The orthopedic implants market is expected to grow from US$ 46,101.2 million in 2021 to US$ 67,235.1 million by 2028; it is expected to grow at a CAGR of 5.6% from 2022 to 2028.
Orthopedic implants are surgically placed inside the body to replace or support a missing or damaged bone or joint. They are manufactured using stainless steel, titanium alloys, ceramics, and polymers. They are used to stabilize body posture, treat deformities, and restore normal skeletal function. These implants have an array of applications in orthopedic injuries, fractures, etc. They can be permanently placed inside the human body or withdrawn after the desired result.
MARKET DYNAMICS
The orthopedic implants market is characterized by the presence of various small and large companies. The market players are adopting various strategies such as new product launches, regional market expansion, and technological advancements to increase market share of orthopedic implants. Rising demand for orthopedic implants due to the increased prevalence of orthopedic conditions and surgical site infections related to orthopedic implants has encouraged market players to launch new products in the market, aiding the overall market growth. However, high cost of orthopedic implants is expected to hamper the overall market growth. Antimicrobial nanoparticles are becoming promising candidates for implant coatings through the development of biomaterials and nanotechnology. Market players are investing in R&D to develop advanced technologies and gain more revenue share by acquiring regulatory approvals and marketing access.
MARKET SCOPE
The “Global Orthopedic Implants Market Analysis to 2028” report aims to provide an overview of the orthopedic implants market with detailed market segmentation based on product, application, and end user. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global orthopedic implants market is segmented intoproduct, application, and end user. Based on product, the market is segmented into plates & screws, nails & rods, pins & wires, and others. Based on application, the market is categorized into reconstructive joint replacements, spine implants, dental implants, trauma implants, orthobiologics, and others. Based on end user the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others.
REGIONAL FRAMEWORK
The global orthopedic implants market into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries across the world along with market trends and opportunities prevailing in the regions.
From the regional perspective, North America dominates the orthopedic implants market. The market growth in the region is majorly attributed to a large number of advanced surgical treatment clinics and an increasing number of orthopedic surgical procedures in the US. According to the American Academy of Orthopaedic Surgeons (AAOS), in the US, full-time practicing orthopedic surgeons perform an average of 32 orthopedic procedures each month. Further, technological advancements in orthopedic implant procedures and growing healthcare expenditure levels are fueling the growth of the North America orthopedic implants market.
The below figure showcase the revenue growth in the orthopedic implants market:
(image) Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the orthopedic implants market. It also provides PEST analysis of the factors affecting the orthopedic implants market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak led to a decrease in demand for orthopedic implants globally. Orthopedic surgeons have a unique perspective of working with patients, and their teams continue to face various challenges during the crisis. The surgeries related to the orthopedic implants were delayed or performed only in urgent cases such as accidents or sports injuries. Moreover, the healthcare system have now started the operations. Patient care has been improving compared to the initial months of the pandemic. Thus, the impacts of the COVID-19 pandemic hampered the growth of the orthopedic implants market.
MARKET PLAYERS
The report covers key developments in the orthopedic implants market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the orthopedic implants market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for orthopedic implants.
The report also includes the profiles of key orthopedic implant companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years. The list of a few companies engaged in the orthopedic implants market is mentioned below:
-DJO Finance LLC
-Johnson & Johnson (DePuy Synthes)
-Medtronic Plc
-Zimmer Biomet Holdings, Inc.
-Stryker Corporation
-NuVasive, Inc.
-CONMED Corporation
-Smith and Nephew Plc
-Arthrex, Inc.
-Globus Medical, Inc
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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