The global orthopedic implants market was valued at $49.4 Billion in 2023, and is projected to reach $76.4 Billion by 2033, growing at a CAGR of 4.4% from 2024 to 2033.
However, high cost of orthopedic implant and lack of reimbursement policies by insurance companies make them less accessible to patients which hamper the market growth. On the other hand, rise in regulatory approvals for orthopedic implants for various new applications is expected to create lucrative opportunities for the growth of the orthopedic implants market. For instance, in February 2021, the U.S. Food and Drug Administration approved the Patient Specific Talus Spacer 3D-printed talus implant for humanitarian use. The Patient Specific Talus Spacer is the first in the world and first-of-its-kind implant to replace the talus - the bone in the ankle joint that connects the leg and the foot - for the treatment of avascular necrosis (AVN) of the ankle joint.
Segmentation Overview
The orthopedic implants market is segmented into product type, biomaterial, type, and region. Depending on product type, the market is classified into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others. According to biomaterial, it is categorized into metallic biomaterials, ceramic biomaterials, polymeric biomaterials, and others. As per the type, the market is divided into knee, hip, wrist and shoulder, dental, spine, ankle, and others. Region wise, it is analyzed across Latin America, Asia-Pacific, North America, Europe, and Middle East & Africa.
Key Findings
By product type, the reconstructive joint replacements segment held the highest market share in 2023.
Depending on biomaterial, the metallic biomaterials segment accounted for the largest market share in 2023.
According to the type, the knee segment acquired the maximum share in the market in 2023.
Region wise, North America dominated the orthopedic implant market 2023.
Competitive Scenario
The major players operating in the orthopedic implants market include Arthrex, Inc., Colfax Corporation (DJO, LLC), CONMED CORPORATION, GLOBUS MEDICAL INC., Johnson & Johnson (DEPUY SYNTHES), Medtronic Plc, NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings Inc. These players have adopted several market tactics, including mergers & acquisitions, partnerships, collaborations, product innovation & development, marketing, and advertising to maintain their strong position in the competitive market.
- rthopedic implant encompasses medical device designed to replace or support damaged or diseased bones and joints. This implant is commonly used in orthopedic surgeries to restore mobility, relieve pain, and improve the quality of life for patients suffering from conditions such as arthritis, fractures, or sports injuries. Orthopedic implant ranges from screws and plates for fracture fixation to joint replacements such as hip and knee prostheses. This implant is meticulously engineered to mimic the function and structure of natural bones and joints, facilitating better patient outcomes and enhancing overall orthopedic care.
However, high cost of orthopedic implant and lack of reimbursement policies by insurance companies make them less accessible to patients which hamper the market growth. On the other hand, rise in regulatory approvals for orthopedic implants for various new applications is expected to create lucrative opportunities for the growth of the orthopedic implants market. For instance, in February 2021, the U.S. Food and Drug Administration approved the Patient Specific Talus Spacer 3D-printed talus implant for humanitarian use. The Patient Specific Talus Spacer is the first in the world and first-of-its-kind implant to replace the talus - the bone in the ankle joint that connects the leg and the foot - for the treatment of avascular necrosis (AVN) of the ankle joint.
Segmentation Overview
The orthopedic implants market is segmented into product type, biomaterial, type, and region. Depending on product type, the market is classified into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others. According to biomaterial, it is categorized into metallic biomaterials, ceramic biomaterials, polymeric biomaterials, and others. As per the type, the market is divided into knee, hip, wrist and shoulder, dental, spine, ankle, and others. Region wise, it is analyzed across Latin America, Asia-Pacific, North America, Europe, and Middle East & Africa.
Key Findings
By product type, the reconstructive joint replacements segment held the highest market share in 2023.
Depending on biomaterial, the metallic biomaterials segment accounted for the largest market share in 2023.
According to the type, the knee segment acquired the maximum share in the market in 2023.
Region wise, North America dominated the orthopedic implant market 2023.
Competitive Scenario
The major players operating in the orthopedic implants market include Arthrex, Inc., Colfax Corporation (DJO, LLC), CONMED CORPORATION, GLOBUS MEDICAL INC., Johnson & Johnson (DEPUY SYNTHES), Medtronic Plc, NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings Inc. These players have adopted several market tactics, including mergers & acquisitions, partnerships, collaborations, product innovation & development, marketing, and advertising to maintain their strong position in the competitive market.
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Key Market Segments
By Product Type
- Reconstructive Joint Replacements
- Knee Replacement Implants
- Hip Replacement Implants
- Extremities
- Upper Extremity Reconstruction
- Lower Extremity Reconstruction
- Spinal Implants
- Spinal fusion implants
- Thoracolumbar devices
- Cervical fixation devices
- Interbody fusion devices
- Invasive Spinal bone stimulators
- Vertebral Compression Fracture (VCF) Devices
- Balloon Kyphoplasty Devices
- Vertebroplasty Devices
- Motion Preservation Devices/Non-Fusion Devices
- Dynamic Stabilization Devices
- Artificial Disc Replacement Devices
- Annulus Repair Devices
- Nuclear Disc Prostheses
- Dental Implants
- Root Form Dental Implants
- Plate Form Dental Implants
- Trauma
- Orthobiologics
- Demineralized Bone Matrix (DBM)
- Allograft
- Bone Morphogenetic Protein (BMP)
- Viscosupplementation Products
- Synthetic Bone Substitutes
- Others
- Others
By Biomaterial
- Metallic Biomaterials
- Stainless steel
- Titanium Alloy
- Cobalt Alloy
- Others
- Ceramic Biomaterials
- Polymeric Biomaterials
- Others
By Type
- Knee
- Hip
- Wrist and Shoulder
- Dental
- Spine
- Ankle
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Globus Medical, Inc.
- Johnson & Johnson,
- Medtronic plc
- Zimmer Biomet Holdings Inc.
- NuVasive Inc.
- CONMED Corporation
- Arthrex, Inc.
- Smith & Nephew plc
- Stryker Corporation
- Colfax Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ORTHOPEDIC IMPLANTS MARKET, BY PRODUCT TYPE
CHAPTER 5: ORTHOPEDIC IMPLANTS MARKET, BY BIOMATERIAL
CHAPTER 6: ORTHOPEDIC IMPLANTS MARKET, BY TYPE
CHAPTER 7: ORTHOPEDIC IMPLANTS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to the report titled, 'Orthopedic Implants Market,' the orthopedic implants market was valued at $47,190.57 million in 2022 and is estimated to reach $73,326.75 million by 2032, growing at a CAGR of 4.5% from 2023 to 2032. Orthopedic implants are devices that are placed inside or on the surface of the body, intended to replace missing body parts or provide support to organs and tissues. The use of orthopedic implants helps to improve mobility, reduce pain and improve overall quality of life of patients. The orthopedic implants are designed to mimic the function and movement of the natural joint or bone as closely as possible and are typically made from biocompatible materials to minimize the risk of infection.Key factors driving the growth of the orthopedic implants market are rise in prevalence of bone and joint problems such as osteoarthritis, presence of major key players offering orthopedic implants, increase in number of sport-related injuries and rise in technological advancements in orthopedic implants. The rise in prevalence of orthopedic disorders and sport-related injury are major factors that fuel the orthopedic implant market. For instance, a National Cricket Academy Injury Surveillance Report 2021 stated that, in India, rise in prevalence of sport related injuries was observed accounting for 14.75% (shoulder injuries) and 13.11% (knee injuries). In the UK, the rise in the number of knee replacement surgeries is the major factor contributing to the growth of the market. For instance, an article of National Health Service 2022 reported that 70,000 knee replacement surgeries are carried out every year, thus rise in number of surgeries drives the growth of market.
Further, geriatric population is prone to many orthopedic disorders such as arthritis, back pain, and neck pain, which results in demand for orthopedic implant. Thus, rise in geriatric population is expected to contribute to the growth of the orthopedic implant market. For instance, data by the World Health Organization (WHO) 2021 stated that 1.4 billion of the world’s population is aged 60 years and over and is expected to double by 2050. In addition, a rise in the number of hip and knee fractures across the globe results in demand for orthopedic implants and thus, contributes to the market expansion.
The rise in the number of product launches and the presence of key players offering advanced orthopedic implants are the factors contributing to the growth of the market. For instance, in March 2022, Stryker Corporation launched Insignia Hip Stem, an engineered implant which eases the surgeon’s process in muscle-sparing approaches for total hip and hemiarthroplasty procedures. Thus, the rise in new product launches by key players is driving the growth of the segment.
The market also offers growth opportunities to the key players in the market. Many developing regions such India and Brazil offer lucrative opportunities to key players of orthopedic implants market owing to high population base, increase in demand of advanced orthopedic implants and increase in healthcare spending. In addition, government initiatives regarding orthopedic implants in various countries and medical tourism fuels the growth of market.
The global orthopedic implants market is segmented into product, biomaterial, type and region. On the basis of product, the market is categorized into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others. The reconstructive joint replacements segment is segmented into knee replacement implants, hip replacement implants, and extremities that include upper extremity reconstruction and lower extremity reconstruction. In addition, spinal implants segment is further divided into spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. Furthermore, dental implants are again classified into root form dental implants and plate form dental implants. Moreover, orthobiologics is further segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others.
On the basis of biomaterial, the market is categorized into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and others. On the basis of type, the market is classified into knee, hip, wrist & shoulder, dental, spine, ankle, and others. Region wise, the market is analyzed across North America ( U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include Arthrex, Inc., Colfax Corporation (DJO, LLC), CONMED CORPORATION, GLOBUS MEDICAL INC., Johnson & Johnson (DEPUY SYNTHES), Medtronic Plc, NuVasive Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Biomet Holdings Inc. The players in the market have been actively engaged in the adoption various Strategies such as agreement, acquisition, collaboration, innovation, product approval, product launch, partnership and contract to remain competitive and gain advantage over the competitors in the market. For instance, in November 2022, Arthrex and Richard Wolf, global leaders in minimally invasive surgical technology and solutions, announced a U.S.-based partnership to offer comprehensive technology and product offerings in urology, gynecology and general surgery.
Key Market Insights
- Based on product, the reconstructive joint replacements held the largest share in the global market in 2022.
- Based on type, the knee segment held the largest market share in 2022 and is expected to remain dominant during the forecast period.
- By biomaterial, the metallic biomaterial dominated the global market in 2022 and is anticipated to continue this trend during the forecast period.
- By region, North America generated the highest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
Key Market Players in the Orthopedic Implants Market include:- Globus Medical, Inc.
- Johnson & Johnson,
- Medtronic plc
- Zimmer Biomet Holdings Inc.
- NuVasive Inc.
- CONMED Corporation
- Arthrex, Inc.
- Smith & Nephew plc
- Stryker Corporation
- Colfax Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 351 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 49.4 Billion |
| Forecasted Market Value ( USD | $ 76.4 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
