 2021, the incidence of new fractures was reported to be 178 million cases globally, with a prevalence of 455 million cases of fractures. The increasing prevalence of fractures is anticipated to support the growing demand for orthopedic procedures and an upsurge in the adoption of implants.

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.

• For instance, in March 2022, LimaCorporate S.p.A. announced a collaboration with OrthoCarolina Center in New York City, U.S., with successful implantations of ProMade, a patient-specific 3D printed implant. The development demonstrates the benefits of onsite development of implants combined with surgeons' expertise such as reducing the duration of the procedure and patient-specific customization of implants.

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.

• For instance, in January 2023, Zimmer Biomet Holdings, Inc. entered into a definitive agreement to acquire Embody, Inc., a medical device company specialized in soft tissue healing. The acquisition aimed to expand the product portfolio of Zimmer Biomet Holdings, Inc. by acquiring core products of Embody Inc, such as TAPESTRY, a bio-integrative implant for tendon healing and TAPESTRY RC, an arthroscopic implant system.


• In December 2021, Bioretec Ltd., a developer of bioresorbable implants, applied to gain a CE certification for the RemeOs trauma screw to commercialize it in the European Union.

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.

KEY INDUSTRY PLAYERS

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.

• For instance, in May 2021, THINK Surgical, Inc. announced the U.S. Food and Drug Administration (USFDA) approval of BKS TriMax implants and Balanced Knee System (BKS) combined with THINK Surgical's TSolution One Total Knee Application.

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.

LIST OF KEY COMPANIES PROFILED:

• Zimmer Biomet (U.S.)


• Johnson & Johnson Medical Devices (U.S.)


• Smith+Nephew (U.K.)


• Stryker (U.S.)


• BioTek (U.S.)


• CONMED Corporation (U.S.)


• Medtronic (Ireland)


• DJO Surgical (U.S.)


• Exactech, Inc. (U.S.)


• Corin Group (U.K.)


• Conformis (U.S.)


• United Orthopedic Corporation (U.S.)


• Medacta International (Switzerland)


• Globus Medical (U.S.)


• B. Braun Melsungen AG (Germany)

KEY INDUSTRY DEVELOPMENTS:

• August 2022 - OSSIO, Inc. announced the U.S launch of OSSIOfiber Suture Anchor, an implant that offers strong and predictable bio-integration reducing the chances of implant fracture or incomplete integration.


• May 2022 – Spinal Simplicity announced the launch of the Minuteman G5 implant, a minimally invasive device for the fixation and stabilization of the spine while awaiting bony fusion.


• March 2022 – Zimmer Biomet announced the launch of WalkAI. The Artificial Intelligence (AI) model identifies patients predicted to have a lower walking speed post hip replacements. The WalkAI is further integrated into the company’s ZBEdge Connected Intelligence Suite, providing a competitive edge in the bone implants market.


• January 2022 – Smith & Nephew announced the acquisition of Engage Surgical. The investment involves the procurement of Engage’s cementless partial knee system. The newly acquired implant is compatible with Smith & Nephew’s proprietary CORI robotic surgical system.


• November 2021 - Smith+Nephew announced the launch of the CORI Surgical System along with a real intelligence brand of enabling technology solutions in Canada. Real intelligence assists in pre-operative support such as planning, assessments, and measured outcomes

REPORT COVERAGE

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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.

Report Scope & Segmentation