"Designing Growth Strategies is in our DNA"
The global orthopedic implants market size was valued at USD 41.20 billion in 2021. The market 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. 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. Based on our analysis, the global market exhibited a decline of 10.4% in 2020 compared to 2019.
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.
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.
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.
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.
Request a Free sample to learn more about this report.
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.
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.
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.
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.
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.
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.
To know how our report can help streamline your business, Speak to Analyst
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.
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.
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, 2021 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
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.
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.
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.
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.
To know how our report can help streamline your business, Speak to Analyst
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.
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.
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.
An Infographic Representation of Orthopedic Implants Market
To get information on various segments, share your queries with us
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.
Value (USD billion)
By Product, End-user, and Region
Fortune Business Insights says that the global market stood at USD 41.20 billion in 2021 and is projected to reach USD 60.90 billion by 2029.
In 2021, the market size in North America was USD 23.05 billion.
The market will be growing at a CAGR of 5.0% during the forecast period.
By product, the joint reconstruction segment will lead the market.
Increasing the 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.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry