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I AgreeAnalysis of Orthopedic Implants market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global orthopedic implants market is expected to be valued at US$ 468 Mn by the end of 2022, and is likely to flourish at a CAGR of 6.7% across the 2022-2032 forecast period. By the end of the assessment period, the market is expected to reach US$ 900 Mn.
Report Attribute |
Values |
Anticipated Market Size (2022) |
US$ 468 Mn |
Expected Market Value in 2032 |
US$ 900 Mn |
Value CAGR (2022-2032) |
6.7% |
Market Share of Top 5 Companies |
65% |
Key Orthopedic Implants Providers |
|
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During the historic period, the global orthopedic implants market witnessed significant growth, following a CAGR of ~6%, from 2017 to 2021. Growth has been attribute in large part to the increasing incidence of orthopedic disorders and bone deformities in the past few years.
During the COVID-19 pandemic, sales prospects for orthopedic implants experienced a substantial decline, especially in the first half of 2020. Imposition of lockdowns and postponement of non-COVID related procedures led to a dip in in-patient orthopedic consultations, causing a downward spiral in sales of various implants and devices. However, as the restrictions eased, prospects have begun exhibiting a significant resurgence.
Governments and leading market players are taking efforts for spreading awareness on treatment options for bone injuries such as Orthopedic Implants, which serve as a relieving solution to arthrodesis. These efforts are likely to augment hospital admissions, thereby underpinning the market growth in return. According to a recent Fact.MR study, the orthopedic implants market will record an impressive 6.7% CAGR and touch US$ 900 Mn through 2032.
The rapid rate of co-morbidities that include obesity and diabetes have been adding to the risk of degenerative joint diseases, especially in the older population. With young people engaging more in sports and fitness activities, relevant injuries are also increasing in number. This has further created a demand for Orthopedic Implants worldwide.
Furthermore, an upsurge in the occurrence of orthopaedic injuries or diseases such as arthritis, osteoarthritis, and the rapid rise in the geriatric population who are more prone to orthopaedic disorders are factors that drive the market’s growth. In addition, technological innovations, such as robot-assisted surgical tools, acceptance for implantable medical devices, and widespread application of Orthopedic Implants to treat musculoskeletal, orthopaedic diseases, & injuries further supplement the market growth.
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Identifying the rising demand, makers of Orthopedic Implants have established new technologies to cater for the requirement, meanwhile augmenting their product penetration and market reach.
Customized orthopedic implants produced by using 3D printing technology are potent in reducing the surgery cost and duration and offer relatively long-term stability.
3D printing technology is being leveraged by top companies in the Orthopedic Implants market to improve integration between metal and bone, in the case of implants with the size-controlled micro-pore structures and surgical tools and anatomical models.
Among regions, the North American region will possibly record the highest revenues, thanks to an amplified push for innovation by the FDA, increasing investments in research and development by prominent pharmaceuticals, and favourable winds for a more suitable reimbursement model.
The North American orthopedic implants market accounted for US$ 250 Mn in 2021 is expected to reach US$ 370 Mn by 2032, registering a CAGR of 4% from 2022 to 2032. Orthopedic Implants are mass-produced to switch or support a missing or damaged bone or joint.
Asia-Pacific extends gainful opportunities for key players functioning in the Orthopedic Implants market, thereby recording the fastest growth rate throughout the forecast period, due to advances in healthcare infrastructure, improvement in health awareness, and an upsurge in diagnosis.
Furthermore, an increase in the number of surgical procedures in developing economies, such as India and China, is the main factor that fuels the market growth. According to Fact.MR, China is expected to flourish at a CAGR of 6% through 2032.
Orthopaedic implant sales for knee reconstruction are envisaged to increase at 6.3% CAGR through 2032, according to Fact.MR study. Approximately 790,000 total knee replacements and over 450,000 hip replacements are performed annually in the U.S. This number continues to grow as our population ages. Current implant designs recognize the complexity of the joint and more closely mimic the motion of a normal knee. For example, ligaments keep the joint stable in a healthy knee. Some implant designs preserve the patient's own ligaments, while others substitute for them.
Several manufacturers make knee implants and there are more than 150 designs on the market today. Although various manufacturers market their implants to the public, and while surgeons may have a preference for a particular implant, there is no strong evidence that one brand or design is superior to the others in terms of function or longevity.
Smith+Nephew offers an innovative range of products for specialised knee replacement procedures. It is a routine operation for knee pain most commonly caused by arthritis. Every year more than two million patients receive total, partial or revision knee replacements.
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Attribute |
Details |
Historical Data Available For |
2017-2021 |
Projected Forecast Period |
2022-2032 |
Market Analysis |
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Key Regions Covered |
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Key Segments Covered |
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Key Countries Profiled |
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As of 2022, the market for orthopedic implants is expected to reach US$ 468 Mn
From 2017 to 2021, orthopedic implants sales inclined at approximately 6% CAGR
According to Fact.MR, the orthopedic implants market is anticipated to flourish at a CAGR of 6.7% from 2022-2032
As per Fact.MR’s analysis, the orthopedic implants landscape is expected to be valued at US$ 900 Mn in 2032
According to Fact.MR, the market for orthopedic implants is expected to flourish at a CAGR of 4% across North America
China is forecast to be the fastest growing market for orthopedic implants, growing at a 6% CAGR from 2022-2032
Orthopedic implants for knee reconstruction are highly preferred, expected to surge at a CAGR of 6.3% until 2032
Prominent orthopedic implants manufacturers include Stryker Corporation, Smith & Nephew Plc., B. Braun Melsungen, Zimmer Biomet Holdings and DePuy Synthes among others