Orthopedic implants market size is set to reach USD 6,894.2 million by 2026 growing at a CAGR of 5.1% during the forecast period according to a new study published by Polaris Market Research. The report ‘Orthopedic Implants Market Share, Size, Trends & Industry Analysis Report, By Application (Spinal, Hip, Knee, Dental, Craniomaxillofacial and S.E.T (Sports Medicine, Extremities, and Trauma)) and by Regions, Segment Forecast 2019-2026’ provides a detailed analysis of present market strengths and future market trends.
The prime purpose of orthopedic implants is to support or replace a missing or damaged bone or joint. They come in extremely handy to treat deformities, correct body posture and put straight the normal skeletal function. The market analysis has seen a tectonic shift from traditional surgical procedures to ultra-modern fixations and prosthetics.
Market success of orthopedic Implants is entrenched in a rising geriatric population with an increasing life-span affected by musculoskeletal disorders such as osteoporosis, osteoarthritis and others. Technological innovations also have seen a steady rise in orthopedic medical implants market. Increasing number of joint replacement cases and sport injuries across the globe will catapult market to leading growth.
The center for health design has predicted elderly population to double in coming years. For instance; Japan and South Korea have a life expectancy of 83.7 years and 82.3 years respectively. Surplus Government investments in medical industry and supportive Government opinions in use of implants have directed massive growth for market in coming years.
Restraints to the market are the high cost of treatments associated with orthopedic implants and restrictive Government policies that hamper market growth. Developing economies have a lot going for successful growth in the industry by way of lucrative opportunities.
The global orthopedic medical implants market is segmented into product, biomaterial, type and region. Based on product, it is classified into reconstructive joint replacements, spinal implants, dental implants, trauma and craniomaxillofacial, orthobiologics and others. The Reconstructive Joint replacement market is further subdivided into knee, hip and extremities. Spinal Implants branch into spinal fusion devices, non-fusion devices/motion preservation devices and invasive spinal bone stimulators. Dental Implants are classified into root form and plate form. Trauma is categorized into screws, plates, staples and others. Based on type, the market is segmented into knee, hip, wrist and shoulder, dental, spine, ankle and others.
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Product type comprising reconstructive joint replacements had peak market share in orthopedic implants market analysis. Reason being increase in prevalence of osteoporosis and osteoarthritis, inventions in joints replacements and rich investments by key players’ in R&D. Spinal Orthopedic Implants segment is tipped to lead market growth in forecast period. Key findings suggest that orthobiologics segment is expected to tap profuse market growth with concurrent rise in demand for advanced therapies, requirement of minimally invasive procedures and patient awareness towards orthobiologics.
Increasing investments by Government in healthcare and in doting company with a well-developed healthcare infrastructure add momentum to market in North America and Canada. Asia Pacific offers key players operating in market a thriving opportunity due to a high population base, high awareness regarding orthopedic implants, surge in healthcare infrastructure and rise in geriatric population. The key players operating in the orthopedics Implants market include Johnson and Johnson, Zimmer Biomet Holdings, Inc., Stryker Corporation and Medtronic PLC among others.
Segmentation of Orthopedic Implants Market is as follows
Orthopedic Implant Application Type Outlook (Revenue USD Millions 2015-2026)
- Dental Orthopedic
- E.T (Sports Medicine, Extremities, Trauma) Orthopedic
Orthopedic Implants Regional Outlook (Revenue USD Millions 2015-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa