Pune, June 03, 2020 (GLOBE NEWSWIRE) -- The global orthopedic implants market size is set to touch USD 64.0 billion by 2026, exhibiting a modest CAGR of 4.1% during the forecast period. Unprecedented rise in geriatric population across the globe to be the key growth driver of this market. According to the United States Census Bureau (USCB), the proportion of aged people to the total world population is steadily climbing. For example, in 2012, world population had reached 7 billion and the people aged 65 and above were 8% of this number or 562 million.
In 2015, the number rose by 55 million, with the percentage increasing to 8.5% of the total population in a span of 3 years. The USCB predicts that between 2025 and 2050, this geriatric population will double to reach 1.6 billion, whilst the total population will grow only by 34%. This, the USCB states, is attributable to the reduction in fertility rates around the world and lengthening lifespans due to advancements in medical technologies. This is expected to substantially broaden the base of the market, especially the joint reconstruction segment, as per the orthopedic implants market trends.
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According to the report by Fortune Business Insights, titled “Orthopedic Implants Market Size, Share & Industry Analysis, By Product (Joint Reconstruction; Spinal Implants; Trauma Implants, Dental Implants; Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 46.5 billion in 2018. The report also incorporates a thorough analysis of the factors, upcoming trends, and dynamics that are likely to influence the growth trajectory of the market.
An Overview of the Impact of COVID-19 on this Market:
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Widespread Prevalence of Musculoskeletal Conditions to Spike Market Demand
Musculoskeletal conditions refer to disorders that adversely affect the locomotor system in the body, that is, bones, muscles, joints, ligaments, and tissues. Disorders related to these movements are increasing in prevalence, as stated by the World Health Organization (WHO). According to the WHO, between 20% and 33% of the world’s population is currently suffering from some painful and chronic musculoskeletal disease.
The 2017 Global Burden of Disease Report revealed that musculoskeletal conditions were the second leading contributor to global disability, accounting for about 16% of all years with disability in an individual’s life. Given the economic costs associated with these disorders, the need to prevent them is stronger than ever today, which augurs well for the market as it will spur innovation among players in the forecast period.
North America to Hold a Commanding Position; Europe to Grow at an Impressive Rate
Among regions, North America is expected to dominate the global orthopedic implants market share owing to the increasing incidence of osteoarthritis in the region. Europe is projected to grow at a considerable rate on account of rapid spread of chronic diseases such as diabetes and obesity in the continent.
In Asia-Pacific, rise in healthcare expenditure and increasing disposable incomes will propel the market in the region, as per the orthopedic implants market analysis by Fortune Business Insights. However, the market growth in Africa, Latin America, and the Middle East is anticipated to be slow due to low levels of development in these regions.
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New Product Launches to Intensify Market Competition
Key players are looking to gain an edge in the competition through development and launch of new products. For instance, in September 2019, Zimmer Biomet, after receiving FDA approval, commercially released its customizable revision knee replacement device called Persona Revision Knee System for patients in the US. Some other players are engaging in sprucing up their research capacities through commissioning of trials and studies.
List of the Key Companies Operating in the Orthopedic Implants Market are:
- BioTek Instruments, Inc.
- Zimmer Biomet
- Integra LifeSciences Corporation
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
- ArthroCare Corporation
- Medtronic
- CONMED Corporation
- Smith & Nephew
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Orthopedic Injuries & Prevalence of Orthopedic Diseases for Key Countries/Region-2018
- Overview of New Product Launches and Developments by Key Products
- The Regulatory and Reimbursement Scenario by Country/Region
- Key Industry Developments (Mergers, Acquisitions, Partnerships)
- Global Orthopedic Implants Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Joint Reconstruction
- Knee
- Hip
- Extremities
- Spinal Implants
- Spinal Fusion Devices
- Spinal Non-fusion Devices
- Trauma Implants
- Dental Implants
- Endosteal Implants
- Superperiosteal Implants
- Transosteal Implants
- Orthobiologics
- Others
- Joint Reconstruction
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Reports:
Orthobiologics Market Size, Share and Global Trend by Product Type (Viscosupplements, Bone Growth Stimulators, Demineralized Bone Matrix, Synthetic Bone Substitutes, Stem Cells, Allografts), Application (Spinal Fusion, Maxillofacial & Dental, Soft Tissue Repair, Reconstructive & Fracture Surgery), End User (Hospitals, Ambulatory Surgical Centers, Speciality Clinics) and Geography Forecast till 2025
Dental Implants Market Size, Share and Global Trend By Material(Titanium Implants, Zirconium Implants), By Type(Endosteal Implants, Subperiosteal Implants, Transosteal Implants), By Design(Tapered Implants, Parallel Implants), By End-user(Hospitals, Dental Clinics, Academic & Research Institutes) and Geography Forecast till 2026
Medical Devices Market Size, Share and Global Trend By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental & Nephrology), End User (Hospitals & Ambulatory Surgical Centers and Clinics) and Geography Forecast till 2025
Orthopedic Joint Replacement Market Size, Share and Global Trend By Product (Knee, Hip, Shoulder, Ankle), By Procedure (Total Replacement, Partial Replacement), By End User (Hospital, Ambulatory Surgical Centers, Orthopedic Clinics) and Geography Forecast till 2026
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