New Jersey, NJ, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Growing geriatric population around the world and, increasing number of sports-related injuries along with the growing incidences of the road accidents are some of the factors that are driving the global demand for the orthopedic implants. The global orthopedic implants market is expected to grow from USD 5.26 Billion in 2017 to USD 8.97 Billion by 2025, at a CAGR of 6.90% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
An orthopedic implant can be defined as a device surgically placed into the body to restore function by replacing or reinforcing a damaged bone or joint. These implants are aimed to correct the deformities, stabilize body posture, and restore the normal skeletal function. There is an ongoing shift from conventional invasive procedures to minimally invasive surgeries for the treatment of orthopedic disabilities or diseases. The increasing prevalence of orthopedic conditions, such as fractures, degenerative bone disease osteoporosis, the rising number of road accidents, and arthritis are some of the major factors that are driving the global orthopedic implants market.
Factors such as global increase in geriatric population, rising incidence of orthopedic diseases as well as are driving the global orthopedic implants market. Whereas high cost of orthopedic implants and stringent approval process are the factors that are anticipated to dampen the market growth.
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Key players in the global orthopedic implants market are Depuy Synthes Inc., Globus Medical, Inc., NuVasive, Inc., Smith & Nephew plc. Stryker Corporation , Zimmer Biomet Holdings, Inc., Integra LifeSciences Holdings Corporation, Medtronic, plc, The Orthopedic Implant Company, Wright Medical Group N.V., Aesculap Implant Systems, BioTek Instruments, Inc., Conmed Corporation, Arthrocare Corporation, Arthrex, Inc., Baxter International Inc, DePuySynthes, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance Baxter International in 2018, announced the US FDA approval for its Actifuse Flow Bone Graft Substitute for use in a variety of orthopedic surgical procedures. Actifuse Flow offers accelerated bone growth in a new, easy-to-use, prepackaged delivery syringe for precise placement into small bony voids or gaps in the skeletal system.
- MicroPort Scientific in 2018, announced its foray into Indian markets of orthopaedic implants with its full range of globally acclaimed products. The launch is a major step in the direction of becoming a key player in the medical devices space in the country.
- In January 2019, it was announced that DePuy Synthes is launching the Femoral Neck System, an innovative new implant solution for the repair of femoral neck fractures. Approximately 1.6 million hip fractures, specifically fractures that take place in the upper part of the femur or long thigh bone, occur worldwide annually, and femoral neck fractures represent approximately 50% of all reported hip fracture cases. These types of fractures are often associated with high mortality rates, along with significant loss of function in more than 50% of patients.
Reconstructive joint replacement segment had a market value of USD 1.56 billion in 2017
Product segment is divided into reconstructive joint replacements, spinal implants, dental implants, trauma & craniomaxillofacial, orthobiologics and others. Increasing prevalence of the orthopedic ailments such as osteoporosis and osteoarthritis among the elderly people is generating a huge demand for the hip and joint orthopedic replacement devices. Thus, the reconstructive joint replacements segment led the global orthopedic implants market with USD 1.56 billion revenue in 2017. Owing to increasing prevalence of spondylolisthesis and disc degenerative conditions the Spinal implants segment is projected to grow an accelerated CAGR of 8.96% over the forecast period.
Natural biomaterials segment is anticipated to grow at a CAGR of 9.04% in 2018-2025
Biomaterial is segment categorized into ceramic, metallic, polymeric and natural biomaterials. Factors such as load bearing properties, resistant to fatigue degradation and can be sterilized easily before use, led metallic segment to dominate global orthopedic implants market with USD 1.98 billion revenue in 2017. On account of their easy to manufacture and modify and biodegradable properties the Natural biomaterials segment is projected to grow at the fastest CAGR of 9.04% over the forecast period.
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Regional Segment Analysis of the Orthopedic Implants Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the orthopedic implants with 54.71% share of total market revenue in 2017. Presence of excellent healthcare facilities, huge geriatric populations and the growing prevalence of orthopedic disorders such as osteoarthritis, osteoporosis as well as increasing preference to minimally invasive surgical procedures were some of the reasons that led North America region to dominate the global orthopedic implants market in 2017. Asia Pacific region is anticipated to grow at an accelerated CAGR of 9.23% over the forecast period. This increase in the growth rate can be attributed to rapid improvement in the healthcare facilities in the region.
About the report:
The global Orthopedic Implants market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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