Market Overview
The Global
Orthopedic Implants Market is expected to reach a value of
USD 52.7 billion in 2023, and it is further anticipated to reach a market value of
USD 77.4 billion by 2032 at a
CAGR of 4.4%.
An orthopedic implant is a medical device developed from stainless steel & titanium alloys, designed to replace or provide support for a missing joint or bone, as it is used in minimally complex procedures, these implants are frequently employed for treating spinal injuries & conditions like lumbar spinal stenosis. These surgeries include minimal operative steps, providing effective solutions for spinal ailments.
Key Takeaways
- By End User, Hospitals segment takes the lead in 2023 & is anticipated to dominate throughout the forecasted period.
- In addition, the Outpatient Facilities segment is expected to grow significantly over the forecasted period.
- By Product, Reconstructive Joint Replacements take the lead & drive the market in 2023
- North America has a 44.3% share of revenue in the Global Orthopedic Implants Market in 2023
Market Dynamic
The rising number of minimally invasive procedures is fueling market growth, given their advantages of faster recovery, reduced trauma, & minimal hospital stays, leading to lower overall costs. Patients favor these procedures, contributing to growth in demand. Also, market leaders are strategically introducing new products & engaging in collaborations & partnerships to stay competitive, further stimulating market growth.
However, the high costs related to orthopedic implants create hindrances to market expansion. Also, the complex nature of implant placement critically influences bone regeneration, contributing to increased costs, which becomes a deterrent for potential customers, causing uncertainty about going for orthopedic implant procedures, all such trends challenge growth due to these cost-related factors.
Research Scope and Analysis
By Product
In terms of product, the orthopedic implants market includes reconstructive joint replacements, dental implants, spinal implants, orthobiologics, trauma solutions, and others. In 2023, the largest segment in terms of revenue generation is reconstructive joint replacements, which is a segment further divided based on the joint type involved, materials used, & fixation techniques, where hip & knee replacements hold significant positions due to the occurrence of osteoarthritis & degenerative joint diseases. Further, material options include metal alloys, ceramics, & polymers, each providing unique advantages & considerations based on patient requirements & clinical contexts. Fixation techniques like cemented, cementless, & hybrid methods, with cemented replacements being the traditional choice for immediate fixation.
Moreover, the orthopedic implants market for reconstructive joint replacements is dynamic, providing a complete range of options personalized to diverse patient requirements, emphasizing joint types, materials, & fixation techniques to address various orthopedic conditions.
By Type
Categorizing orthopedic implants by type, the market includes hip, wrist, knee, shoulder, spine, dental, & ankle implants, where in 2023, the knee segment commands the largest market share & exhibits the highest growth, which is anticipated to persist, driven by the growth in the number of road traffic accidents, a rise in bone injuries & joint dislocations, and a major increase in sports-related injuries.
Further, lifestyle factors, like growth in competition among athletes & rising obesity rates, contribute to a large number of bone injuries & joint disorders, mainly in the knee, which bears the direct load of the body. Further, the consequential impact on the spine has led to an increase in spinal disorders. The expanding geriatric population further expands the incidence of spinal disorders, contributing to the sustained growth of the knee segment in the orthopedic implants market.
By End User
The hospital segment maintains its market dominance, holding the largest revenue share in 2023. Hospitals stand out due to their complete
healthcare resources, including advanced surgical equipment, specialized medical staff, & intensive care units, which allow hospitals to provide a wide spectrum of orthopedic services, ranging from routine joint replacements to intricate orthopedic surgeries. Further, patients often prefer hospitals for orthopedic implant procedures, perceiving them as a reliable environment with strong post-operative care. In addition, hospital affiliations with insurance providers streamline compensation processes for patients.
Moreover, the outpatient facilities segment is expected to rapid growth. Ambulatory surgical centers & outpatient clinics within this category are gaining popularity due to developments in
medical technology & evolving healthcare preferences. Outpatient procedures for orthopedic implants are on the rise, driven by affordability, convenience, & the quick recovery times associated with these facilities. Also, the growth of minimally invasive treatments further improves the appeal of outpatient orthopedic surgeries, providing flexibility in scheduling & streamlined processes. Healthcare regulations & investments favor outpatient facilities, which are expected to sustain growth, providing a convincing alternative to traditional hospital-based procedures.
The Orthopedic Implants Market Report is segmented on the basis of the following:
By Product
- Reconstructive Joint Replacements
- Spinal Implants
- Dental Implants
- Trauma
- Orthobiologics
- Others
By Type
- Wrist & Shoulder
- Dental
- Knee
- Hip
- Spine
- Ankle
By End User
- Hospitals
- Outpatient Facilities
Regional Analysis
North America leads the orthopedic implants market with a substantial 44.3% revenue share in 2023, which can be attributed to the growth in the number of osteoporosis & osteoarthritis, an increasing aging population, growth in trauma cases from accidents & sports injuries, as well as changing lifestyles. The global rise in healthcare spending & the large use of 3D printing in healthcare further contribute to market growth. However, strict regulatory requirements & high capital investments act as barriers for new players trying to enter the market.
Further, the Asia Pacific region is expected to have the fastest growth in the forecast period, which is anticipated to expand owing to growth in healthcare expenditures & a rising aging population experiencing large instances of osteoarthritis, osteoporosis, bone injuries, & obesity. The expanding healthcare infrastructure in major countries like China, India, & Japan, along with a thriving medical tourism industry, is supporting increased demand for orthopedic devices in the region.
By Region
North America
Europe
- Germany
- U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The key players in the global orthopedic implants market are constantly implementing strategies to strengthen their positions, as they invest significantly in R&D, developing innovative products with advanced materials &designs. Further, these companies expand their product portfolio through acquisitions & partnerships, providing a comprehensive range of implants for joint replacements, spine, trauma, & dental applications. In addition, they aim for global expansion, adapting products for specific regions, & collaborating with healthcare institutions and surgeons for market insights & personalized solutions.
In February 2022, the Johnson & Johnson Medical Devices Companies reported that DePuy Synthes acquired CrossRoads Extremity Systems, a foot & ankle company from Tennessee, which specializes in providing a diverse range of procedure-specific, sterile-packed implants & instrumentation systems approved for lower extremity applications, enhancing DePuy Synthes' portfolio in the orthopedic medical devices sector.
Some of the prominent players in the global Orthopedic Implants Market are:
- Stryker
- Zimmer Biomet
- Smith & Nephew
- Arthrex Inc
- Johnson & Johnson
- Medtronic
- Narang Medical Ltd
- Auxein Medical
- Globus Medical Inc
- NuVasive
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Orthopedic Implants Market:
The COVID-19 pandemic & the following economic recession have significantly affected the global orthopedic implants market, as the healthcare industry faced interruptions due to lockdowns & strained medical resources, impacting elective orthopedic procedures. Further, some patients delayed non-urgent surgeries, causing a decline in orthopedic implant demand. In addition, economic uncertainties led to lower healthcare spending by individuals & institutions. Supply chain disruptions & manufacturing challenges further restrained the production & distribution of orthopedic implants. As the world looks through the pandemic & economic recovery, the orthopedic implants market is steadily rebounding. However, the overall impact has highlighted vulnerabilities in the healthcare system & showcases the need for resilience & adaptability in the medical device industry.
Recent Developments
- In March 2023, Zimmer Biomet Holdings, Inc., a key global medical technology company, unveiled its plans to introduce advanced features to ZBEdge Dynamic Intelligence at the 2023 Annual Meeting of the American Academy of Orthopaedic Surgeons (AAOS) in Las Vegas, which highlights Zimmer Biomet's commitment to developing orthopedic technology & providing innovative solutions in the field of medical devices.
- In May 2022, CONMED Corp announced an agreement to purchase In2Bones Global, Inc., a privately-held company. In2Bones specializes in developing, producing, & distributing medical devices for addressing disorders & injuries in the upper (hand, wrist, elbow) & lower (foot and ankle) extremities. Further, the product range includes implants, fracture systems, biologics, & associated hardware, enhancing the company's offerings in orthopedic solutions.
- In February 2022, Stryker reported that it completed its acquisition of Vocera Communications, Inc., a prominent player in digital care coordination & communication, which highlights the company's commitment to advancing healthcare technology, focusing on enhancing coordination & communication within the healthcare ecosystem.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 52.7 Bn |
| Forecast Value (2032) |
USD 77.4 Bn |
| CAGR (2023-2032) |
4.4% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Reconstructive Joint Replacements,
Spinal Implants, Dental Implants, Trauma,
Orthobiologics, and Others), By Type (Wrist &
Shoulder, Dental, Knee, Hip, Spine, and Ankle), By
End User (Hospitals and Outpatient Facilities) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Stryker, Zimmer Biomet, Smith & Nephew, Arthrex
Inc, Johnson & Johnson, Medtronic, Narang Medical
Ltd, Auxein Medical, Globus Medical Inc., NuVasive,
and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Orthopedic Implants Market size is estimated to have a value of USD 52.7 billion in 2023 and
is expected to reach USD 77.4 billion by the end of 2032.
North America has the largest market share for the Global Orthopedic Implants Market with a share of
about 44.3% in 2023.
Some of the major key players in the Global Orthopedic Implants Market are Stryker, Zimmer Biomet,
Smith & Nephew, and many others.
The market is growing at a CAGR of 4.4 percent over the forecasted period.