New York, USA, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Orthopedic Implants Market Overview
According to a comprehensive research report by Market Research Future “Orthopedic Implants Market Information By Product Type, Biomaterial, End-User and Region - Global Forecast till 2027”, the market is expected to reach USD 67 Billion by 2027 at 4.71% CAGR.
Market Scope:
Orthopedic implants are made of titanium and stainless-steel alloys, along with polymers and ceramics. These implants are used in a variety of applications including fractures, orthopedic injuries, and several other areas. With the rising number of surgeries in line with surge in accidents and sports related injuries, the market’s growth scope seems significantly promising, reveals MRFR analysis.
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Competitive Landscape:
The industry leaders listed in the report are:
- CONMED Corporation (US)
- Globus Medical (US)
- Integra LifeSciences (US)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- NuVasive Inc. (US)
- Orthopaedic Implant Company (US)
- Smith+Nephew (UK)
- Stryker (US)
- Wright Medical Group NV (UK)
- Braun Melsungen AG (Germany)
- Zimmer Biomet (US)
Companies are spending substantially on R&D activities to come up with advanced medical implants with multiple applications to bolster their global presence. Some other competitive strategies employed by the players include FDA approvals, acquisitions, joint ventures, collaborations, and expansions, to name a few. For instance, in August 2021, The Orthopaedic Implant Company confirmed FDA approval as well as the introduction of its latest wrist fracture plating technology called DRPx System. DRPx is the first ever distal radius plating system to feature an advanced ergonomic design to cter to the method preference of the orthopaedic surgeons. This implant also helps save costs while improving the financial viability of hospitals and ambulatory surgery centers.
Top Growth Boosters
Expanding aging populace and the escalation in a number of orthopedic disorders would work in favor of the orthopedic implants market. Elderly people are prone to slips and falls that lead to fractures, along with arthritis and osteoporosis, which necessitates the use of advanced implants. Technical advances and the high success rate related to these implants also help foster the market demand worldwide. Availability of supportive insurance schemes, rise in R&D spending for designing next-generation implants and the surge in sports-related injuries and road accidents will also benefit the global market in the future.
Emergence of technically advanced devices like robot-assisted surgical tools, surging acceptance of implantable medical devices, and the mounting use of orthopedic implants in treating musculoskeletal, injuries and orthopedic diseases will further bolster the market growth. Introduction of internal fixation devices and bioresorbable implants should emerge as lucrative opportunities for the global industry in the next few years.
In view of lifestyle-related aspects such as lack of exercise and early burnout, middle-aged patients are progressively opting for orthopedic implants. As a result, the growth of mean-age in the coming years could foster the orthopedic implants market growth.
Market Restraints:
Substandard medical facilities, especially in underdeveloped countries along with unsupportive government bodies could curb the market growth in the following years.
Browse In-depth Market Research Report (110 Pages) on Orthopedic Implants: https://www.marketresearchfuture.com/reports/orthopedic-implant-market-838
COVID 19 Analysis
The COVID-19 pandemic has worked against the orthopedic market, emerging as a significant challenge for patients with arthritis, and other disorders. Owing to social distancing measures, various hospitals were forced to focus only on non-elective procedures as well as surgeries and thus, resort to offering video conferencing services to patients with disabilities or injuries. This limited the market growth to a large extent.
Orthopedic Implants Market Segmentation
Orthopedic implants industry can be considered for product type, biomaterial, and end user.
Major product types listed in the MRFR report are orthobiologics, reconstructive joint implants, spinal implants, and others. Orthobiologics segment has taken the lead, given this product type’s rising use in the treatment of several conditions like spinal fusion, fracture recovery, and more. One of its greatest strengths lies in the fact that it facilitates quicker healing of injuries compared to other products.
Biomaterials covered in the MRFR study are polymer, ceramic, and metallic. Out of these, the top spot will be captured by the metallic segment in the orthopedic implants market due to its excessive load bearing capacity and the resultant increase in its demand.
Major end-users of orthopedic implants include orthopedic centers, hospitals, and others.
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Orthopedic Implants Market Regional Insights
The American market stands at the top position and should continue to thrive over the analysis period, considering the soaring burden of arthritis, and orthopedic disorder. Significant health care spending, use of modern technologies, and the burgeoning elderly population are most likely to foster business growth in the region. High disposable income, presence of advanced medical facilities, rising incidences of road accidents and sports-related wounds and injuries could also play crucial roles in the industry growth in the region.
Asia Pacific shall record the fastest growth rate during the analysis period, with support from rapidly emerging countries like India, Japan, and China. In China, the massive pool of elderly patients facing bone disintegration and arthritis along with the rapid improvement in medical infrastructure could result in considerable market growth in the next few years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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