Orthopedic Implants Market Size, Share & Industry 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, 2019-2026

KEY INDUSTRY INSIGHTS

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The orthopedic implants market size valued at USD 46.5 Billion in 2018 and is projected to reach USD 64.0 Billion by 2026, exhibiting a CAGR of 4.1% during the forecast period.

Orthopedic implants are medical devices that are used for the replacement of a damaged or a missed bone. The orthopedic 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 orthopedic implant surgeries are the major factors likely to contribute to the orthopedic implant market growth during the forecast period. According to a report by the National Center for Biotechnology Information (NCBI) published in 2018, an estimated 200 million people suffer from osteoporosis every year. The rise in osteoporosis is likely to accelerate the demand for orthopedic implants in the forthcoming years.

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Rise in healthcare expenditure, growing advancements in orthopedic implants, and increase in the product launches by the key players are likely to fuel the orthopedic implants market during the forecast period.

MARKET DRIVERS

“Growing Prevalence of Orthopedic Injuries and Rapid Rise in the Aged Population to Drive the Market”

Rapid rise in the prevalence of orthopedic injuries and musculoskeletal diseases leading to the restricted mobility & severe pain is likely to profoundly impact the quality of life of the patient adding a significant treatment cost burden on the patient. This is the major factor anticipated to drive the demand for orthopedic implants during the forecast period.

According to the report published by NASA Neuroscience and Spine Associates, P. L., in 2017, it has been estimated that around 1.2 million players face orthopedic football injuries every year. The sport injury increases the risk of knee injuries among older players during their sports training which is likely to boost the demand for orthopedic implant in the coming future.

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. Rise in bone fractures due to osteoporosis around the globe is expected to fuel the demand for effective minimally invasive procedures using orthopedic implants. According to data published by the National Institute of Health (NIH), it has been estimated that more than 53 million people in the United States have osteoporosis and are prone to a greater risk of this disease due to the low bone mass.

Moreover, there has been a significant rise in the geriatric population further augmenting the orthopedic implants market growth. Rise in aged population is likely to elevate the demand for joint replacement procedures including hip and knee replacements. According to World Health Organization (WHO), the proportion of the world’s population over 60 years is likely to double from 12% to 22% between 2015 and 2050. A consistent rise in geriatric population, mainly above 60 years, is likely to develop degenerative disc diseases, osteoarthritis, and low bone density problems, which is likely to drive the demand for orthopedic implants at a significant rate.

Additionally, growing technological advancements in orthopedics, rise in the obesity, and growing adoption of sedentary lifestyle are likely to upsurge the demand for orthopedic implants in the coming years. Also, rising investments in research domain by key players in the development of minimally invasive & cost-effective orthopedic implants are likely to boost the market growth during the forecast period.

SEGMENTATION

By Product Analysis

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

Based on product type, the orthopedic implants 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 the year 2018, and it is projected to expand at a considerably high CAGR during the forecast period. The joint reconstruction segment is sub-segmented into knee, hip, and extremities. 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 joint reconstruction segment is anticipated to be the fastest-growing sector owing to the growing penetration of upper extremities implants, rise in ankle replacement surgeries, and increase in cases of accidents among the ageing population.

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Orthobiologics segment is likely to expand at a considerable CAGR during the forecast period owing to the presence of key players involved in the development of orthobiologics products. The spinal implant segment is likely to be the most attractive segment in the orthopedic implants market in the coming years. This is majorly driven by increase in the number of launches of spinal implants products and growing number of partnerships and acquisition 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

“Hospitals Segment to Continue Its Dominance throughout the Forecast Period in the Orthopedic Implants Market”

Based on end-user, the market has been categorized into hospitals, orthopedic clinics, ambulatory surgery center, and others. Among them, hospitals segment captured major share in the market. This is mainly due to presence of advanced facilities and rising healthcare infrastructure in hospitals. The hospital segment is anticipated to continue its dominance in the forthcoming years. This is attributed to the rise in the number of orthopedic surgeries performed in the hospitals and the growing number of hospital visits by patients with orthopedic injuries.

The orthopedic clinics segment is projected to witness remarkable growth during the forecast period owing to the rise in the number of orthopedic clinics. Moreover, a growing number of orthopedic surgeries in ambulatory surgery centers is likely to augment the demand for orthopedic implants market during the forecast period.

REGIONAL ANALYSIS

Geographically, the market segments include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa Among them, North America dominated the market throughout the forecast period. Increase in the number of patients diagnosed with osteoarthritis and an increase in geriatric population count are the major factors likely to boost the demand for orthopedic implants market growth in North America.

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Europe is likely to hold the second-largest market share after North America owing to rise in number of chronic diseases such as diabetes and increase in the prevalence of bone disease. The market in the Asia Pacific is likely to witness fast-paced growth during the forecast period majorly due to the flourishing medical tourism, rise in disposable incomes, and gradually improving healthcare infrastructure.

Latin America and Middle East & Africa are likely to experience slow growth in the orthopedic implants market owing to the lower number of orthopedic surgeons and due to low-income growth. However, a growing number of orthopedic injuries & diseases and rise in the adoption of orthopedic implants are likely to drive the orthopedic implant market growth in Latin America and Middle East & Africa.

INDUSTRY KEY PLAYERS

“Strong Product Offerings by Key Players Are Likely to Propel the Orthopaedic Implants Industry Growth”

Zimmer Biomet, DePuy Synthes Companies (Johnson & Johnson Services, Inc.), Smith & Nephew, and Stryker are the leading players in the orthopaedic implants market with a strong brand presence combined with a wide range of product offerings. These players are likely to continue their dominance in the market and generate significant revenue in the forthcoming years owing to the persistent investments in research and development for the launch of cost-effective and innovative orthopaedic implants. Moreover, strong focus on strategic partnerships with other players orthopaedic segment is likely to support expansion of their footprints in the orthopaedic implants market.

Other players involved in the distribution and manufacturing of orthopaedic implants with a considerable market share include ArthroCare Corporation, BioTek Instruments, Inc., CONMED Corporation, Integra LifeSciences Corporation among others.

LIST OF KEY COMPANIES COVERED:

• Zimmer Biomet


• Medtronic


• DePuy Synthes Companies (Johnson & Johnson Services, Inc.)


• Smith & Nephew


• Stryker


• ArthroCare Corporation


• BioTek Instruments, Inc.


• CONMED Corporation


• Integra LifeSciences Corporation


• Other Prominent Players

REPORT COVERAGE

The orthopedic implants report provides qualitative and quantitative insights on the orthopedic implants market trends and detailed analysis of size & growth rate of the global market.

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Along with this, the report provides an elaborative orthopedic implants 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/region, mergers & acquisitions, orthopedic surgeries procedure volume for 2018, regulatory and reimbursement scenario by country/region among others.

Report Scope & Segmentation

INDUSTRY DEVELOPMENT:

• January 2019: Siora Surgicals Pvt. Ltd. announced the launch of its wide range of helix lock plate systems, which includes both large & small implants of different bones of lower and upper extremities.


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


• June 2017: GENERAL ELECTRIC announced its partnership agreement with Stryker, one of the leading medical technology companies across the globe, to support additive manufacturing that involves innovative additive machines, services, and materials for orthopedic implants.