Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Orthopedic Implants Market size was valued at USD 43.13 billion in 2022 and is projected to grow from USD 45.19 billion in 2023 to USD 64.27 billion in 2030, exhibiting a CAGR of 5.2% during the forecast period. Orthopedic implants are medical devices utilized for the replacement or reinforcement of injured bones. They are primarily composed of metallic alloys such as cobalt-based alloys, polymers, stainless steel, as well as titanium. Fortune Business Insights presents this information in its report titled " Orthopedic Implants Market Forecast, 2023-2030”.
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Key Industry Development:
- April 2022 - Orthopaedic Implant Company announced the FDA approval of the dorsal spanning plate. The approval aids in expanding the product portfolio and increasing the utility of previously launched DRPx, a distal radius plating system available in the U.S.
Key Takeaways:
- Orthopedic Implants Market size in North America was USD 24.05 billion in 2022.
- The market growth is expected to be augmented by the increasing geriatric population and the prevalence of orthopedic diseases.
- The demand for orthopedic implants is rising due to the increasing number of orthopedic procedures being performed.
- The joint reconstruction segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report:
Zimmer Biomet (U.S.), Johnson & Johnson Medical Devices (U.S.), Smith+Nephew (U.K.), Stryker (U.S.), BioTek (U.S.), CONMED Corporation (U.S.), Medtronic (Ireland), DJO Surgical (U.S.), Exactech, Inc. (U.S.), Corin Group (U.K.), Conformis (U.S.), United Orthopedic Corporation (U.S.), Medacta International (Switzerland), Globus Medical (U.S.), B. Braun Melsungen AG (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.2% |
| 2030 Value Projection | USD 64.27 Billion |
| Base Year | 2022 |
| Orthopedic Implants Market Size in 2022 | USD 43.13 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 132 |
| Segments covered | Product, End User and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/orthopedic-implants-market-101659
Drivers & Restraints:
Increasing Prevalence of Fractures and Bone-related Conditions among Aging Population to Escalate Market Growth
As the global geriatric population continues to expand, there is a concurrent rise in the occurrence of orthopedic conditions, including arthritis, fractures, bone deformities, and similar ailments. In 2021, a publication by MDPI Medicine highlighted the heightened vulnerability of the elderly to fractures. The report indicated that women face a risk of 40-50% for fractures, while men experience a risk of 13-22% as they age.
However, the exorbitant prices of orthopedic implants and the potential adverse effects associated with these medical devices may hinder the orthopedic implants market growth.
Segmentation:
By Product
- Joint Reconstruction
- Knee
- Hip
- Extremities
- Spinal Implants
- Spinal Fusion Devices
- Spinal Non-Fusion Devices
- Trauma Implants
- Others
By End-user
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics & Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America Dominates Market with Rising Orthopedic Disorders
North America exhibits strong dominance in the global market, primarily driven by the escalating incidence of orthopedic disorders among the American population. Conditions such as osteoporosis and other related bone disorders contribute to this trend, with the increasing geriatric population being particularly susceptible to bone fractures.
Europe is the second largest leading region, propelled by a significant patient population grappling with arthritis and various other bone disorders.
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Competitive Landscape:
Established Players Drive Competition through Customization and Technological Development
In an intensely competitive business landscape, major players are striving to gain an edge by introducing technologically advanced orthopedic products. Furthermore, the emergence of domestic market players dedicated to developing customized implants is driving competitive pricing strategies, catering to the growing demand. This trend is expected to fuel the market's growth and meet the increasing needs of these developing markets.
FAQs
How big is the Orthopedic Implants Market?
Orthopedic Implants Market size was USD 43.13 billion in 2022. It is expected to reach USD 64.27 billion in 2030.
How fast is the Orthopedic Implants Market growing?
The Orthopedic Implants Market will exhibit a CAGR of 5.2% during the forecast period, 2023-2030.
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