The global orthopedic implants market size is expected to reach USD 64.0 billion by 2026, exhibiting a CAGR of 4.1 % during the forecast period. In 2018, the market value stood at USD 46.5 billion. Increasing patient acceptance of bone implants is driving the growth of this market, shares Fortune Business Insights™ in its report, titled “Orthopedic Implants Market, 2019-2026”.
Orthopedic implants are made using stainless steel, titanium alloys, ceramics, and polymers. These implants can be used to treat orthopedic injuries and a variety of other conditions. The notable shift from conventional surgical procedures towards minimally invasive procedures for the treatment of orthopedic diseases and disorders is having a positive effect on the bone implants industry. Furthermore, this market is also being increasingly characterized by the development of advanced 3D-printed orthopedic grafts that are equipped with assistive imaging technologies, such as magnetic resonance imaging (MRI) and computed tomography (CT), which are opening new vistas of growth and expansion. These imaging modalities for developing precise surgical designs, combined with the introduction of advanced robot-assisted surgical tools, have increased patient acceptance of these solutions, resulting in the continued growth of this market.
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November 2020: DJO, LLC, a leading global supplier of medical innovations, announced that it has completed the acquisition of Stryker’s total ankle and finger arthroplasty product lines.
Drivers & Restraints-
Growing Geriatric Population to Necessitate Rapid Acceptance of Orthopedic Implants
The growing geriatric population around the world is propelling the market for orthopedic implants forward. According to the World Health Organization (WHO), the elderly population will double by 2050, its proportion rising from the present 12% to 22% over the next couple of decades. Since the risk of osteoporosis and osteoarthritis increases as one gets older, this market is expected to grow faster. These are devices that repair or provide bone fixation and also allow the replacement of articulating surface joints. Iron, cobalt, chromium, titanium, and plastic-coated alloys act as cartilages in these implants. They can be used indefinitely or even replaced once their function has been met, serving as the ideal instruments for managing orthopedic disorders.
However, high prices, negligent reimbursement policies, and strict confirmatory requirements adopted by governments are all stifling the market’s development.
The COVID-19 pandemic affected the orthopedic implants market growth because the capacity at healthcare facilities has drastically decreased due to social distancing steps taken by governments around the world. In the short term, the demand for orthopedic digit implants is likely to be muted as many hospitals and clinics have closed down due to lockdowns. The demand for these non-emergency facilities, including orthopedic implants, has decreased due to their postponement. However, after COVID, the backlog of procedures is expected to be resolved, increasing the demand for implants.
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Based on product type, market segments include joint reconstruction, spinal implants, trauma implants, dental implants, and orthobiologics. Based on the end-user analysis, the market has been categorized into hospitals, orthopedic clinics, ambulatory surgery centers, and others. By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.