BRUSSELS, BELGIUM, March 22, 2023 (GLOBE NEWSWIRE) --
An orthopedic implant is a manufactured device designed to replace a joint, bone, or cartilage due to damage or deformity such as from breaking a leg, losing a limb, or a congenital defect.
Technological Advancements and Developments in Orthopedic Implants Triggers the Demand of Orthopedic Implants Market
Recent advancements and developments such as surgical navigation to guide surgeons through the implantation, robotics-assisted orthopedic surgery, and AI-powered guidance software to assist surgical procedures are expected to drive the growth of the orthopedic implants market in the coming years.
For instance,
- In July 2022, Oxford Performance Materials, Inc (OPM) announced an agreement with Fuse Medical, Inc (Fuse) to develop new, world-class spinal, extremity, and sports medicine implant product lines utilizing OPM’s patented OsteoFab PEKK technology.
- In April 2022, eCential Robotics entered into an agreement with Amplitude Surgical to bring together their technologies for knee robotic surgeries.
Emerging Growth Opportunities in the Orthopedic Implants Market
- Bio-printed Bones and Joints
- Advancement in 3D printing technology is one of the most promising areas in orthopedic implants. The use of printed bones and joints is likely to become more widespread in the coming years as the technology continues to improve.
- Engineered Stem Cells for Bone Regeneration
- Stem cell-derived exosomes have been shown to promote the regeneration and reconstruction of multiple tissues, including cartilage and skin.
- Smart Sensor-Enabled Technologies and Implants
- This technology has the potential to greatly improve the fit and function of orthopedic devices.
- Robotics-assisted Orthopedic Surgeries
- Robotics offers several advantages over traditional surgery, including greater precision, less invasiveness, and shorter recovery times.
- Bioresorbable Orthopedic Implants
- Bioresorbable materials offer considerable advantages for the patient and the treating surgeon by avoiding adverse reactions to metal and metal debris.
Key Market Constraints/Challenges: Orthopedic Implants Market
The high costs of the implants combined with the requirement for revision procedures every few years depending on the wear & tear of the implant, and side effects associated with the orthopedics implant post-surgery such as implant rejection, septic, & allergies, etc are likely to impact the growth of the orthopedic implants market in the upcoming years.
North America is Expected to Hold a Major Share in the Global Orthopedic Implants Market
From a geographical perspective, North America is poised to hold a major market share in the global orthopedic implants market. This can be mainly attributed to the rising geriatric population, increasing adoption of technologically advanced orthopedic implants among surgeons, growing awareness regarding osteoporosis care, and favorable reimbursement landscape in the region.
Competitive Landscape Analysis: Orthopedic Implants Market
Some of the well-established and emerging players operating in the orthopedic implants market are Arthrex Inc., NuVasive, DePuy Synthes, and Stryker Corporation, among others.
Organic and Inorganic Growth Strategies Adopted by the Key Industry Players to Establish Their Foothold in the Orthopedic Implants Market
All major players operating in the global orthopedic implants market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions and new product launches to garner a larger market share.
For instance,
- In September 2022, Zimmer Biomet Holdings, Inc. announced an exclusive, multi-year co-marketing agreement with Surgical Planning Associates, Inc. to commercialize HipInsight, the first FDA-cleared mixed reality navigation system for total hip replacement.
- In March 2022, Evonik announced the launch of its 3D printable biomaterials VESTAKEEP IC4800 3DF. The portfolio expansion focuses on offering innovation in osteoconductive PEEK filament, which improves fusion between bone and implant.
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