Orthopedic Implants Market Continues to Surge, Estimated Valuation of US $50 Billion by 2022
The global orthopedic implants market is on an upward trajectory, anticipated to reach a remarkable valuation of approximately US $50 billion by the end of 2022. This impressive growth is propelled by a surge in joint reconstruction and replacement surgeries, a trend that is expected to have long-term implications.
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Rising Orthopedic Injuries and Surgical Demand
The escalating prevalence of orthopedic injuries, attributed to conditions like osteoarthritis and arthritis, is a significant driving force behind the expansion of the orthopedic implants market. Furthermore, bone density issues and related diseases are increasing, fostering a demand for minimally invasive orthopedic procedures. This demand has led to a notable rise in the number of orthopedic surgeries and subsequently, an increased need for implants. For instance, statistics from the National Centre for Biotechnology Information (NCBI) reveal a 38% increase in orthopedic surgery volume between 2016 and 2019, with potential for further growth.
Impact of Musculoskeletal Diseases and Geriatric Population
The prevalence of musculoskeletal diseases is contributing to a rise in orthopedic injuries, resulting in limited mobility and severe pain. These conditions have a global impact on quality of life, with approximately 1.7 billion people worldwide affected by musculoskeletal diseases. The World Health Organization (WHO) reports that these conditions account for over 145 million cases of years lived with disability (YLDs) globally. As such, the need for orthopedic procedures is growing, bolstering the orthopedic implants market. This trend is amplified by the expanding geriatric population. The United Nations estimates that the number of individuals aged 60 and above will double to 2 billion by 2050. The WHO projects a global geriatric population of 1.4 billion by 2030. With the elderly more susceptible to orthopedic diseases like arthritis, the risk of fractures due to bone fragility contributes to the demand for orthopedic surgeries and, in turn, the growth of the implants market.
Technological Innovations Driving Market Growth
The rise in orthopedic surgeries has spurred demand for bone implants, fostering innovations in implant customization based on patients’ specific ailments and conditions. This customization offers newfound flexibility for orthopedic procedures, and technologies such as portable navigation, robot-assisted surgery, and AI-powered guidance software are revolutionizing the implantation process. These innovations enhance the reliability, effectiveness, and efficiency of orthopedic procedures. Notably, 3D printing is emerging as a major trend in manufacturing specialized implants, offering a multi-layered composite solution for various orthopedic procedures. With continuous technological advances, the potential for novel implant procedures, fueled by AI, machine learning, and IoT, is paving the way for further growth in the orthopedic implants market.
Joint Reconstruction Driving Value Growth
Joint reconstruction implants, particularly for knee and hip replacements, are gaining traction, driven by an aging population suffering from conditions like osteoarthritis. Additionally, spinal implants are projected to witness high demand due to trauma cases from accidents and sports injuries, as well as an increase in disc degenerative conditions and spondylitis, prompting spinal fusion surgeries and the use of spinal implants.
North America’s Dominance
Developed nations in North America are set to dominate the orthopedic implants market. The region’s high incidence of orthopedic ailments, bone disorders, and growing geriatric population contribute to the widespread use of orthopedic implants. Advanced medical facilities and healthcare infrastructure further bolster orthopedic care. Favorable macro factors, including stable GDP per capita growth and government healthcare incentives, contribute to North America’s dominance in the market.
Key market players are actively introducing new products, collaborating, acquiring, and expanding facilities to gain a competitive edge. In 2022, Smith & Nephew’s acquisition of Engage Surgical brought the cementless partial knee system, compatible with the CORI robotic surgical system. Zimmer Biomet’s WalkAI, an AI-based model identifying patients with low mobility post-hip replacements, was introduced in the same year. Smith & Nephew’s cementless Total Knee System (TKS) utilizing Conceloc Advanced Porous Titanium launched in 2021, and DePuy acquired OrthoSpin in December 2021. Major players like Zimmer Biomet, Stryker, Smith & Nephew, BioTek, Corin Group, Conmed Corporation, Globus Medical, Medtronic, and B. Braun Melsungen AG are at the forefront of the dynamic orthopedic implants market.
Browse Orthopedic Implants Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/orthopedic-implants-market
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