The global orthopedic implants market is anticipated to reach USD 6,558.32 million by 2025 according to a new report published by Polaris Market Research. In 2017, application type, knee orthopedic implants segment captures the largest market shares in terms of revenue and hold the major share in the market. Regionally, North America accounted for the major share in the orthopedic implants market.
The global orthopedic implants market growth is primarily driven by the increasing number of the geriatric population globally and increased life expectancy that has increased the risk of osteoporosis and osteoarthritis. For instance, according to WHO the average life expectancy in Japan is approximately 83.7 years, and 82.3 years in South Korea. Additionally, increased government expenditure on medical device industry, and the development of favorable government regulations for the use of these orthopedic implants to influence the market growth during this period. Moreover, the changing lifestyle, rising number of sports injuries, and trauma cases is also an important factor that is positively affecting the market. On the other hand, the increasing number of minimally invasive surgery for treating various spinal injuries and spinal disorders. However, high treatment cost of orthopedic implants, and stringent regulatory for the use of various orthopedic implants to hinder the growth of the orthopedic implants market during the forecast period.
On the basis of application type, the global orthopedic implants market is segmented as, spinal orthopedic implants, hip orthopedic implants, knee orthopedic implants, craniomaxillofacial orthopedic implants, dental orthopedic implants, and S.E.T (Sports Medicine, Extremities, Trauma) orthopedic implants.
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By geography, the global orthopedic implant market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of geography, North America dominates the entire orthopedic implant market. The growth in the market is majorly driven by the increasing healthcare expenditure by the local governments and developed healthcare infrastructure in the U.S. and Canada. Furthermore, the rising prevalence of the geriatric population in this region to spur the orthopedic implant market in North America.
The leading companies operating in this market icludes Medtronic plc, Zimmer Biomet Holdings, Inc., Aesculap Implants Systems, DePuy Synthes, BioTek Instruments Inc., Conmed Corporation, The Orthopedic Implant Company, Smith & Nephew plc, Stryker Corporation, Wright Medical Group N.V., NuVasive Inc., and Arthrocare Crporation.
Key Findings from the study suggest implants available in the market are continuously concentrating on the technological advancements. Companies while developing new implant device which consider the factors such as increasing awareness and acceptance for orthopedic implants, and effective treatment for various orthopedic disorders in the developing countries. North America is presumed to dominate the global orthopedic implants market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.