Vancouver, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The global orthopedic implants market size was USD 35.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.3% during the forecast period. The surge is attributed to the increasing prevalence of orthopedic disorders, advancements in orthopedic implant technology, and a growing demand for these implants globally.
Orthopedic implants, crucial in supporting or replacing damaged bones, are predominantly made from materials like stainless steel, titanium, cobalt-based alloys, and polymers. According to the World Health Organization (WHO), over 1.71 billion people globally suffer from musculoskeletal diseases, emphasizing the critical role orthopedic implants play in addressing these conditions.
Key Drivers of Market Growth
One pivotal factor driving the market is the adoption of Three Dimensional (3D) printing technology, revolutionizing orthopedic implant manufacturing. 3D printing allows the creation of patient-specific implants, enhancing precision in orthopedic procedures. This technology empowers surgeons to plan complex surgeries meticulously, resulting in optimal implant sizing and placement, ultimately improving patient outcomes.
However, the high cost of orthopedic implants poses a challenge to market growth. Factors contributing to this include limited knowledge of implant costs among surgeons, confidentiality agreements, industry competition, and the introduction of newer, more expensive technologies. Improving transparency, educating surgeons about costs, and promoting evidence-based decision-making are crucial to address this issue.
Innovations and Trends
A notable trend in the market is the development of multifunctional smart bone implants. These bioelectronic devices aim to provide personalized and continuous therapeutic interventions, optimizing the performance of bone implants and reducing surgical revision rates. Challenges persist, but these implants represent a promising avenue for improving long-term implant survival and patient outcomes.
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Product Insights
The orthobiologics segment is expected to dominate the market during the forecast period. These organic and synthetic materials enhance tissue healing, aligning with the trend toward precision medicine and patient-centered care. Orthobiologics offer alternatives to traditional bone grafting, reducing donor site morbidity and showing promise in various orthopedic procedures.
The reconstructive joint replacement segment is poised for moderately fast revenue growth, driven by the increasing prevalence of joint issues, especially in the aging population. Rising awareness among patients and healthcare providers is also contributing to the segment's growth.
Biomaterial Insights
The metallic biomaterials segment is expected to hold a significantly large revenue share, thanks to their proven safety, excellent mechanical properties, corrosion resistance, and biocompatibility. The ceramic biomaterials segment is anticipated to register the fastest revenue growth, driven by wear resilience and biochemical inertness.
Regional Insights
North America led the market in 2022, driven by the rising number of patients requiring hip or knee replacements. The region is witnessing an increase in orthopedic procedures, and the prevalence of polypharmacy is contributing to market growth.
The Asia Pacific market is expected to register the fastest revenue growth, fueled by an increasing number of spinal cord injuries and technological advancements in orthopedic implants. China, a major player in the market, is utilizing 3D printing technology to produce customized implants tailored to the Chinese market.
Europe is anticipated to account for a considerably large revenue share, owing to the adoption of newer implant designs and materials focused on improving patient outcomes. The region's commitment to Research & Development and stringent quality and safety standards drive innovations in orthopedic implants.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 35.30 Billion |
| CAGR (2023–2032) | 6.3% |
| Revenue Forecast To 2032 | USD 64.72 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, biomaterial, type, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Orthopedic Implant Company, DJO Global, Arthrex, Inc., NuVasive, Inc., Evonic, Globus Medical, Health Canada, Kyocera Medical Technologies, Inc., Teijin Nakashima Medical Co., Ltd, HMC Orthcare Pvt. Ltd., Stryker Corporation, Smith & Nephew plc, Medtronic plc, Johnson & Johnson, CONMED Corporation, and Colfax Corporation (DJO GLOBAL LLC) |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global orthopedic implants market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient orthopedic implants solutions. Some major players included in the global orthopedic implants market report are:
- Stryker
- DePuy Synthes
- Zimmer Biomet
- Smith & Nephew
- Orthopedic Implant Company
- DJO Global
- Arthrex, Inc.
- NuVasive, Inc.
- Evonic
- Globus Medical
- Health Canada
- Kyocera Medical Technologies, Inc.
- Teijin Nakashima Medical Co., Ltd.
- HMC Orthcare Pvt. Ltd.
- Stryker Corporation
- Smith & Nephew plc
- Medtronic plc
- Johnson & Johnson
- CONMED Corporation
- Colfax Corporation (DJO GLOBAL LLC)
Strategic Development
- On 11 November 2022, General Electric (GE) Additive and Orchid Orthopedic Solutions collaborated to advance Additive Manufacturing (AM) in the orthopedic implant sector. Orchid invested in GE Additive's Electron Beam Melting (EBM) technology, with the first machines installed in 2022. Orchid plans to use the technology to manufacture large orthopedic implants, including knee components and acetabular cups. EBM enables the mass production of parts by stacking them closely without compromising quality, resulting in consistent material properties for thin and bulky geometries. The collaboration aims to raise awareness of EBM technology for 3D metal-printed orthopedic implants.
- On 11 October 2022, Orthofix and SeaSpine merged in an all-stock deal to form a prominent global spine and orthopedics company. With products available in 68 countries and revenues of approximately USD 693 million, this merger combines complementary portfolios of biologics, orthopedic solutions, and surgical navigation systems. The company will offer a wide range of biologics and regenerative technologies, serving both the spine and orthopedics fields. In addition, the companies expect substantial cost savings, meaningful cross-selling opportunities, and an enhanced ability to reach larger distribution partners.
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For the purpose of this report, Emergen Research has segmented the global orthopedic implants market on the basis of type, application, deployment, enterprise size, component, vertical and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Reconstructive Joint Replacements
- Spinal Implants
- Dental Implants
- Trauma
- Orthobiologics
- Others
- Biomaterial Outlook (Revenue, USD Billion; 2019-2032)
- Metallic Biomaterials
- Ceramic Biomaterials
- Polymeric Biomaterials
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Knee
- Hip
- Wrist and Shoulder
- Dental
- Spine
- Ankle
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
-
- Hospitals
- Homecare
- Outpatient Facilities
- Research and Manufacturing
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