26-Apr-2021 | Facts and Factors
As per the market research report published by Facts and Factors, the global orthopedic implants market was valued at USD 50.6 Billion in 2019. This market is further expected to generate revenue of around USD 73.5 Billion by end of 2026, growing at a CAGR of around 5.48% between 2020 and 2026.
The recent paradigm shift from traditional invasive surgical procedures to minimally invasive procedures used to treat a variety of orthopedic diseases or disorders has had a positive effect on the orthopedic implants industry. Furthermore, the orthopedic implants market has seen the development of customized and advanced 3D-printed orthopedic implants that are integrated with assistive imaging techniques such as magnetic resonance imaging and computed tomography, among others.
Since diseases related to aging, such as rheumatoid arthritis, bursitis, osteoarthritis, and tendinitis, are a leading cause of amputation, orthopedic implant manufacturers are looking for new ways to keep up with the growing global geriatric population. One of the main tactics used by influential orthopedic implant manufacturers to increase their presence in the orthopedic implants market is the acquisition of privately developed models as well as niche players.
Top Market Players
Major players operative in the global orthopedic implants market is Wright Medical Group N.V., CONMED Corporation., Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Globus Medical Inc., Stryker Corporation, Medtronic Plc, Smith and Nephew Plc., DJO Finance LLC, and Arthrex, Inc. amongst others.
Market Dynamics
The use of advanced fixation and prosthetic devices has shifted the orthopedic implants market away from traditional surgical procedures. Demand for orthopedic implants has risen dramatically, owing to an increase in the geriatric population, which raises the risk of osteoarthritis, osteoporosis, and other musculoskeletal disorders, as well as technological advancements in orthopedic implants. According to the World Health Organization, the global population of people aged 60 and up is projected to hit 2 Billion by 2050. However, the market's growth is being hampered by the availability of restricted reimbursement coverage choices. Furthermore, hazards associated with prosthetic implants, such as contrary effects commonly associated with post-surgery infections, metal implants, implant dislocations, hypersensitivity, toxicity problems, and wear debris, are causing patient frustration, increasing product recalls. As a result, regulatory authorities are imposing strict product approval protocols to ensure patient protection, causing product approval deadlines to be pushed back. Consequently, the present regulatory environment will continue to be a significant impediment to business development in the years to come. Furthermore, emerging markets offer the industry lucrative opportunities.
Reconstructive joint replacements accounted for the largest share of the orthopedic implants market by product type, owing to an increase in the prevalence of osteoarthritis and osteoporosis, advances in joint replacements, and increased investment by key market participants in orthopedic implant R&D. The orthobiologics segment, on the other hand, is expected to expand rapidly during the analysis period, owing to increased demand for innovative therapies, minimally invasive procedures, and increased patient knowledge of orthobiologics.
Among the type segment, knee implants dominated the market in 2019. The increase in the older population, who are more vulnerable to diseases such as osteoarthritis and osteoporosis, is one of the main reasons for the rising demand for surgical implants in the joint replacement market. During the forecast era, the spinal implants segment is estimated to rise at the fastest pace. The rising incidences of degenerative disorders, and spondylolisthesis, and disc combined with the constant rise in trauma cases associated with road injuries and sports-related, are expected to drive the growth of spinal fusion surgeries during the analysis period, fueling the growth of the spine segment. Furthermore, the high product and surgical costs are expected to boost the spine orthopedic segment's revenue growth from 2020 to 2026.
North America is projected to Dominate Global Orthopedic Implants Market Growth
With a sales share of 46.4 percent in 2019, North America led the orthopedic implants market. The region's dominance is largely due to the rising geriatric population, which has increased the number of patients suffering from osteoarthritis and osteoporosis. Furthermore, the gradual shift toward minimally invasive procedures is expected to propel market growth in the North American region.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 50.6 Billion |
Projected Market Size in 2026 |
USD 73.5 Billion |
CAGR Growth Rate |
5.48% |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Arthrex, Inc., Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., CONMED Corporation., Stryker Corporation, Medtronic Plc, Smith and Nephew Plc., DJO Finance LLC, and Globus Medical Inc., amongst others. |
Key Segment |
by Product Type, By Biomaterial, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Due to the large population base, increased awareness of orthopedic implants, increased demand for advanced implants, expansion of healthcare infrastructure, and increased demand minimally invasive procedures, Asia-Pacific offers lucrative opportunities for key players operating in the orthopedic implants sector. However, since insurance providers do not cover all of a surgery's material costs, the orthopedic implants industry's growth in Asia-Pacific is expected to be hampered. The growth of the orthopedic implants market in the Asia-Pacific region is primarily due to an increase in purchasing power as a result of expanding healthcare infrastructure and an increase in the geriatric population.
Browse the full “Orthopedic Implants Market by Product Type (Reconstructive Joint Replacements, Spinal Implants, Trauma, Orthobiologics, Dental Implants, and Others) By Biomaterial (Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Others), By Type (Knee, Hip, Wrist & Shoulder, Ankle, Dental, Spine, and Others) and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/orthopedic-implants-market.
The global orthopedic implants market is segmented as follows:
By Product Type:
- Reconstructive Joint Replacements
- Knee Replacement Implants
- Hip Replacement Implants
- Extremities
- Spinal Implants
- Spinal Fusion Devices
- Vertebral Compression Fracture (VCF) Devices
- Motion Preservation Devices/Non-Fusion Devices
- Dental Implants
- Root Form Dental Implants
- Plate Form Dental Implant
- Trauma
- Orthobiologics
- Demineralized Bone Matrix (DBM)
- Allograft
- Bone Morphogenetic Protein (BMP)
- Viscosupplementation Products
- Synthetic Bone Substitutes
- Others
- Others
By Biomaterial:
- Metallic Biomaterials
- Polymeric Biomaterials
- Ceramic Biomaterials
- Others
By Type:
- Knee
- Hip
- Wrist & Shoulder
- Ankle
- Dental
- Spine
- Others
By Region:
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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