Orthopedic Implants Market

Global orthopedic implants market accounted for $45,053 million in 2020 is expected to reach $68,804.1 million by 2030, registering a CAGR of 4.7% from 2020 to 2030.

The COVID-19 pandemic has negatively impacted orthopedic implant market as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. In addition, as many hospitals and clinics remained closed due to lockdown, the demand for orthopedic implants is expected to be subdued in the short term. Thus, the outbreak of COVID-19 has negatively impacted the market.

Orthopedic implant is a medical device manufactured to replace a missing joint or bone or to support a damaged bone. The medical implant is mainly fabricated using stainless steel and titanium alloys for strength and the plastic coating that is done on it acts as an artificial cartilage. These are primarily used in minimally invasive surgeries that are used for treating spinal injuries and lumbar spinal stenosis. 

Increase in prevalence of orthopedic injuries or diseases such as arthritis, osteoarthritis, and the rapid rise in geriatric population who are more prone to orthopedic disorders are some factors that drive the growth of the market. In addition, technological innovations, such as robot-assisted surgical tools, acceptance for implantable medical devices, and widespread application of orthopedic implants to treat musculoskeletal, orthopedic diseases, & injuries further supplement the market growth. However, high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hamper the market growth. Furthermore, the emerging economies present lucrative opportunities for the market.

The outbreak of COVID-19 has disrupted workflows in the healthcare sector around the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. Moreover, there has also been a negative effect on various services, including orthopedic implant. For instance, according to the Commonwealth Fund, it was estimated that there was a nearly 60% initial decrease in overall outpatient visits by May 2020 due to COVID-19. This was expected to negatively affect the demand for orthopedic sessions as they are usually conducted in outpatient departments. In addition, according to article published in Europe PMC, the pandemic has affected outpatient clinics, emergency and elective surgery, rehabilitation, resident training, personnel management, use of personal protective equipment, telemedicine, and all sub-specialties of orthopedics. 

The outbreak of COVID-19 impacted the market, as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. Moreover, the COVID-19 pandemic affected the global economy and showed a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. As many hospitals and clinics remain closed due to lockdowns, the demand for orthopedic implants is expected to be subdued in the short term. For instance, according to a study published in the British Journal of Surgery, in May 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020.

Orthopedic Implants Market Segmentation  

The global medical cannabis market is segmented on the basis of product, type, biomaterial, and region to provide a detailed assessment of the market. Based on product, the market is divided into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others that include sports medicine, cages, angled blades, power tools, arc bars, bone taps, cannulated reamers, bone hooks, bone levers retractors, distractors, finger implants, skull implants, sutures, jawbone implants, arm implants, and pelvis implants. The reconstructive joint replacements segment is again segmented into knee replacement implants, hip replacement implants, and extremities include upper extremity reconstruction, and lower extremity reconstruction. In addition, spinal implants segment is further divided into spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. Furthermore, dental implant is again classified into root form dental implants and plate form dental implants. Moreover, orthobiologics segment is further segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others.

On the basis of type, the market is classified into knee, hip, wrist & shoulder, dental, spine, ankle, and others that include finger implants, thigh implants, elbow implants, maxillofacial implants, and others. Depending on biomaterial, it is differentiated into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and others that include protein and polysaccharide. Metallic biomaterials are further segmented into stainless steel, titanium alloy, cobalt alloy, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment Review

Based on product, the market is segmented into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others that include sports medicine, cages, angled blades, power tools, arc bars, bone taps, cannulated reamers, bone hooks, bone levers retractors, distractors, finger implants, skull implants, sutures, jawbone implants, arm implants, and pelvis implants. The reconstructive joint replacements segment is again segmented into knee replacement implants, hip replacement implants, extremities include upper extremity reconstruction, and lower extremity reconstruction. In addition, spinal implants segment is further divided into spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. Furthermore, dental implant is again classified into root form dental implants and plate form dental implants. Moreover, orthobiologics segment is further segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others. The reconstructive joint replacements segment is estimated to garner largest share during the forecast period. This segment is expected to maintain its dominant position throughout the analysis period, owing to rise in prevalence of osteoporosis and osteoarthritis, and investment of key players in R&D of orthopedic implants. On the other side, the orthobiologics segment is the fastest growing segment during the forecast period, owing to rise in demand for advanced therapies, minimally invasive procedures, and surge in patient awareness toward the use of orthobiologics.

Based on biomaterial, it is classified into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and others that include protein and polysaccharide. Metallic biomaterials are further segmented into stainless steel, titanium alloy, cobalt alloy, and others. The metallic biomaterials segment occupied the largest share in 2020, owing to cost-effectiveness of these materials. Metallic biomaterials provide efficacy of bone healing as compared to other materials. These are used to manufacture various orthopedic implants such as screws, plates, vertebral compression fracture (VCF) devices, and others. However, other biomaterials are estimated to register the highest CAGR during the forecast period. This is due to the growing demand for these materials, owing to their several advantages over synthetic biomaterials. These advantages include biocompatibility, no toxicity, and may also carry specific protein binding sites and other biochemical signals that can help in the process of tissue healing or integration.

Based on type, it is segmented into knee, hip, wrist & shoulder, dental, spine, ankle, and others include finger implants, thigh implants, elbow implants, maxillofacial implants, and others. The knee segment accounted for the highest share in 2020, and is anticipated to maintain this trend during the forecast period, owing to increase in demand for knee implants due to increase in prevalence of orthopedic diseases and rise in road accidents, sport injuries, and others. However, spine is estimated to register the highest CAGR during the forecast period due to increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed.

Snapshot of the Asia-Pacific Orthopedic Implants Market  

Asia-Pacific offers profitable opportunities for key players operating in the orthopedic implants market, thereby registering the fastest growth rate during the forecast period, owing to development in healthcare infrastructure, improvement in health awareness, and rise in diagnosis. Moreover, increase in the number of surgical procedures in emerging economies, such as India and China, is the major factor that fuels the market growth.   

The key market players profiled in the report include Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic Plc, NuVasive, Inc., Smith and Nephew Plc., CONMED Corporation., Arthrex, Inc., DJO Finance LLC, and Globus Medical Inc.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the global orthopedic implants market along with the current trends and future estimations to explain the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of orthopedic implants used across the globe.
• Key market players and their strategies have been analyzed to understand the competitive outlook of the market.

 Orthopedic Implants Market Report Highlights