Published Date : 03 Apr 2024
The global orthopedic implants market size surpassed USD 49.78 billion in 2023 and is expected to rise around USD 72.08 billion by 2032, expanding at a CAGR of 4.20% during the forecast period from 2023 to 2032.
The orthopedic implants market deals with the development, manufacturing, and distribution of medical devices that are needed for different disorders associated with musculoskeletal. An orthopedic implant is a device used to support or replace damaged bone, joint, and cartilage. These are specially designed for metallic alloys such as polymers, cobalt-based, titanium, and stainless steel. The increasing commonness of orthopedic diseases and the rising number of orthopedic processes are expected to surge the demand for these devices. In addition, the increasing geriatric populations inclined to an increased risk of bone or joint conditions and osteoporosis are expected to increase the patient group for subsequent and diagnosis surgical processes for these implants.
Moreover, the technological innovations and advancements assisted the operative equipment, the rising use of orthopedic implants and the assumption of medical devices that are used for execution and the other various advanced techniques to deal with bone injuries have helped to drive the market during the forecast.
North America dominated the orthopedic implants market in 2023. North America is anticipated to increase the need for orthopedic procedures due to the increasing incidence of orthopedic diseases such as osteoporosis and other bone-related diseases and the rising geriatric population at a higher risk of bone fractures. The rising demand for orthopedic procedures combined with an increase in implantations is expected to enhance the market growth.
In addition, the significance of market players on inorganic growth policies, such as collaborations and partnerships, to introduce innovative implants to serve the increasing demand for patient-oriented customization is an important factor responsible for enhancing market growth in North America. In addition, the region's policy existence of major market players, such as Stryker, Biomet, and others, and the increasing adoption of orthopedic implants are considered to support the market growth.
Asia Pacific is estimated to grow fastest in the forecast period. Asia Pacific region also has significant growth in joint replacement surgery. The rising sitting lifestyle of many people, especially geriatrics, has led to numerous born and joined diseases. A rise in the number of patients suffering orthopedic treatments is due to developments in bone scan diagnostics for regulating bone density among diagnostic laboratories, better refunds by private and governmental organizations, and the development of healthcare structures. This, coupled with favorable regulation by governments to support orthopedic processes, is expected to drive the orthopedic implant market growth in Asian regions.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 49.78 Billion |
| Projected Forecast Revenue by 2032 | USD 72.08 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.20% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Increasing incidence of sports injuries
The growth of participation in sports and physical activities has shown a higher incidence of sports-related injuries. Orthopedic implants are continuously required to treat conditions like joint instability, fractures, and torn ligaments. Young athletes and fitness-conscious people are increasingly searching for orthopedic solutions to return to their active and sporty lifestyles. This trend is not limited to professional athletes but also expands to fitness freaks and recreational sports.
As a result, the need for orthopedic implants, such as shoulder implants and anterior cruciate ligament construction devices, is increasing. As more people engage in outdoor activities and sports, the demand for effective orthopedic interference continues to grow, making sports-related injuries an important driver of orthopedic implants market growth.
Increasing geriatric population
With the rapidly increasing geriatric population in the world, diabetic patients are also growing rapidly. As more patients live longer, it is possible that a growing number of geriatric patients will need surgery. Medical complications and perioperative risks of geriatric patients become rapidly complex with time as patients live longer and become unhealthy patients. Hip and knee fractures in geriatric patients often have a significant outcome in strength and independence. Different surgical inspirational factors are known to improve the outcome of orthopedic implants. These opportunities will drive the growth of the orthopedic implants market in the coming years.
Restraint
Complications and risks related to the orthopedic surgical process
Total knee and hip orthopedic-related surgeries are the two most common surgeries. Sometimes hip and knee arthroplasty surgeries create significant risks and complications such as implant failures, deep vein thrombosis, and surgical site infections owing to the failure of the material to hold the hip implants in place. Artificial leg fractures are other complications that can result in knee and hip replacement operations. All these risks and complications are likely to restrain the growth of the orthopedic implants market.
Opportunity
Technological developments and innovations
Developments in technology play an important role in advancing the orthopedic implants market. These revolutions include surgical techniques, implant designs, and materials. Biocompatible materials like ceramics and titanium are rapidly used to develop implants that combine flawlessly with the human body. In addition, the use of developed products like wear-resistant polyethylene expands the lifetime of joint replacements. This modern technology not only improves implant performance but also improves patient satisfaction, making it an important opportunity in the market.
Market Segmentation
By Product
By Type
By Biomaterial
By Procedure
By End User
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