DELRAY BEACH, Fla., Dec. 3, 2024 /PRNewswire/ -- The global orthopedic implants market is projected to grow USD 26.47 billion in 2029 from USD 20.94 billion in 2024, at a CAGR of 4.8% from 2024 to 2029. Technology improvements, rising opportunities in developing markets, increase in prevalence of orthopedic disorders, and the increasing old-age population are contributing factors to the growth of orthopedic implant market. Orthopedic disorders such osteoarthritis, osteoporosis, and fractures are more likely to occur in geriatric people. The need for orthopedic implants to improve mobility and quality of life with these problems has increased because of the demographic transition. Along with the market's steady growth, there has been a rise in the number of orthopedic procedures and awareness related to the benefits of orthopedic surgeries.
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The orthopedic implants market is segmented based on type into knee implants, hip implants, shoulder implants, elbow implants, foot & ankle implants, wrist implants, and other implants - knee segment is expected to hold major share of the market in 2023. The increase in number of revision knee surgical procedures and rising prevalence of knee osteoarthritis is driving the growth of this segment. According to NHS inform more than 70,000 knee replacements are performed in England and Wales each year. In 2022, the primary and revision hip and knee arthroplasty procedures performed are 3,149,042 during the time of 2012 and 2022 which is 23% growth in procedural cases (Source: American Academy of Orthopedic Surgeons).
By material, the orthopedic implants market is segmented into metal and metal alloys, ceramics, polymers and hybrid implants. In 2023, the metal and metal alloys segment held a significant share of the market 2023. The growth in this segment is driven by high strength and resistance to wear than any other material. Many of the metal alloys are compatible to imaging methods such as X-rays and CT scan that help in postoperative monitoring further supporting the growth of the segment.
Regarding end users, the orthopedic implants market is fragmented into hospitals & surgical centers and ambulatory & trauma care centers. The major share of the market was contributed by hospitals & surgical centers segment in 2023. Increasing funding opportunities and rising focus on healthcare research by private and public entities are fuelling the market's growth. Furthermore, increasing number of hospitals which are equipped with advanced surgical equipment support the growth of the segment.
The orthopedic implants market is segmented by region into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America region accounted for the major market share, followed by Europe and Asia Pacific. The significant share of North America in this market is attributed to the strong existence of key players, rising number of fractures, increasing medical tourism. Factors such as increasing healthcare expenditure and growing popularity for various orthopedic treatments support the market growth in this region.
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The orthopedic implants market is consolidated. As of 2023, the key players operating in the global orthopedic implants market are Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US), Smith+Nephew (UK), B. Braun (Germany). In 2023, Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US) held a major share of the orthopedic implants market. These players have adopted key strategies such as acquisitions, partnerships, and expansions in the last four to five years.
Stryker Corporation (US):
Stryker Corporation is among the leading companies in the global the company has a strong presence in North America, Europe, the Middle East, Africa, and the Asia Pacific, with its brand presence in more than 75 countries across the globe market. The company has a strong presence in North America, Europe, the Middle East, Africa, and the Asia Pacific, with its brand presence in more than 75 countries across the globe. The company offers orthopedic implants through other Orthopedics & Spine division segment. The company focuses on enhancing its product portfolio and continuous innovation and developing new products to sustain its leading position in the market.
Zimmer Biomet Holdings, Inc. (US):
Zimmer Biomet is a medical device company that develops, manufactures, and markets a wide range of healthcare products. The company offers orthopedic implants through its Knees, Hips, and S.E.T segments. The company has a strong geographic presence across countries such as France, Germany, Italy, Spain, the UK, Switzerland, Japan, Australia, New Zealand, South Korea, China, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. Also, the company has a wide distribution network across Benelux, Nordic, Central & Eastern Europe, and the Middle East & Africa. Zimmer Biomet has a strong brand value among orthopedic implants end users, strong R&D capabilities, and a robust product portfolio.
Johnson & Johnson MedTech (US):
Johnson & Johnson MedTech is another major player operating in the orthopedic implants market. The company is engaged in the R&D, manufacturing, and marketing of orthopedic implants and other healthcare products across the globe. It offers orthopedic implants under the MedTech business segment. The company is dedicated to research & innovation to forge and unveil novel offerings that optimize patient results. The company collaborated with CrossRoads Extremity Systems (US) to improve orthopedic care and MedTech devices using new ideas, hoping to give patients better health results. The company holds a significant market share in over 60 nations across diverse territories such as North America, Asia Pacific, Europe, and Africa.
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