Orthopedic Implants Market Overview:
Orthopedic implants market is experiencing a surge in sale across the globe, and it has been considerably boosted by technological advancement. The global orthopedic implants market can expect a 6.8% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a detailed study.
The study includes orthopedic implants market drivers such as increasing prevalence of orthopedic conditions such as fractures, osteoporosis, arthritis and technological advancement which has led to the use of more sophisticated implants. Obesity, sedentary lifestyle and adventure sports are instigating such diseases. Furthermore, governments are also investing much in research and developments that are helping the market gain momentum. At the same time, developing countries are opening up wide spaces for orthopedic implants market to expand.
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However, stringent regulations can put a brake on the regular orthopedic implants market growth. In addition, these implants are costly which can have an impeding effect on the market and reimbursement policies are often not enough to cover the expense which is one of the prime irritants for the orthopedic implants market growth.
Some major players in the global orthopedic implants market include Depuy Synthes Inc. (Johnson & Johnson) (U.S.), Globus Medical, Inc. (U.S.), NuVasive, Inc. (U.S.), Smith & Nephew plc. (UK), Stryker Corporation (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Integra LifeSciences Holdings Corporation (U.S.), Medtronic, plc (Ireland), The Orthopedic Implant Company (U.S.), Wright Medical Group N.V. (Netherlands), Aesculap Implant Systems (U.S.), BioTek Instruments, Inc. (U.S.), Conmed Corporation (U.S.), Arthrocare Corporation (U.S.), and others.
The global orthopedic implants market can be segmented by product type, procedure, biomaterial, device type, application, and end-user.
Based on product type, the orthopedic implants market can be segmented into spinal implants, dental implants, trauma and craniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others.
Procedure-wise, the orthopedic implants market includes open surgery, minimally invasive surgery (MIS), and others.
Biomaterial-based segmentation of the orthopedic implants market includes metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials.
Based on the device type, the orthopedic implants market includes internal fixation devices and external fixation devices. External fixation devices are further subdivided into orthopedic rods/wires, orthopedic screws, orthopedic plates, fixation pins, and orthopedic nails.
Application-wise, the orthopedic implants market comprises neck fracture, spine fracture, hip replacement, shoulder replacement, and others.
Based on end-user, the orthopedic implants market consists hospitals, orthopedic clinics, home cares, and others.
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Geographic analysis of the orthopedic implants market spans across mainly the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas is currently spearheading the market and is expected to do so in the coming years. The factors that are providing a tailwind for the regional market are superior infrastructure, increasing patient pool with bone-related problems and rising geriatric population. Minimally invasive surgeries are also picking up the pace due to which the market can witness further growth in a new direction.
Similar reasons have worked well for Europe and the European orthopedic implants market gaining much prominence. The regional market is currently holding the second spot. Meanwhile, the APAC region is expected to register the fastest CAGR owing to the burgeoning medical tourism industry. China, and India, along with Australia, are expected to contribute substantially, and the regional market can bank on their enormous contribution.
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