Rockville, MD, July 10, 2024 (GLOBE NEWSWIRE) -- Revenue from the global orthopedic implants market size is anticipated to reach US$ 44.94 billion in 2024, as stated in the recently updated industry analysis published by Fact.MR, a market research and competitive intelligence provider. The market has been analyzed to advance at 6.6% CAGR from 2024 to 2034.
Increased demand for metal-based orthopedic implants is attributed to their ability to effectively mimic ligaments or cartilages. Titanium is one of the popular metallic alloys used for producing implants. Each patient’s anatomy requires a customized joint implant. As such, increasing requirements for customized orthopedic implants are helping healthcare professionals offer more effective services.
Companies are developing state-of-the-art technologies to offer technologically progressive implantation solutions and create remunerative opportunities in the global market. However, some users are hesitant to opt for orthopedic implants due to their high cost, which is adversely impacting global market growth opportunities.
Nevertheless, advancements in diagnostic procedures for detecting bone density are opening new opportunity gates for providers of orthopedic implants. Governmental and commercial organizations are offering supportive reimbursement policies, which are pushing orthopedic patients to undergo transplantation facilities as and when required.
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Key Takeaway from Market Study:
- The global orthopedic implants market is forecasted to reach a value of US$ 85.17 billion by the end of 2034.
- North America is forecasted to occupy 34.9% of the global market share by 2034-end.
- Hospitals are projected to capture 49.8% share of global market revenue by the end of 2034.
- Worldwide demand for knee reconstruction procedures is analyzed to increase at a CAGR of 7.5% and reach a market value of US$ 24.83 billion by 2034.
- Sales of orthopedic implant devices in South Korea are calculated to rise at a 7.9% CAGR from 2024 to 2034.
- The market in India is evaluated to expand at a CAGR of 11.3% and reach US$ 7.38 billion by 2034.
“Development of customized joint orthopedic implants according to the anatomy of different patients and matching FDA standards is assisting market players improve their business stance,” says a Fact.MR analyst.
High Demand for Orthopedic Implant Procedures in Hospitals Backed by Favorable Reimbursement Policies
Global demand for orthopedic implant procedures in hospital settings is evaluated to increase at a CAGR of 6% and reach a market value of US$ 42.4 billion by the end of 2034. More patients are getting admitted to hospitals for their implantation surgery due to supportive reimbursement policies provided by commercial and governmental organizations. In addition, rising availability of advanced medical equipment and the presence of skilled healthcare providers attract more patients to hospitals for orthopedic implants as compared to other medical centers.
Key Market Players
Major leading companies of orthopedic implants include CeramTec, Globus Medical Inc., Arthrex, Johnson & Johnson, DJO Finance LLC, Zimmer Biomet Holdings, Smith & Nephew Plc., CONMED Corporation, B. Braun Melsungen AG, DePuy Synthes, Stryker Corporation, MicroPort Scientific Corporation, Lina Corporate S.p.A., ConforMIC, and Exatech Inc.
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Orthopedic Implants Industry News:
- Strykey, in January 2022, announced an agreement of acquisition of Vocera Communications, Inc.’s common stock. The former is one of the leading medical technology companies and together with its customers helps to make healthcare better.
- DePuy Synthes, a Johnson & Johnson’s division, announced the acquisition of OrthoSpin in December 2021. OrthoSpin is based in Israel and creates external fixation systems assisted by robots for orthopedic treatment.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the orthopedic implant market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (hip reconstruction (total hip reconstruction, partial hip reconstruction, revision implants), knee reconstruction [total knee reconstruction, partial knee reconstruction, revision implants], shoulder implants [anatomical shoulder prosthetic, reverse shoulder prosthetics], foot & ankle implants, elbow implants, hand & wrist implants, dental implants, spinal implants), material (metallic, ceramic, polymeric), and end-user (hospitals, orthopedic clinics, ambulatory surgical centers, across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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