Orthopedic Implants Market Future Insights, Share Value, COVID-19 Impact and Emerging Trends By 2027
Orthopedic Implants Market Highlights
Orthopedic
implants market is experiencing a surge in sale across the
globe, and it has been considerably boosted by technological advancement. The
global orthopedic implants market can expect a 6.8% CAGR during the forecast
period (2017-2023), reveals Market Research Future (MRFR) in a detailed study.
The study includes orthopedic implants market drivers such as increasing
prevalence of orthopedic conditions such as fractures, osteoporosis, arthritis
and technological advancement which has led to the use of more sophisticated
implants. Obesity, sedentary lifestyle and adventure sports are instigating
such diseases. Furthermore, governments are also investing much in research and
developments that are helping the market gain momentum. At the same time,
developing countries are opening up wide spaces for orthopedic implants market
to expand.
However,
stringent regulations can put a brake on the regular orthopedic implants market
growth. In addition, these implants are costly which can have an impeding
effect on the market and reimbursement policies are often not enough to cover
the expense which is one of the prime irritants for the orthopedic implants
market growth.
Segmentation:
The
global orthopedic implants market can be segmented by product type, procedure,
biomaterial, device type, application, and end-user.
Based
on product type, the orthopedic implants market can be segmented into spinal
implants, dental implants, trauma and craniomaxillofacial implants,
reconstructive joint implants, orthobiologics, and others.
Procedure-wise,
the orthopedic implants market includes open surgery, minimally invasive
surgery (MIS), and others.
Biomaterial-based
segmentation of the orthopedic implants market includes metallic biomaterials,
polymer biomaterials, ceramic biomaterials, and natural biomaterials.
Based
on the device type, the orthopedic implants market includes internal fixation
devices and external fixation devices. External fixation devices are further
subdivided into orthopedic rods/wires, orthopedic screws, orthopedic plates,
fixation pins, and orthopedic nails.
Application-wise,
the orthopedic implants market comprises neck fracture, spine fracture, hip
replacement, shoulder replacement, and others.
Based
on end-user, the orthopedic implants market consists hospitals, orthopedic
clinics, home cares, and others.
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Regional Analysis:
Geographic
analysis of the orthopedic implants market spans across mainly the Americas,
Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The
Americas is currently spearheading the market and is expected to do so in the
coming years. The factors that are providing a tailwind for the regional market
are superior infrastructure, increasing patient pool with bone-related problems
and rising geriatric population. Minimally invasive surgeries are also picking
up the pace due to which the market can witness further growth in a new
direction.
Similar
reasons have worked well for Europe and the European orthopedic implants market
gaining much prominence. The regional market is currently holding the second
spot. Meanwhile, the APAC region is expected to register the fastest CAGR owing
to the burgeoning medical tourism industry. China, and India, along with
Australia, are expected to contribute substantially, and the regional market
can bank on their enormous contribution.
Market Insight:
The
orthopedic implants market is thriving on strategic implementations made by
various companies to stay afloat in the market. These tactics include merger,
product launch, collaboration, and other methods. For instance, Globus Medical,
Inc. has acquired Surgimap, a name to reckon with in the surgical industry.
NuVasive, Inc., on the other hand, is taking over SafePassage, a provider of
intraoperative neurophysiological monitoring (IONM) services.
Some
major players in the global orthopedic implants market include Depuy Synthes
Inc. (Johnson & Johnson) (U.S.), Globus Medical, Inc. (U.S.), NuVasive,
Inc. (U.S.), Smith & Nephew plc. (UK), Stryker Corporation (U.S.), Zimmer
Biomet Holdings, Inc. (U.S.), Integra LifeSciences Holdings Corporation (U.S.),
Medtronic, plc (Ireland), The Orthopedic Implant Company (U.S.), Wright Medical
Group N.V. (Netherlands), Aesculap Implant Systems (U.S.), BioTek Instruments,
Inc. (U.S.), Conmed Corporation (U.S.), Arthrocare Corporation (U.S.), and
others.
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