Wilmington, Delaware, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Orthopedic Implants Market by Product Type (Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma, Orthobiologics, and Others), Biomaterial (Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials, and Others), and Type (Knee, Hip, Wrist and Shoulder, Dental, Spine, Ankle, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the orthopedic implants market was valued at $49.4 Billion in 2023, and is estimated to reach $76.4 Billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033.
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Prime determinants of growth
Rise in prevalence of orthopedic disorders, technological advancements in the field of orthopedic implant, and surge in demand of orthopedic implants are the major factors that drive the growth of the orthopedic implant market. However, the high cost of orthopedic implant and complications with implant procedure restricts the market growth. Moreover, growth opportunities in emerging markets offer remunerative opportunities for the expansion of the global orthopedic implant market.
Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2023 | $49.4 Billion |
| Market Size In 2033 | $76.4 Billion |
| CAGR | 4.4% |
| No. Of Pages In Report | 351 |
| Segments Covered | Product Type, Biomaterial, Type, And Region. |
| Drivers | Rise In Prevalence Of Orthopedic Disorders |
| Technological Advancements In The Field Of Orthopedic Implant | |
| Surge In Demand Of Orthopedic Implants | |
| Opportunity | Growth Opportunities In Emerging Markets |
| Restraints | High Cost Of Orthopedic Implant |
| Complications With Implant Procedure |
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Segment Highlights
The reconstructive joint replacements segment to maintain its leadership status during the forecast period
By product type, the reconstructive joint replacements segment dominated the market share in 2023, owing to increase in prevalence of degenerative joint diseases such as osteoarthritis, necessitating joint replacement surgeries, and advancements in implant materials, surgical techniques, and prosthetic designs have improved the outcomes and longevity of joint replacement procedures, encouraging more patients to opt for surgery. In addition, innovations in materials, such as highly durable metals, ceramics, and advanced polymers, allow for implants that closely mimic the structure and function of natural joints, resulting in better patient satisfaction and longer-lasting results further support the segment growth.
The metallic biomaterials segment to maintain its leadership status during the forecast period
By biomaterial, the metallic biomaterials segment dominated the market share in 2023, owing to their superior mechanical properties, including high strength and durability, which are crucial for load-bearing applications. In addition, metallic biomaterials such as titanium and stainless-steel offer excellent biocompatibility and corrosion resistance, making them ideal for long-term implantation to support the segment growth.
The knee segment to maintain its leadership status during the forecast period
By type, the knee segment dominated the market share in 2023 owing to a rise in awareness about the benefits of knee replacement surgery among both patients and healthcare providers, which has contributed to the growing demand. Advancements in surgical techniques, implant designs, and materials have made knee replacement procedures more effective and accessible to a broader range of patients. In addition, improvements in post-operative care and rehabilitation protocols have reduced recovery times and improved patient outcomes, which further fuel the demand for orthopedic implant.
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Regional Outlook
North America to maintain its dominance by 2035
North America dominated the orthopedic implant market share in 2023, owing to advanced healthcare infrastructure, significant investments in R&D, and a rise in prevalence of orthopedic conditions among an aging population. In addition, the presence of leading market players and favorable reimbursement policies enhance market growth. Technological advancements in implant materials and surgical techniques further boost the market.
Key Players
- Arthrex, Inc.
- Colfax Corporation (DJO, LLC)
- CONMED CORPORATION
- GLOBUS MEDICAL INC.
- Johnson & Johnson (DEPUY SYNTHES)
- Medtronic Plc
- NuVasive Inc.
- Smith & Nephew plc
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
The report provides a detailed analysis of these key players in the global orthopedic implant market. These players have adopted different strategies such as new product launches, product approval, innovation and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments in Orthopedic Implants Market Worldwide
- In January 2023, Arthrex, a global leader in minimally invasive surgical technology, announced its ACL TightRope implant has received clearance from the U.S. Food and Drug Administration (FDA) for pediatric indications. The TightRope implant is used in the surgical treatment of orthopedic injuries and is the first and only fixation device for anterior cruciate ligament (ACL) injuries cleared for pediatric use.
- In November 2022, NuVasive, Inc., the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, announced the commercial launch of the NuVasive Tube System (NTS) and Excavation Micro, a new minimally invasive surgery (MIS) system that provides comprehensive solutions for both TLIF and decompression.
- In October 2022, Stryker, one of the world's leading medical technology companies, announced the launch of the Monterey AL Interbody System, a stand-alone interbody fusion device designed for anterior lumbar interbody fusion (ALIF) .
- In October 2022, Johnson & Johnson MedTech announced that DePuy Synthes, the Orthopedics Company of Johnson & Johnson received the U.S. Food and Drug Administration (FDA) approval for its TELIGENTM. System, an integrated technology platform that enables minimally invasive surgical transforaminal lumbar interbody fusion (MIS-TLIF) procedures through digital tools for visualization and access.
- In July 2022, Medtronic plc, a global leader in healthcare technology received the U.S. Food and Drug Administration (FDA) 510 (k) clearance for its UNiDTM. Spine Analyzer v4.0 planning platform, which includes a new Degen Algorithm for degenerative spine procedures.
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