Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Orthopedic Implants Market Size, Growth, Share, Statistics Report, By Product (Reconstructive Joint Replacements, Spinal Implants, Dental Implants, Trauma, Orthobiologics, Others), By Region And Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The orthopedic implants market size was valued at USD 35.1 Billion in 2022 and is expected to reach a market size of USD 68.5 Billion by 2032 with a CAGR of 7.0%. The global report on the orthopedic implants market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities.
In the United States, approximately 30 million teenagers and children participate in some form of organized sport with an exposed risk of physical injuries. These injuries can damage bones, joints, and other structures and may require surgery to repair. The increasing incidence of sports injuries and trauma drives the demand for orthopedic implants. Besides, the number of people with orthopedic disorders is on the rise due to the aging of the global population.
The development of new and improved implants creates lucrative market opportunities. Manufacturers constantly develop new and improved orthopedic implants that offer better performance and longer lifespans. For instance, the FDA has released a new computational modeling and simulation (CM&S) tool that can predict tissue temperature increases around certain metal orthopedic implants during magnetic resonance imaging (MRI) examinations. A non-clinical assessment model (NAM) can predict temperature rise and distribution in metallic femoral nail bone when exposed to radiofrequency during an MRI examination.
The need for minimally invasive procedures increases since they cause fewer injuries and have shorter recovery times than invasive ones. With more advanced techniques for recovery, patients spend less time in hospitals, lowering the expense of the hospital stay and the procedure. Additionally, the increasing investments from the government and major players in orthopedics implants for research & development is expected to propel the market growth in the upcoming years. According to the National Center for Health Statistics (NCHS), in 2022, the U.S. government has funded around USD 280 million for R&D in orthopedics.
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Report Snapshot:
| Report Title | Orthopedic Implants Market |
| Market Size in 2022 | USD 35.1 Billion |
| Market Size by 2032 | USD 68.5 Billion |
| CAGR from 2023 to 2032 | 7.0% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, estimations, competitor analysis, trends, and growth factors |
| By Product | Reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | The U.S., Canada, the U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Medtronic Plc, Johnson & Johnson, Arthrex Inc., CONMED CORPORATION, Colfax Corporation (DJO, LLC), GLOBUS MEDICAL INC., NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings among others. |
Segmentation Overview:
The global orthopedic implants market has been segmented as product and region. Reconstructive joint replacements are leading the product segment and are projected to attain a significant share in the global market. The rise in osteoarthritis, with a growing focus on joint replacement surgery, remains beneficial to many patients. Therefore, its high-end use is expected to create market opportunities in the forthcoming years.
North America is the leading region for orthopedic implants due to its well-developed healthcare infrastructure and favorable reimbursement policies. The significant use of robotics-assisted surgeries in orthopedic implants adds to the regional market's growth. Besides, Asia Pacific is a fast-growing market attributed to the emergence of substantial growth opportunities and major emphasis on enhancing healthcare infrastructure.
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Orthopedic Implants Market Report Highlights:
- The global orthopedic implants market CAGR is projected at 7.0% by 2032.
- The growing number of sports injuries, trauma, and technological advances in implants drive the orthopedic implants market.
- North America is a dominant region for orthopedic implants and accounts for a substantial market share in the following years. The use of robotics-assisted surgeries is projected to be high in the U.S. On the other hand, Europe is a prominent orthopedic implant market due to the high prevalence of orthopedic disorders.
- Some of the prominent players in the orthopedic implants market report include Medtronic Plc, Johnson & Johnson, Arthrex, Inc., CONMED CORPORATION, Colfax Corporation (DJO, LLC), GLOBUS MEDICAL INC., NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings.
Key Developments in the Industry:
- According to the University of Illinois, the newly developed smart surgical implant coatings for surgical orthopedic implants provide early failure warnings and eliminate bacteria-causing infections. The coatings combine flexible sensors with a nanostructured antibacterial surface.
- The Costa Rican Institute of Technology has produced metal 3D printing technology for orthopedic implants. Orthopedic implants with metal 3D printing are used in the field of dentistry. With Osseointegration, developing custom-made implants allows greater coupling and adjustability between bone and implant, extending its reliability.
- In 2023, The Orthopedic Implant Corporation (OIC) announced the commercial availability of its ground-breaking Threaded Metacarpal Nail System. This innovative approach to metacarpal fixation represents a substantial development in hand fracture care, offering orthopedic surgeons a superior alternative that combines efficiency, stability, and convenience of use.
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Orthopedic Implants Market Report Segmentation:
Orthopedic Implants Market, By Product (2023-2032)
- Reconstructive Joint Replacements
- Spinal Implants
- Dental Implants
- Trauma
- Orthobiologics
- Others
Orthopedic Implants Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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