Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) — The world orthopedic implants market The size is expected to reach USD 64.18 billion by 2028 and grow at a CAGR of 5.1% during the forecast period. The expanding geriatric population and increasing prevalence of orthopedic injuries are expected to drive the market growth. Fortune Business Insights™ presents this information in its report titled “Orthopedic Implants Market, 2021-2028”. The market size stood at USD 43.16 billion in 2020.
Growing demand for custom joint implants is expected to provide significant growth impetus to the market. The major players in the market are focusing on the development of advanced technologies to deliver technically advanced joint implants. The growing technological advancements of these implants are expected to support the growth of the market in the coming years.
- July 2021: Orthofix Medical Inc. has launched a patient implant with fiberFUSE tape. The product is an advanced demineralized bone grafting solution.
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Drivers and Constraints-
Growing technological advancements to drive the growth of the market
- Major medical device companies are harnessing modern technologies to produce implants based on the patient’s anatomy. Each patient’s unique anatomy requires a custom joint implant.
- Hence, the growing demand for custom joint implants is likely to complement the growth of the market.
- Due to the growing demand for custom orthopedic implants, companies are focusing on developing advanced technologies to deliver technically advanced implants. Hence, the growing emphasis on technological advancements in these implants is likely to support the growth of the global orthopedic implants market.
Problems with low bone density, osteoarthritis, degenerative disc diseases and other bone-related problems are widely prevalent in the geriatric population over the age of 60. The geriatric population is steadily increasing and is expected to drive the growth of the market. Additionally, the increasing prevalence of orthopedic injuries is expected to augment the market growth.
However, the high costs of orthopedic implants and barriers to price transparency are likely to restrain the growth of the market.
Click here for the short and long term impact of COVID-19 on this market.
Growing the Geriatric Population to Drive Growth in North America
North America is expected to hold the largest share of the global orthopedic implants market share. Growing geriatric population and growing number of osteoarthritis patients is expected to drive the market growth. Europe is expected to experience robust growth due to the increased prevalence of chronic diseases, including diabetes and bone disease.
Asia-Pacific is expected to experience immense growth due to improved levels of personal disposable income, thriving medical tourism, and improved healthcare infrastructure.
The Middle East, Africa, and Latin America are expected to experience sluggish growth due to fewer orthopedic surgeons and low-income development.
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Key players are adopting ingenious growth strategies to improve their market positions
The market is dominated by Stryker, DePuy Synthes Companies (Johnson & Johnson Services Inc.) and Smith & Nephew. The three players hold the largest market shares due to their strong brand presence and robust product portfolios.
The major market players are emphasizing extensive R&D activities to develop innovative and effective orthopedic implants. They focus on devising resourceful growth strategies, including new product launches, technology developments, partnerships, collaborations, acquisitions, mergers, and others. For example, IMPLANET announced its intention to acquire a spinal implant manufacturer called Orthopedic & Spine Development (OSD) in March 2021.
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The key players in the global market are:
- Zimmer Biomet (Indiana, USA)
- DePuy Synthes Companies (Johnson & Jonson Service Inc.) (Raynham, USA)
- Smith & Nephew (London, UK)
- Stryker (Michigan, USA)
- ArthoCare Corporation (Texas, USA)
- BioTek Instruments Inc. (Vermont, USA)
- CONMED Corporation (New York, USA)
- Integra Life Sciences Corporation (Massachusetts, USA)
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