Orthopedic Implants Market
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
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Orthopedic Implants Market - Snapshot
Orthopedic implants are used to prevent and treat deformities and injuries of the musculoskeletal system. In terms of revenue, the global orthopedic implants market is projected to expand at a CAGR of 4.4% from 2018 to 2026. Developments in anesthesia techniques, rise in adoption of minimally invasive procedures, increase in incidence rate of injuries, surge in geriatric population, and rise in adoption of technologically advanced products to treat musculoskeletal disorders are likely to drive the global orthopedic implants market from 2018 to 2026.
The need for faster recovery, minimum pain, and cost effective treatments has increased demand for minimally invasive joint replacement surgeries across the globe. Moreover, favorable government initiatives to increase participation in sports leading to high incidence of injuries is projected to boost the growth of the global orthopedic implants market during the forecast period. According to available data, over 2 million patients visit the U.S. emergency departments for head trauma related injuries each year. However, incidence of product recalls due to device inefficiency or manufacturing errors affect the adoption rate of these implants among surgeons and patients. Moreover, stringent FDA regulations resulting in longer waiting period for product approval limits the entry of new players in the market. This is likely to restrain the global orthopedic implants market during the forecast period.
The global orthopedic implants market has been segmented based on product, end-user, and region. In terms of product, the global market has been classified into joint reconstruction, spinal implants, trauma implants, orthobiologics, dental implants, and others. The joint replacement segment, which includes hip & knee replacements as the leading sub-segment, dominated the global orthopedic implants market in 2017. This is attributed to large number of hip and knee replacement procedures performed in the last decade across the world. However, it is expected to lose market share during the forecast period due to increase in adoption of orthobiological and spinal implants. The spinal implants segment is likely to gain momentum in developing regions from 2018 to 2026. Rise in demand for minimally invasive approach for spine surgery and increase in incidence of spinal fractures among the geriatric population are the key factors fueling the growth of the segment. Based on end-user, the hospitals segment led the market in terms of revenue in 2017. However, the segment is projected to lose market share during the forecast period due to rise in patient preference for orthopedic clinics for treatment.
In terms of region, North America held major share of the global orthopedic implants market in 2017. High cost of technologically advanced surgical procedures and increase in prevalence of orthopedic diseases such as osteoarthritis among the geriatric population are anticipated to contribute to North America’s large market share. Moreover, favorable reimbursement for the treatment of different musculoskeletal disorders under Medicare policy boosts the growth of the market in the region. In 2014, Medicare paid for more than 400,000 hip and knee replacements, at a cost of US$ 7 Bn to taxpayers for hospitalization alone. In terms of revenue, the market in Europe and Asia Pacific is projected to grow at a rapid pace during the forecast period. Rise in prevalence of orthopedic disorders and awareness about the treatment, and focus of leading players to establish their presence in the emerging markets are anticipated to drive the market in these regions in the near future.
Key companies profiled in the global orthopedic implants market report include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and gain market share. For instance, in January 2016, NuVasive, Inc. acquired the U.S.-based Ellipse Technologies, Inc. This acquisition helped NuVasive, Inc. provide Ellipse Technologies, Inc.’s novel technology of magnetic adjustable implant systems to its customers.
Covid-19 to Spur Prospect of New Clinical Practice Models in Orthopedic Implants Market
Covid-19 pandemic has caused worldwide disruptions across industries, opening vistas of opportunities and swathes of challenges. The pandemic spurred the relevance of new business models, particularly causing new operational parameters to attract the attention of the industry players. The orthopedic implants is no different and players in the value chain are trying to recalibrate their approaches for overcoming the challenges. The pandemic-led social distancing undoubtedly was the major reason of patient population reducing hospital visits by as much as 40 – 60%. The orthopedic services overall suffered severely in the first half of 2020, with people postponing elective surgeries. A prominent trend witnessed was postponing of elective total hip and knee arthroplasty.
The entire AAHKS industry partners have been adversely impacted by cost-containment measures in the healthcare sector due to health impacts. The number of national and regional orthopedic meetings have come to focus on educating surgeons in meeting high patient quality care standard on the onslaught of fiscal solvency. In coming years, new models in the orthopedic implants market are expected to increasingly adopt web-based platforms. Several experts and opinion leaders concur that such platforms might become the norm in the market in the post-Covid era. The proliferation of Web-based educational contents for orthopedics is a key trend in the orthopedic implants market.
The demand for elective hip and knee arthroplasty is likely to pick up pace. Surgeon-industry relationships have also gone overhaul to adjust the sudden surge in number of elective surgeries. In this backdrop, hospitals and surgery centers will also be embracing technological disruptions, and hence new revenue generation models. Advances made in orthopedic biomaterials will be key part of such models. Concerns associated with alloys will be the key focus on innovators in the orthopedic implants market. Growing spine surgery applications is boosting the demand for such novel materials used for making orthopedic implants.
Global Orthopedic Implants Market: Overview
Orthopedic implants have been useful in restoring mobility, reducing pain, and treatment of fractures. Orthopedic implant is specially designed to address various musculoskeletal issues. The global orthopedic implants market is growing at a rapid pace due to factors such as increase in incidence rate of injuries and rise in government initiatives to address unmet medical needs across the world.
The global orthopedic implants market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on product, end-user, and region. A detailed qualitative analysis of drivers, restraints, and opportunities has been provided in the market overview section. Additionally, the section comprises competitive matrix and company profiles to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global orthopedic implants market.
Global Orthopedic Implants Market: Key Segments
In terms of product, the global orthopedic implants market has been segmented into joint reconstruction, spinal implants, trauma implants, orthobiologics, and dental implants. The joint reconstruction segment has been classified into hip replacement, knee replacement, shoulder replacement, and others. The spinal implants segment has been bifurcated into spinal fusion devices and spinal non-fusion devices. The trauma Implants segment has been categorized into metal plates & screws, pins & wires, nails & rods, and others. The product type segment has been analyzed based on different types of implants used to treat different orthopedic disorders in various regions. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. In terms of end-user, the global orthopedic implants market has been classified into hospitals, orthopedic clinics, ambulatory surgical centers, and others. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the period from 2018 to 2026, considering 2017 as the base year.
Global Orthopedic Implants Market: Regional Outlook
The global orthopedic implants market has been segmented into five major regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, Israel, and Rest of MEA). The market size and forecast for each of these regions and the mentioned countries/sub-regions have been provided for the period from 2016 to 2026, along with their respective CAGRs for the period from 2018 to 2026, considering 2017 as the base year. The research study also provides the competitive scenario in these regions.
Companies Mentioned in Report
The report also profiles major players in the market in terms of various attributes such as company overview, financial overview, devices portfolios, business strategies, and recent developments. Major companies profiled in the global orthopedic implants market include Stryker Corp., DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical.
The global orthopedic implants market has been segmented as follows: