by The global orthopedic implants market is experiencing significant growth, propelled by the increasing prevalence of orthopedic injuries and surgeries, primarily associated with conditions like osteoarthritis and arthritis. This rise in orthopedic procedures is driven by a surge in bone-related diseases, creating a substantial demand for minimally invasive orthopedic treatments and orthopedic implants.
Orthopedic Implants Meet the Increasing Demand
The global orthopedic implants market is witnessing a remarkable upswing, primarily due to a surge in orthopedic surgeries. Conditions such as osteoarthritis and arthritis are contributing to a growing number of orthopedic injuries, further leading to an escalating demand for orthopedic procedures. According to the National Centre for Biotechnology Information (NCBI), the volume of orthopedic surgeries has increased by 38% from 2016 to 2019, with the likelihood of further growth.
Moreover, the rapid increase in musculoskeletal diseases is expected to result in more orthopedic injuries, causing restricted mobility and severe pain. Musculoskeletal diseases affect approximately 1.7 billion people globally, contributing significantly to years lived with disability (YLDs), with over 145 million cases worldwide. This has led to a heightened need for orthopedic procedures, boosting the orthopedic implants market. Additionally, the growth is reinforced by the rising geriatric population worldwide. The United Nations predicts that the number of individuals aged 60 and above will double by 2050, exceeding 2 billion globally. The World Health Organization estimates that the geriatric population will reach 1.4 billion by 2030. Older individuals are more susceptible to orthopedic diseases, such as arthritis, increasing the likelihood of orthopedic surgeries and contributing to the growth of the orthopedic implants market.
Innovations Driven by Technological Advances Propel Market Growth
The surge in orthopedic surgeries and procedures has driven the demand for bone implants. Additionally, the increasing demand for minimally invasive medical implants has opened the door for implant customization based on a patients specific condition. Customized implants offer orthopedic surgeons greater flexibility in choosing the best-fit implant for each patient, leading to innovations that support surgeons during implantation. Innovations such as portable navigation, robot-assisted surgery, and guidance software powered by artificial intelligence (AI) assist surgeons throughout the entire implantation process, making it more reliable, effective, and less time-consuming.
Furthermore, 3D printing technology is a significant trend in the orthopedic implants market, enabling the production of specialized implants. This technology allows the development of efficient multi-layered composite implants used in various orthopedic procedures. Robotic assistance in surgeries, coupled with the emergence of internal fixation devices and bioresorbable implants, is poised to create new opportunities in the market. As technology advances further, the orthopedic implants market is likely to witness the development of novel implant procedures and innovations driven by AI, machine learning, and IoT, opening up potential growth opportunities.
Joint Reconstruction Leads the Way
Joint reconstruction implants, particularly knee and hip replacement implants, have gained significant traction due to the growing aging population and the prevalence of osteoarthritis. Spinal implants, driven by an increase in trauma cases and degenerative spinal conditions, are also expected to witness high demand. The rising number of spinal fusion surgeries, often necessitating spinal implants, contributes to the growing use of spinal implants in orthopedic procedures.
North America Dominates the Market
Developed nations in North America are poised to dominate the orthopedic implants market. The region experiences a high incidence of orthopedic ailments and bone disorders, making it a key market for orthopedic implants. The availability of advanced medical facilities, robust healthcare infrastructure, stable GDP per capita growth, and favorable government healthcare incentives have transformed orthopedic care in North America, fostering market growth.
Orthopedic Implants Market: Competitive Landscape
Key players in the orthopedic implants market are actively introducing new products, collaborating, acquiring, and expanding facilities to gain a competitive edge. Notable developments include Smith & Nephews acquisition of Engage Surgical, Zimmer Biomets introduction of WalkAI, and Smith & Nephews launch of the cementless Total Knee System (TKS). These strategic moves demonstrate the industrys commitment to innovation and growth.
Prominent players in the global orthopedic implants market include Zimmer Biomet, Stryker, Smith & Nephew, BioTek, Corin Group, Conmed Corporation, Globus Medical, Medtronic, and B. Braun Melsungen AG.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): https://www.fairfieldmarketresearch.com/report/orthopedic-implants-market
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COMTEX_442171507/2840/2023-10-20T08:01:35
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.