Orthopedic Implants Market – Snapshot

Orthopedic implants are used to prevent and treat deformities and injuries of the musculoskeletal system. In terms of revenue, the global orthopedic implants market is projected to expand at a CAGR of 4.4% from 2018 to 2026. Developments in anesthesia techniques, rise in adoption of minimally invasive procedures, increase in incidence rate of injuries, surge in geriatric population, and rise in adoption of technologically advanced products to treat musculoskeletal disorders are likely to drive the global orthopedic implants market from 2018 to 2026.

The need for faster recovery, minimum pain, and cost effective treatments has increased demand for minimally invasive joint replacement surgeries across the globe. Moreover, favorable government initiatives to increase participation in sports leading to high incidence of injuries is projected to boost the growth of the global orthopedic implants market during the forecast period. According to available data, over 2 million patients visit the U.S. emergency departments for head trauma related injuries each year. However, incidence of product recalls due to device inefficiency or manufacturing errors affect the adoption rate of these implants among surgeons and patients. Moreover, stringent FDA regulations resulting in longer waiting period for product approval limits the entry of new players in the market. This is likely to restrain the global orthopedic implants market during the forecast period.

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The global orthopedic implants market has been segmented based on product, end-user, and region. In terms of product, the global market has been classified into joint reconstruction, spinal implants, trauma implants, orthobiologics, dental implants, and others. The joint replacement segment, which includes hip & knee replacements as the leading sub-segment, dominated the global orthopedic implants market in 2017. This is attributed to large number of hip and knee replacement procedures performed in the last decade across the world. However, it is expected to lose market share during the forecast period due to increase in adoption of orthobiological and spinal implants. The spinal implants segment is likely to gain momentum in developing regions from 2018 to 2026. Rise in demand for minimally invasive approach for spine surgery and increase in incidence of spinal fractures among the geriatric population are the key factors fueling the growth of the segment. Based on end-user, the hospitals segment led the market in terms of revenue in 2017. However, the segment is projected to lose market share during the forecast period due to rise in patient preference for orthopedic clinics for treatment.

In terms of region, North America held major share of the global orthopedic implants market in 2017. High cost of technologically advanced surgical procedures and increase in prevalence of orthopedic diseases such as osteoarthritis among the geriatric population are anticipated to contribute to North America’s large market share. Moreover, favorable reimbursement for the treatment of different musculoskeletal disorders under Medicare policy boosts the growth of the market in the region. In 2014, Medicare paid for more than 400,000 hip and knee replacements, at a cost of US$ 7 Bn to taxpayers for hospitalization alone. In terms of revenue, the market in Europe and Asia Pacific is projected to grow at a rapid pace during the forecast period. Rise in prevalence of orthopedic disorders and awareness about the treatment, and focus of leading players to establish their presence in the emerging markets are anticipated to drive the market in these regions in the near future.

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Key companies profiled in the global orthopedic implants market report include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and gain market share. For instance, in January 2016, NuVasive, Inc. acquired the U.S.-based Ellipse Technologies, Inc. This acquisition helped NuVasive, Inc. provide Ellipse Technologies, Inc.’s novel technology of magnetic adjustable implant systems to its customers.

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