London, March 07, 2024 (GLOBE NEWSWIRE) -- Global orthopedic implants market is poised for substantial expansion, projected to soar from US$33.1 Bn recorded in 2022 to an impressive US$52.45 Bn by the end of 2030. The market for orthopedic implants is expected to witness a robust CAGR of 6.8% during the period from 2023 to 2030, and several key trends will play a pivotal role in transforming the landscape of orthopedic healthcare globally.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$33.1 Bn | |
| Estimated Market Size in 2030 | US$52.4 Bn | |
| CAGR | 6.8% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Increased obesity, and sedentary lifestyles contribute to stress on joints, leading to a surge in orthopedic issues and a greater demand for implants. On the other hand, the ageing population is more susceptible to orthopedic problems, especially osteoarthritis, osteoporosis, and fractures.
With reduced bone density and muscle strength among the elderly, there will be a soaring wave of demand for joint replacements, spinal fusion devices, and trauma fixation devices. The notably rising incidence of orthopedic conditions fosters the market revenue to a large extent.
“Lifestyle changes play a vital role in amplifying market needs,” says a company analyst, explaining further, “Changing lifestyles, characterised by reduced physical activity, contribute to musculoskeletal issues, further boosting the demand for orthopedic interventions. Moreover, longer life expectancy results in an upsurge in age-related orthopedic conditions, particularly osteoarthritis, fostering market growth”.
The convergence of innovation, regional dynamics, and patient-centric solutions propels the orthopedic implants market toward a future of advanced and personalised orthopedic care. In addition, as the orthopedic implants market continues to evolve, the dominance of reconstructive joint supplements, the surge in knee procedures, and the preference for metallic biomaterials define the industry landscape.
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Key Research Insights
- Knee implants, including partial and total knee replacements, are poised to dominate the market, offering diverse solutions for varying levels of joint deterioration.
- The reconstructive joint supplements category, aiming to restore mobility and alleviate pain, led the industry in 2022.
- In 2022, metallic biomaterials took the lead in controlling the market, offering excellent biocompatibility, corrosion resistance, and mechanical properties.
Insights into Segmentation Analysis
Reconstructive Joint Supplements Dominate with Advanced Technologies
- In 2022, the reconstructive joint supplements segment emerged as the powerhouse, revolutionizing orthopedic care.
- These supplements aim to restore mobility and alleviate pain in patients with joint degeneration, osteoarthritis, or traumatic injuries.
- Utilizing biocompatible materials like titanium and cobalt-chromium, they replicate natural joint movement, enhancing longevity and performance.
- Advanced technologies, including ceramic and polyethylene components, elevate the efficacy of these implants.
Knee Replacement Implants to be the Fastest Growing Category
- The knee replacement implants category is set to experience unprecedented growth, addressing conditions like osteoarthritis and severe injuries.
- Composed of durable materials such as metal alloys, polyethylene, and ceramics, ensuring long-term stability and functionality.
- Surge in demand driven by an ageing population, increasing obesity rates, and growing awareness of joint health.
- Various forms, including partial knee replacements and total knee replacements, cater to diverse patient needs.
Knee Dominates, Hip Replacements on the Rise
- In 2022, the knee category took center stage, offering diverse solutions for joint deterioration.
- Materials like metal, ceramic, or plastic replace damaged or deteriorated knee joints.
- Surge in demand fueled by an ageing population, rising obesity rates, and heightened joint health awareness.
- Anticipation of substantial growth in the hip category, offering components like hip stem, ball, and socket for mobility restoration.
Metallic Biomaterials Thrive on the Back of Unmatched Biocompatibility, and Mechanical Properties
- The metallic biomaterials segment, dominated by materials like titanium and cobalt-chromium, leads the market with superior attributes.
- Excellent biocompatibility, corrosion resistance, and mechanical properties make them ideal for diverse orthopedic applications.
- Cobalt-chromium alloys, renowned for wear resistance, are frequently used in hip stems and knee components.
- Stainless steel poised for rapid growth due to strength, affordability, and corrosion resistance, making it suitable for various orthopedic devices.
Key Report Highlights
- Modern lifestyles, featuring reduced physical activity, contribute to musculoskeletal issues, necessitating orthopedic interventions. On the other hand, the growing incidence of sports injuries, driven by increased participation in physical activities, propels the demand for orthopedic implants among athletes and active individuals.
- Innovations in implant materials, design, and manufacturing processes like titanium alloys, and biocompatible polymers enhance durability, and biocompatibility. Furthermore, 3D printing and computer-assisted modeling allow for personalised implants, optimizing fit and function, while smart implants with sensors improve post-operative care.
Insights into Regional Analysis
North America Stands Tall in Orthopedic Implants Adoption
- Advanced healthcare infrastructure and a rising elderly population drive market expansion.
- High prevalence of orthopedic disorders, including osteoarthritis and fractures, fuels demand for less invasive surgical procedures.
- Robust research and development, coupled with technological advancements, contribute to sustained market growth.
- Challenges in pricing and reimbursement underscore the need for continued innovation in the region.
Asia Pacific Presents a Thriving Hub for Orthopedic Implants
- Growing ageing population, increasing healthcare infrastructure, and rising disposable incomes propel market expansion.
- Advancements in medical technology and product innovation contribute to the region's market growth.
- Government initiatives enhance healthcare access and affordability, fostering market development.
- Regulatory challenges and varying healthcare reimbursement systems pose barriers, but the region holds vast untapped potential for industry players.
Key Players in Global Orthopedic Implants Market
- Medtronic
- Stryker
- Zimmer Biomet
- Conmed Corporation
- Smith & Nephew
- Corin Group
- BioTek
- Globus Medical
- Braun Melsungen AG
- Arthrex
- NuVasive
- DePuy Synthes
- DJO Global
- Acumed
- Wright Medical Group
Global Orthopedic Implants Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Product Coverage, By Type Coverage, By Biomaterial Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/orthopedic-implants-market
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