Wilmington, Delaware, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Orthopedic Implants Market by Product Type (OrthoBiologics, Reconstructive Joint Replacements, Dental Implants, Trauma, Spinal Implants, and Others), by Biomaterial (Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Others), by Type (Knee, Spine, Wrist and Shoulder, Hip, Dental, Ankle, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global orthopedic implants industry was estimated to reach $73,326.75 million by 2032, having witnessed a value of $47,190.57 million in 2022, exhibiting a CAGR of 4.5% over the forecast timeframe.
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Drivers, restraints, and opportunities -
The global orthopedic implants market is experiencing growth due to several factors, including the growing incidence of orthopedic disorders, and a huge rise in the demand for orthopedic implants. However, the excessive cost of orthopedic implants remedy and strict government guidelines regarding the use of implants hindered the market growth. On the other hand, the increase in orthopedic implant adoption, awareness of the same, and supportive government policies for orthopedic implant development will generate lucrative opportunities for market growth.
The reconstructive joint replacements segment to maintain its leadership status throughout the forecast period-
Based on product type, the reconstructive joint replacements segment held the largest share in 2022, garnering more than one-third of the global orthopedic implants market revenue, and is predicted to maintain its leadership status throughout the forecast period. An increase in the occurrence of osteoporosis and osteoarthritis and a rise in investments by the major players in the research and development of implants. On the other hand, the ortho-biologics segment would cite the highest CAGR of 6.0% from 2023 to 2032. This is due to the increasing demand for advanced treatments and minimally invasive operations, as well as an increase in patient awareness of the benefits of OrthoBiologics processes.
Recent Developments in the Orthopedic Implants Market
- In May 2022, Johnson & Johnson MedTech announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for the use of the DePuy Synthes, INHANCETM Shoulder System in reverse total shoulder arthroplasty surgeries.
- In February 2022, DePuy Synthes acquired CrossRoads Extremity Systems, a Tennessee-based foot and ankle company that offers a wide range of procedure-specific, sterile-packed implants and instrumentation systems cleared for lower extremity indications.
- In June 2021, Medtronic plc. announced the U.S. Food and Drug Administration (FDA) clearance of patient specific UNiD Rods, for use with Medtronic CD Horizon Solera Voyager and Infinity OCT spinal systems, expanding the utility of the company's UNiD Adaptative Spine Intelligence (ASI) technology.
- In September 2022, NuVasive, Inc., announced the commercial launch of RelineR Cervical, a new fixation system for posterior cervical fusion (PCF), in targeted regions. This launch strengthens its position as the industry's top cervical portfolio and further contributes to the goal of becoming the market leader in complex deformity.
- In July 2021, NuVasive, Inc. announced the commercial launch of ModulusR ALIF, a 3D-printed porous titanium implant for anterior lumbar interbody fusion (ALIF), in targeted global regions.
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The metallic biomaterials segment to maintain its lead position during the forecast period-
Based on biomaterial, the metallic biomaterials segment held the major share in 2022, contributing to nearly two-thirds of the global orthopedic implants market revenue, and is anticipated to maintain its lead position during the forecast period. Due to the lucrative cost of these materials. However, the others segment would display the highest CAGR of 5.5% from 2023 to 2032. The increasing demand for these materials is because of the various benefits they offer compared to artificial biomaterials.
The knee segment to retain its lion's share throughout the forecast timeframe-
Based on type, the knee segment held the major share in 2022, accounted for around one-fourth of the global orthopedic implants market revenue, and is anticipated to retain its lion's share during the forecast period. The surge in demand is due to an increase in orthopedic conditions and an increase in road accidents and sports injuries. The spine segment, on the other hand, would display the fastest CAGR of 6.0% from 2023 to 2032. This is due to a growing geriatric population and an increase in the number of spinal disorders.
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North America to maintain its dominance throughout the forecast period-
Based on region, North America contributed to the major market share in 2022, holding nearly half of the global orthopedic implants market revenue. Factors such as an increasing number of orthopedic conditions, a growing geriatric population, healthcare costs, and the emergence of major players providing advanced orthopedic implants in the region. On the other hand, the Asia-Pacific region would cite the highest CAGR of 6.4% from 2023 to 2032. Due to a growth in research and development (R&D), a surge in the number of arthritis and sports-related injuries, a rise in unmet medical needs, and an increase in investment in the region’s healthcare sector.
Industry-Leading Players: -
- Arthrex Inc.
- Zimmer Biomet Holdings Inc.
- Globus Medical Inc.
- Medtronic PLC
- Smith & Nephew PLC
- Colfax Corporation (DJO LLC)
- Stryker Corporation
- Johnson & Johnson (DEPUY SYNTHES)
- Conmed Corporation
- Nuvasive Inc.
The report analyzes these key players in the global orthopedic implants market. These players have adopted various strategies such as new product launches, geographic expansion, partnerships, and agreements to increase their market dominance and strengthen their foothold in the industry. The report helps resolve the business performance, top market segments, advancements, and product portfolios of leading market players to emphasize the competitive landscapes.
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