New York, July 25, 2022 (GLOBE NEWSWIRE) -- Global population aging is a reality. The number and proportion of older people in the population are increasing in almost every country in the world. According to the United Nations (UN), there were 703 million people worldwide who were 65 or older i.e., 9% in 2019. In 2050, it is expected to be 1.5 billion senior people. As the geriatric population increases the number of diseases that affect them likewise rises. Among people aged 65 and over, musculoskeletal problems impacted roughly 3 out of 4 of them. Additionally, more than 1.7 billion individuals worldwide suffered from musculoskeletal disorders.
A concise review of the components of the market, including growth drivers, restraint factors, current market trends, and the potential for future growth, is provided by Kenneth Research in its new study, “Global Orthopedic Implant Market”. The market research report which covers the forecast period, i.e., 2022-2031, thoroughly examines the impact of COVID-19 and its consequences on end-users. The research study also looks at the principal competitor’s product lines and future market expansion strategies.
According to the statistics from the Centers for Medicare and Medicaid Services (CMS), the National Health Expenditure (NHE) increased by 9.7% to USD 4.1 trillion in 2020, or USD 12,530 per person, and represented 19.7% of the Gross Domestic Product (GDP). In 2020, Medicare spending increased by 3.5 percent to USD 829.5 billion, or 20% of all NHE. In 2020, Medicaid spending rose 9.2 percent to USD 671.2 billion, or 16 percent of all NHE. Also, the national health care spending in the U.S. is estimated to grow at an annual rate of 5.4 percent from 2019-2028 and also to touch USD 6.2 trillion by 2028. As the amount in health care expenditure is increasing the adoption of advanced treatment is also expected to grow, which in turn is anticipated to expand the global orthopedic implant market. Besides this, the surge in rate of musculoskeletal disorders is anticipated to raise the need for orthopedic surgeries which in turn would drive the need for orthopedic implants. The global orthopedic implant market generated close to USD 47 billion in revenue in 2021 and is predicted to generate a moderate amount of revenue by the end of 2031 by expanding at a CAGR of about 7% over the forecast period.
Get a Sample PDF of This Report @ https://www.kennethresearch.com/sample-request-10070784
The global orthopedic implant market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst these, the market in the North American region grew significantly in 2021. The growing numbers of geriatric population with osteoarthritis and the increasing number of surgeries are expected to fuel the growth of the market in the region. For instance, the number of joint replacement surgeries were increasing annually in Canada. Around 110,000 joint replacements were carried out in Canada during 2020-2021. More than 7,300 of the approximately 110,000 joint replacements were done as day surgeries, a four-fold increase from 2019-2020 as the health systems sought out more inpatients space throughout the pandemic. The rising number of surgeries are predicted to boost the demand for orthopedic implants and thereby elevate the growth of the global orthopedic implant market in the region over the forecast period. In addition to that, according to UN statistics, there were 59962 Thousands geriatric population, aged 65 and above in 2019, and is expected to have 80188 Thousands old-aged people in 2030 in the North American region. The rising geriatric population is anticipated for the further growth of the market in the region during the forecast period.
On the other hand, the Asia-Pacific market is anticipated to expand at a significant CAGR over the forecast period as a result of an older population, better reimbursement practices, and improved health care infrastructure. According to the UN statistics, the Asia Pacific region recorded the greatest population share among all other regions among people 65 and above in 2019, with a population total of 395344 Thousand. By the end of 2030, this is projected to increase to 587415 Thousand.
To Gain More Insights into the Global Orthopedic Implant Market Analysis, Browse the Summary of the Research Report @ https://www.kennethresearch.com/report-details/orthopedic-implants-market/10070784
The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [ Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global orthopedic implant market is segmented by product into the dental implant, spinal implant, joint reconstruction, orthobiologics, and others. Amongst these, the joint reconstruction segment, which accounted for the biggest market share in 2021 is expected to expand at a consistent CAGR over the forecast period. This increase is the result of technological innovations that are more geared towards ensuring surgical success. The segment for joint reconstruction is further divided into the knee, hip, and other sub-segments. The rising hip and knee surgeries are predicted to add further growth to the segment. For instance, according to CDC, in the US, over 32.5 million adults are suffering from osteoarthritis (OA). It usually affects the hands, hips, and knees. The cartilage between the bones in the joints is harmed or breaks down leading to OA. Its treatment suggests hip and knee surgeries in extreme cases. Hence, the rise in the number of OA patients is also anticipated for the growth of the segment. In addition to that, based on a report from American Joint Replacement Registry (AJRR), in 2021 approximately 2.4 million hip and knee surgeries represented an 18.3 percent increase in total procedural volume than in 2020. The total annual volume of total joint arthroplasty (TJA) is captured at a rate of 40 percent by this. Based on these statistics, it is prudent to conclude that the increasing number of TJA surgeries are predicted to drive the growth of the segment.
Get a Sample PDF of the Global Orthopedic Implant Market @ https://www.kennethresearch.com/sample-request-10070784
The global orthopedic implant market is segmented by end-users into hospitals, orthopedic clinics, ambulatory surgical centers, and others. Amongst these, the hospital segment is anticipated to have a noteworthy share in the growth of the market during the forecast period. In India, a total of 4700 hip implant surgeries were conducted in 2019. In addition to that, according to the statistics from CMS, there were 324 acute care hospitals in the United States which support the comprehensive care for joint replacement model in 2021. Also, the hospital expenditure increased by 6.4 percent to USD 1,270.1 billion in 2020 which was a bit speedier than the 6.3 percent growth in 2019. Additionally, the federal government (36.3 percent) and households (33.3 percent) contributed the greatest portions of the total health spending (26.1 percent). The growing number of hospitals and adoption of advanced treatments for musculoskeletal disorders are therefore anticipated for further growth of the segment.
The global orthopedic implant market is further segmented by type and biomaterial.
Global Orthopedic Implant Market, Segmentation by Type:
- Knee
- Hip
- Wrist & Shoulder
- Dental
- Spine
- Ankle
- Others
Global Orthopedic Implant Market, Segmentation by Biomaterial:
- Metallic Biomaterials
- Ceramic Biomaterials
- Polymers Biomaterials
- Others
Enquiry Before Buying This Report @ https://www.kennethresearch.com/sample-request-10070784
Some of the well-known leaders in the global orthopedic implant market that are included in our report are Zimmer Biomet, Medtronic, NuVasive, Inc., Smith & Nephew PLC, CONMED Corporation, Arthex, Inc., DJO, LLC, Merete GmbH, Medical Devices Business Services, Inc. (Johnson & Johnson) and others.
Browse More Related Reports:
Medical Nutrition Market Analysis by Product Type (Enteral, Oral Supplements, and Parenteral Nutrition); by End Users (Pediatric, and Adult Nutrition); and by Distribution Channels (Hospitals, Retail Pharmacies, and E-commerce Websites)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
One-Step ELISA Market Analysis by Application (Hospitals & Clinics, Diagnostic Centers, Pharmaceutical Companies, and Research Centers); by Sample Type (Tissue Lysate, Plasma, & Serum, and Others); and by Target Molecule (Insulin, Albumin, IgG, TNF Alpha, Lysozyme, IL-6, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
Virus Filtration Market Segmentation by Product (Filtration Systems, Kits & Reagents, and Services); by Application (Medical Devices, Water Purification, Air Purification, and Biologicals); by End User (Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Academic Research Institutes, Medical Device Companies, and Others)-Global Demand Analysis & Opportunity Outlook 2031
Viscosupplementation Market Segmentation by Product (Single Injection, Three Injection, and Five Injection); by Application (Knee Osteoarthritis, Hip Osteoarthritis, and Hand Osteoarthritis); by Source (Animal, and Non Animal); by End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others)-Global Demand Analysis & Opportunity Outlook 2031
Erectile Dysfunction Drugs Market Segmentation by Products (Viagra (Sildenafil Citrate), Cialis (Tadalafil), Vardenafil Levitra/Staxyn, Stendra/Spedra (Avanafil), Zydena (Udenafil), Vitaros (Alprostadil Cream), and Others); by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)-Global Demand Analysis & Opportunity Outlook 2031
About Kenneth Research
Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates, and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided the right guidance at a right time is available through strategic minds. Our out-of-box thinking helps our clients to take wise decisions so as to avoid future uncertainties.
Contact for more Info:
AJ Daniel
Email: info@kennethresearch.com
U.S. Phone: +1 313 462 0609
Web: https://www.kennethresearch.com/
