- Rise in hip and knee replacement procedures generated large revenue streams for manufacturers of orthopedic implants in recent years
- Europe and Asia Pacific are expected to see remarkable rise in opportunities in the orthopedic implants market from the need to meet prevalence of orthopedic disorders, top players set sight on regional market
ALBANY, N.Y., Aug. 18, 2020 /PRNewswire/ -- The orthopedic implants market gathers a new momentum due to rising application of 3D printing technologies, since this leads to creation of personalized implants at a faster rate. Advances in joint replacement implant products will gain attention among product innovators.
Analysts at TMR projects the orthopedic implants market to rise at a CAGR of 4.4% from 2018 to 2026.
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Key Findings of Orthopedic Implants Market Report
- Among the various products, joint reconstruction accounted for the leading share in 2017
- Opportunities in spinal implants segment are expected to rise at remarkable pace during 2018 - 2026
- Geographically, North America was the leading market in 2017
- Revenues in Europe and Asia Pacific are expected to rise at promising pace during the assessment period
Explore 218 pages of top-notch research, incisive insights, and detailed country-level projections on Orthopedic Implants Market (Product - Joint Reconstruction (Hip replacement, Knee replacement, Shoulder Replacement), Spinal Implants (Spinal Fusion Devices, Spinal Non-fusion Devices), Trauma Implants (Metal Plates and Screws, Pins/Wires, Nails and Rods) Orthobiologics, Dental Implants; End user - Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/report-toc/26009
Orthopedic Implants Market: Key Driving Factors and Promising Avenues
- Rising demand for smart implants in orthopedic surgeries is a key trend that has broadly driven the evolution of the orthopedic implants market. Joint replacement products are attracting the attention of researchers.
- Minimally invasive joint replacement surgeries have gained momentum over the past few years on the back of favorable government initiatives and clinical advances in developing world.
- The market has been driven substantially by huge numbers of hip and knee replacement procedures in recent years.
- Incidence of spinal fractures has stimulated the pace of product innovation in the orthopedic implants market. In this regard, some markets have seen a shift from hospitals to orthopedic clinics as preferred option for orthopedic implants.
- Rising incidence of osteoarthritis has boosted the market. The condition affects 3.3% to 3.6% of the global population.
- In recent years, the horizon has been broadened by the advent of 3D manufacturing of these implants. The additive manufacturing technology has enabled manufacturers and surgeons to meet the need for personalized healthcare. Less turnaround times are a big advantage.
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Orthopedic Implants Market: Regional Landscape
Rise in hip replacement procedures has spurred the prospects in the North America orthopedic implants market. Prevalence of osteoarthritis is a common form of doctor-diagnoses arthritis, according to the CDC. The condition has been a substantial health burden. This has spurred demand for orthopedic implants, especially in the U.S.
On the other hand, Latin America, the Middle East and Africa, and Asia Pacific are expected to be next hotbed of opportunities for players in the orthopedic implants market.
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Key Impediments to Orthopedic Implants Market
The high cost of hospitalization, along with the high cost of orthopedic implants, still concerns numerous countries where people have to make out-of-pocket spending for such surgeries. The factor has constrained opportunity generation in the orthopedic implants market. Also, some markets have seen several product recalls, making a dent in the revenue potential in the market.
Nevertheless, the regulators are pushing for innovations, which has spurred the manufacturing of reliable and high-performing products.
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The global orthopedic implants market has been segmented as follows:
Product
- Joint Reconstruction
- Hip Replacement
- Knee Replacement
- Shoulder Replacement
- Others
- Spinal Implants
- Spinal Fusion Devices
- Spinal Non-fusion Devices
- Trauma Implants
- Metal Plates & Screws
- Pins/Wires
- Nails and Rods
- Others
- Orthobiologics
- Dental Implants
- Others
End-user
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Joint Replacement Devices Market: According to the report, the global joint replacement devices market was valued at US$ 18,518.2 Mn in 2017 and is anticipated expand at a CAGR of 4.4% from 2018 to 2026. High prevalence of osteoarthritis, growth in the medical devices industry in emerging economies in regions such as Asia Pacific, and launch of technological advanced products such as customized knee implants are projected to augment the global market between 2018 and 2026.
Dental Implants Market: According to the report, the global dental implants market was valued at US$ 4.08 Bn in 2018 and is anticipated to expand at a CAGR of 7.1% from 2019 to 2027, increasing incidence of dental caries, and rowing preference for dental implants over dental procedures are projected to drive the global market during the forecast period.
Osteoarthritis Drugs Market: The global osteoarthritis drugs market is expected to reach a market value of about US$ 11,226.1 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period. Rise in R&D expenditure, increased prevalence of osteoarthritis across the globe, increased geriatric population, rise in awareness regarding degenerative bone diseases in developing countries, and rich pipeline of innovative treatment options are some factors that are expected to boost the global osteoarthritis drugs market during the forecast period.
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