Orthopedic Prosthetic Implants Market Introduction

Orthopedic prosthetics are medical devices utilized to substitute or make an available fixation point of bone to hold the implant or to replace the joint surfaces. Orthopedic prosthetics are used to replace troubled joints. Prosthetic surgeries involve removal of damaged joints and insertion of implants. Orthopedic prosthetic implants are manufactured from titanium alloys and stainless steel for better strength and long term durability. Orthopedic prosthetic implants are lined with plastic or cemented for proper fit and provide strength to the bone. According to the oat open access text ltd., surgeons prefer total hip replacement using femoral shaft medullary canal stem made of titanium, cobalt-chromium neck, and ceramic or cobalt-chromium-molybdenum.

Orthopedic Prosthetic Implants Market- Competitive Landscape

Major players operating in the global orthopedic prosthetic implants market include Medtronic, B. Braun Melsungen AG, DePuy Synthes Companies, Aesculap Implant Systems, LLC, Smith & Nephew plc, K2M Group Holdings, Inc., Stryker Corporation, Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., Integra LifeSciences Corporation, DJO Global, Inc., Baumer S.A., and Extremity Medical, LLC.

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In 2016, K2M Group Holdings, Inc., a company engaged in the development and commercialization of innovative and proprietary complex spine and minimally invasive spine technologies and techniques, expanded its CASCADIA Lateral Interbody System that uses 3D printing with the goal of allowing for bony integration throughout an implant.

Medtronic plc

Medtronic plc, established in 1949, is one of the leading medical device equipment manufacturer, engaged in the development, manufacturing, distribution and marketing of devices for medical therapies across four business segments, including minimally invasive therapies group, restorative therapies group, cardiac and vascular group, and diabetes group.

Stryker Corporation

Established in 1941, Stryker Corporation is a medical device company operating its business through three business segments, including Orthopedics, MedSurg, and Neurotechnology and Spine. The orthopedics segment offers implants for trauma surgeries, hip and knee replacement, and joint replacements.

Orthopedic Prosthetic Implants Market Dynamics

Technological advances in prosthetic implants contributing to the growth of the market

Significant technological advances owing to the rise in research and development are likely to influence positively the orthopedic prosthetic implants procedures and benefits the patients in enhancing their mobility with prosthetics products. Hence, orthopedic prosthetic implant is expected to be a vital procedure in terms of technological advancement in medical field which can decrease the rate of multiple surgeries among patients by improvising disfigurement issues, and birth defects with various clinical conditions & prosthetic implants.

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Alarming increase in spine disorders to create demand for orthopedic prosthetic implants

An article published in reumatologia stated that musculoskeletal disorders were the cause of nearly 166 million years lived with disability (YLDs), with neck and low back pain accounting for 69.9% deaths. In 2015, nearly 33 million man-days were lost due to spine disorders, and nearly 2.7 million medical certificates were issued for back pain. Current demographic changes and lifestyle-related factors increase the risk of back problems. Hence, demand for medical services to treat disorders of the spine and their symptoms is also likely to augment the global orthopedic prosthetic implants market.

Restraining factors

Limited insurance coverage, inflated cost of devices & implants, and preference for drugs over treatment devices are the factors expected to restrain the global market in the near future.

Orthopedic Prosthetic Implants Market Segmentation

The orthopedic prosthetic implants market can be bifurcated on the basis of:

  • Indication
  • Prosthetic Implant
  • End-user
  • Region

Based on the indication, the orthopedic prosthetic implants market is segmented into

  • Replacement surgery
  • Anthroplasty
  • Fixation
  • Plate surgery
  • Others

Based on the prosthetic implant, the orthopedic prosthetic implants market is segmented into

  • Tubes
  • Screws
  • Plates
  • Prostheses
  • Others

Based on the end-user, the orthopedic prosthetic implants market is segmented into

  • Ambulatory surgical centers
  • Hospitals
  • Clinics
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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