Global Orthopedic Implants Market Shows Promising Growth Amid Technological Advancements and Rising Demand
Discover insights into the thriving global orthopedic implants market driven by technological innovations and rising healthcare demand
VANCOUVER, BC, CANADA, July 1, 2024 /EINPresswire.com/ -- The global orthopedic implants market size was USD 35.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.3% during the forecast period. The global orthopedic implants market is poised for significant growth, driven by increasing prevalence of orthopedic disorders and technological advancements in implant materials and manufacturing processes. Orthopedic implants, crucial for supporting or replacing damaged bones, predominantly utilize metallic alloys like stainless steel, titanium, and cobalt-based alloys, alongside polymers.
Market Drivers:
According to the World Health Organization (WHO), musculoskeletal diseases affect 1.71 billion people globally, with conditions like low back pain leading to significant disability. The aging population further contributes to rising orthopedic issues, emphasizing the need for advanced medical solutions.
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Technological Advancements:
Three-dimensional (3D) printing has revolutionized the orthopedic implant sector by enabling personalized implants and precise surgical planning. This technology enhances surgical outcomes, particularly in joint replacements, by ensuring optimal sizing and placement of implants.
Challenges:
Despite technological progress, the high cost of orthopedic implants remains a challenge, influenced by factors such as manufacturing complexities and pricing negotiations between hospitals and manufacturers. Addressing cost transparency is critical for broader accessibility of these implants.
Emerging Trends:
The market is witnessing the development of multifunctional smart bone implants, integrating therapeutic functionalities and self-powering capabilities. These innovations aim to improve long-term implant performance and reduce the need for surgical revisions, marking a significant advancement in patient care.
Segment Insights:
Orthobiologics: Expected to dominate the market due to their tissue healing properties and minimally invasive nature, aligning with trends in precision medicine.
Reconstructive Joint Replacements: Driven by the increasing demand for procedures like hip and knee replacements, enhancing patients' quality of life and mobility.
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Biomaterial Trends:
Metallic Biomaterials: Leading segment due to their proven safety, durability, and biocompatibility, essential for long-term implant success.
Ceramic Biomaterials: Projected for rapid growth owing to wear resilience and biochemical inertness, suitable for various orthopedic applications.
Major Companies and Competitive Landscape
The global orthopedic implants market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient orthopedic implants solutions. Some major players included in the global orthopedic implants market report are:
Stryker
DePuy Synthes
Zimmer Biomet
Smith & Nephew
Orthopedic Implant Company
DJO Global
Arthrex, Inc.
NuVasive, Inc.
Evonic
Globus Medical
Health Canada
Kyocera Medical Technologies, Inc.
Teijin Nakashima Medical Co., Ltd.
HMC Orthcare Pvt. Ltd.
Stryker Corporation
Smith & Nephew plc
Medtronic plc
Johnson & Johnson
CONMED Corporation
Colfax Corporation (DJO GLOBAL LLC)
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Strategic Development
On 11 November 2022, General Electric (GE) Additive and Orchid Orthopedic Solutions collaborated to advance Additive Manufacturing (AM) in the orthopedic implant sector. Orchid invested in GE Additive's Electron Beam Melting (EBM) technology, with the first machines installed in 2022. Orchid plans to use the technology to manufacture large orthopedic implants, including knee components and acetabular cups. EBM enables the mass production of parts by stacking them closely without compromising quality, resulting in consistent material properties for thin and bulky geometries. The collaboration aims to raise awareness of EBM technology for 3D metal-printed orthopedic implants.
On 11 October 2022, Orthofix and SeaSpine merged in an all-stock deal to form a prominent global spine and orthopedics company. With products available in 68 countries and revenues of approximately USD 693 million, this merger combines complementary portfolios of biologics, orthopedic solutions, and surgical navigation systems. The company will offer a wide range of biologics and regenerative technologies, serving both the spine and orthopedics fields. In addition, the companies expect substantial cost savings, meaningful cross-selling opportunities, and an enhanced ability to reach larger distribution partners.
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global orthopedic implants market on the basis of type, application, deployment, enterprise size, component, vertical and region:
Product Outlook (Revenue, USD Billion; 2019-2032)
Reconstructive Joint Replacements
Spinal Implants
Dental Implants
Trauma
Orthobiologics
Others
Biomaterial Outlook (Revenue, USD Billion; 2019-2032)
Metallic Biomaterials
Ceramic Biomaterials
Polymeric Biomaterials
Type Outlook (Revenue, USD Billion; 2019-2032)
Knee
Hip
Wrist and Shoulder
Dental
Spine
Ankle
End-use Outlook (Revenue, USD Billion; 2019-2032)
Hospitals
Homecare
Outpatient Facilities
Research and Manufacturing
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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