Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global orthopedic implants market size is anticipated to hit USD 64.18 billion by 2028 and exhibit a CAGR of 5.1% during the forecast period. The expanding geriatric population and the rising orthopedic injuries prevalence are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled, “Orthopedic Implants Market, 2021-2028”. The market size stood at USD 43.16 billion in 2020.
The growing demand for customized joint implants is anticipated to provide significant growth impetus to the market. The major players in the market are focused on developing cutting-edge technologies to provide technically advanced joint implants. The rising technological advancements in these implants are likely to bolster the market’s growth in the upcoming years.
Industry Developments-
- July 2021: Orthofix Medical Inc. launched a patient implant with fiberFUSE strip. The product is a cutting-edge demineralized bone-graft solution.
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Drivers & Restraints-
Rising Technological Advancements to Boost Market Growth
- Large medical device companies leverage modern technologies to produce implants according to the patient’s anatomy. The unique anatomy of each patient requires a customized joint implant.
- Hence, the growing demand for customized joint implants is likely to complement the market growth.
- Due to the growing demand for customized orthopedic implants, the companies are focused on developing cutting-edge technologies to provide technically advanced implants. Therefore, the growing emphasis on technological advancements in these implants is likely to bolster the global orthopedic implants market growth.
Low bone density issues, osteoarthritis, degenerative disc diseases, and other such bone-related issues are widely found in the geriatric population above 60 years of age. The geriatric population is consistently rising and is likely to stimulate market growth. Additionally, the surging prevalence of orthopedic injuries is anticipated to augment the market growth.
However, the high costs of orthopedic implants and the price transparency barriers are likely to hinder the market’s growth.
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Regional Insights-
Expanding Geriatric Population to Propel Growth in North America
North America is projected to hold the largest portion of the global orthopedic implants market share. The increasing geriatric population and the rising number of patients suffering from osteoarthritis are anticipated to boost the growth of the market. Europe is expected to witness robust growth due to the increased prevalence of chronic diseases, including diabetes and bone diseases.
Asia Pacific is anticipated to gain immense growth due to improving levels of personal disposable income, flourishing medical tourism, and improving healthcare infrastructure.
The Middle East & Africa, and Latin America are likely to witness sluggish growth due to fewer orthopedic surgeons and low-income development.
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Competitive Landscape-
Key Players Adopt Ingenious Growth Strategies to Improve Market Positions
The market is dominated by Stryker, DePuy Synthes Companies (Johnson & Johnson Services Inc.), and Smith & Nephew. The three players account for the largest market shares due to their strong brand presence and robust product portfolios.
The key players operating the market emphasize extensive R&D activities to develop innovative and effective orthopedic implants. They focus on devising ingenious growth strategies, including new product launches, technological developments, partnerships, collaborations, acquisitions, mergers, and others. For instance, IMPLANET announced its plans to acquire a spine implant manufacturer called Orthopedic & Spine Development (OSD) in March 2021.
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Key Players in the Global Market are:
- Zimmer Biomet (Indiana, U.S.)
- Medtronic
- DePuy Synthes Companies (Johnson & Jonson Service Inc.) (Raynham, U.S.)
- Smith & Nephew (London, U.K.)
- Stryker (Michigan, U.S.)
- ArthoCare Corporation (Texas, U.S.)
- BioTek Instruments Inc. (Vermont, U.S.)
- CONMED Corporation (New York, U.S.)
- Integra LifeSciences Corporation (Massachusetts, U.S.)
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