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, 2022-2029

The global orthopedic implants market size was valued at USD 41.20 billion in 2021 and is projected to grow from USD 43.14 billion in 2022 to USD 60.90 billion by 2029, exhibiting a CAGR of 5.0% during the forecast period. Based on our analysis, the global market exhibited a decline of 10.4% in 2020 compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with orthopedic implants experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. 

Orthopedic implants are devices used to replace or support a damaged bone designed with metallic alloys such as stainless steel and titanium. The rising prevalence of orthopedic disorders and the increasing number of orthopedic procedures are anticipated to surge the demand for these devices. Moreover, the increasing number of 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. The increasing patient population and a higher number of surgical procedures are anticipated to support the market expansion.

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 more in women (23.1%) than men (11.7%) affected by the condition.

COVID-19 IMPACT

Demand declined during the COVID-19 pandemic as a result of elective procedures being postponed due to the risk of COVID-19 infection

The global demand for these devices was considerably impacted by the appearance of COVID-19. The world's need for implants was directly impacted by the cancellation of surgical procedures, including bone implantations. Due to the COVID-19 pandemic, major market participants in the implant manufacturing industry experienced a drop in their revenues from implant sales.

Moreover, key market players are realigning 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 their 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, fewer orthopedic healthcare organizations, including the American Academy of Orthopedic Surgeons (AAOS), developed tight rules for surgeons to operate in order to prevent the danger of infection, which was a major factor in the decreased adoption of these devices.

Additionally, orthopedic doctors noted a marked decrease in patient visits during the lockdown. This was brought on by the cancellation of medical treatments, particularly elective ones, in an effort to stop the spread of COVID-19. Additionally, due to frequent lockdowns and disruptions in product distribution, key producers in the sector reported a large 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.


• Moreover, Johnson and Johnson Services Inc., in 2020, reported a decline of 12.2% in revenue compared to the previous financial year from its orthopedics segment. Also, in 2020, Johnson and Johnson Services Inc. further reported a decline of 20.9% in revenue from its knee implants segment. Moreover, 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.

Additionally, raw material shortages, the reallocation of procedures postponing the need for implants, and travel limitations were among the difficulties experienced by important firms operating in the industry. However, patient volumes are returning to levels resembling those prior to the pandemic. This was caused by the easing of rules and requirements put in place by various governments around the world. Due to increased vaccination rates among the general public, tight COVID-19 standards in public settings, the removal of travel-related limitations, and other factors, the number of patients increased in 2021. As a result, there will be more demand for bone implants in 2021.

• For instance, in 2021, Johnson and Johnson Services Inc. reported a growth of 10.6% in revenue compared to the previous financial year from its orthopedics segment. Also, in 2020, Johnson and Johnson Services Inc. further reported a recovery of 13.2% in revenue from its knee implants segment. Moreover, 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 has given rise to a higher demand for bone implants. The growing demand for implantable medical devices has created room for customization of implants since every patient brings a separate set of challenges to the surgeon. Moreover, customization offers the orthopedic expert the freedom 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 orthopedic implants market trends in the production of these devices, with various key players investing in the technology owing to the ability of customization.

• For instance, 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, which improves fusion between bone and implant.


• Moreover, in December 2021, Health Canada approved its first domestically developed 3D printed implant Specific 3D mandibular plate. The implant was developed by the 3D Anatomical Construction Laboratory (LARA 3D), a part of Investissement Québec (CRIQ) based in Quebec City.

The increasing support of governments across the globe toward domestic manufacturing and 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

As age progresses, the risk of developing bone disorders, fractures, and bone porosity is some issues that deem geriatrics a potential patient population for orthopedic implants.

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


• Also, an article published by the World Health Organization (WHO), in 2021, estimated that the geriatric population to increase globally from 1 billion to 1.4 billion people by 2030. Moreover, 1 in 6 people is expected to reach 60 during this period.

The increasing number of geriatric populations and a higher risk of geriatrics to 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 the 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 by governments to the patient population is anticipated to augment 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's growth.

Increasing Investments in Development of Novel Implants to Support Market Growth

The increasing demand for implantable orthopedic devices has given rise to competition among key players in the market. Moreover, increasing competition combined with growing demand for bone implantations has promoted major market players to invest in developing novel implants, focusing on customization.

• For instance, in 2021, HAPPE spine announced its series A capital raise of USD 3.35 million, an emerging manufacturer among spinal and general orthopedic devices. The funding will be invested to launch its interbody spinal fusion implant post final approval of 510k and regulatory testing.

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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Joint Reconstruction Segment to Acquire a Major Share of the Global Market During 2022-2029

The largest portion of the global market was occupied by the joint reconstruction category. The rise in older populations and the number of osteoarthritis sufferers are to blame for the rising demand for these items. Joint reconstruction is further sub-segmented into the knee, hip, and extremities. The growing number of hip and knee procedures across the globe is anticipated to support the segment's growth during the forecast period. The extremities segment is expected to register the fastest growth during the forecast period. The segment's growth is due to increased sports injuries, replacement surgeries of upper extremities, and ankle fractures.

The spinal implant segment is anticipated to grow through 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 high demand for trauma implants, owing to increasing number of road accidents and sporting injuries. The segment is anticipated to grow with the fastest CAGR during the study period due to the growing number of 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

Hospitals & Ambulatory Surgery Centers Segment to Hold a Dominant Share of the Global Market during 2022-2029

The global market is segmented into hospitals & ambulatory surgery centers and orthopedic clinics & others based on end-user.

The highest market share in 2021 belonged to hospitals and outpatient surgery centers. The extensive 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 have been 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, announced a partnership 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, generating USD 23.05 billion in the global market in 2021. 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, along with a prevalence of 455 million cases of fracture. 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 the number of 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 Ortho Carolina 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 strategic presence of major market players, such as Zimmer Biomet and Stryker, among others, in the region 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, the growing adoption of technologically advanced products in the area, diversifying product types combined with regulatory approvals for these products are expected to augment the segment's growth.

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

However, during the projection period, 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.

• For instance, the volume-based procurement model by the government of China, launched in 2018, has made medical devices such as implants particularly affordable in the country. Such initiatives by governments of key countries are anticipated to increase the adoption of these devices, thereby enhancing the market growth.

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In the worldwide market, Latin America is expanding with the Middle East and Africa. The growth during the forecast period is anticipated to be driven by an increase in orthopedic surgeries as a result of expanding medical tourism and the increased usage of implants in these countries. Moreover, factors, such as increasing healthcare spending by 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

Robust Product Portfolio of Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew, and Stryker to Help Them Dominate the Market

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 are further factors that are propelling the market's expansion. To obtain an advantage in the fiercely competitive business, the major players are introducing technologically sophisticated items.

• For instance, In November 2021, Smith and Nephew announced a cementless Total Knee System (TKS). The implant is made up of proprietary Conceloc Advanced Porous Titanium, patented for 3D printing. The implant is porous, promoting bone ingrowth.

Moreover, the rise in domestic market players focusing on developing customized implants are 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:

• 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 it a competitive edge in the bone implants market.


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


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

REPORT COVERAGE

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The research report provides a detailed market analysis. 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.

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