Orthopedic Implants Market size is set to grow by USD 12.54 billion from 2024-2028, High prevalence of osteoporosis to boost the market growth, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global orthopedic implants market size is estimated to grow by USD 12.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.72%  during the forecast period. 

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Key Market Trends Fueling Growth

The orthopedic implants market experiences significant growth through strategic alliances, enabling manufacturers to expand their product lines and reach wider geographies without substantial financial investment. These collaborations, including those for product development and commercialization, offer benefits such as cost containment and extended product offerings. Notable initiatives include Stryker's acquisition of SERF SAS in 2024, bolstering their European presence and expanding their implant portfolio.

Key areas driving market growth include joint replacements, spinal surgeries, and fracture repairs, catering to health-conscious consumers and an aging population dealing with arthritic conditions and musculoskeletal disorders. Digital technology integration and advanced implant materials, such as metallic, ceramic, and polymer biomaterials, further fuel market expansion. 

Market Challenges

•         The orthopedic implants market faces significant challenges due to the high cost of implants and related procedures. Orthopedic implants cater to various conditions affecting the joints, spine, and maxillofacial injuries. Costs vary based on applications and features, with pedicle screw implants priced between USD900 and USD1,000 per screw. Absorbable implants are more expensive than metallic ones.

•         The value chain increases implant costs by 130%-150%. COVID-19, consumer health consciousness, surgeries, and the geriatric population drive market growth. Key conditions include osteoporosis, osteoarthritis, and spinal disorders. Advanced implants, such as orthobiologics and bone healing materials, are in demand.

•         Digital technology and monitoring systems are transforming treatment workflows. Orthopedic doctors diagnose and monitor orthopedic diseases like arthritis and rheumatoid arthritis. Sports-related injuries and dentists also utilize orthopedic implants.

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Segment Overview 

1. Product 
• 1.1 Joint reconstruction implants
• 1.2 Spinal implants
• 1.3 Craniomaxillofacial implants
2. End-user 
• 2.1 Hospitals
• 2.2 Orthopedic clinics
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Joint reconstruction implants-  The Orthopedic Implants Market is segmented into various product categories, with joint reconstruction implants holding the largest market share. This segment encompasses implants utilized in the treatment of orthopedic conditions related to the knee, hip, trauma, and extremities. Factors such as the rising prevalence of orthopedic diseases, including rheumatoid arthritis, spinal disorders, arthritis, and sport-related injuries, fuel the demand for these implants. Orthopedic trauma implants, such as bone plates, are essential for fracture repairs.

The adoption of advanced materials, like metal and plastic, in implant manufacturing, caters to the growing trend of joint replacements and spinal surgeries. The patient attendance for preventive services, screening, and medical treatments increases the opportunity for orthopedic surgeries.

The COVID-19 infection has led to a surge in the need for orthopedic procedures as patients delay non-emergency surgeries. Health-conscious consumers and the geriatric population, with arthritic conditions and musculoskeletal disorders, are significant patient groups. Digital technology integration in implant manufacturing and surgeries further enhances the market's growth.

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Research Analysis

The Orthopedic Implants Market encompasses a range of advanced solutions designed for Plastic and Bone procedures, including Joint replacements and Spinal surgeries. Fracture repairs are a significant segment, catering to the growing healthcare needs of the Geriatric population. The Launch of innovative implants, such as those made from Metallic biomaterials and Advanced orthobiologics, presents a lucrative Opportunity for Manufacturing companies.

Digital technology plays a pivotal role in streamlining Workflows and enhancing the overall Treatment experience for Physicians and Patients. The market is witnessing a surge in demand due to the increasing prevalence of conditions like Osteoporosis and Osteoarthritis.

Knee replacement surgeries are a major focus area, with a growing number of procedures being performed annually. The market is poised for robust growth, driven by the health-conscious consumers' increasing awareness and the ongoing advancements in implant technology.

The Orthopedic Implants Market encompasses the production and distribution of medical devices used to replace or repair damaged or diseased bones and joints. These implants are typically made from materials such as metal alloys, ceramics, and polymers. The global market for Orthopedic Implants is driven by an aging population, increasing prevalence of orthopedic disorders, and advancements in implant technology.

The market is segmented into various categories based on the type of implant, material, application, and end-user. Orthopedic implants are used in procedures such as hip replacement, knee replacement, spine surgery, and trauma surgery. The market is expected to grow at a significant rate due to the increasing demand for minimally invasive surgeries and the development of biocompatible implants.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Joint Reconstruction Implants
• Spinal Implants
• Craniomaxillofacial Implants
• End-user
• Hospitals
• Orthopedic Clinics
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio