Discover insights into the thriving global orthopedic implants market driven by technological innovations and rising healthcare demand

VANCOUVER, BC, CANADA, July 1, 2024 /EINPresswire.com/ -- The global orthopedic implants market size was USD 35.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.3% during the forecast period. The global orthopedic implants market is poised for significant growth, driven by increasing prevalence of orthopedic disorders and technological advancements in implant materials and manufacturing processes. Orthopedic implants, crucial for supporting or replacing damaged bones, predominantly utilize metallic alloys like stainless steel, titanium, and cobalt-based alloys, alongside polymers.

Market Drivers:

According to the World Health Organization (WHO), musculoskeletal diseases affect 1.71 billion people globally, with conditions like low back pain leading to significant disability. The aging population further contributes to rising orthopedic issues, emphasizing the need for advanced medical solutions.

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Technological Advancements:

Three-dimensional (3D) printing has revolutionized the orthopedic implant sector by enabling personalized implants and precise surgical planning. This technology enhances surgical outcomes, particularly in joint replacements, by ensuring optimal sizing and placement of implants.

Challenges:

Despite technological progress, the high cost of orthopedic implants remains a challenge, influenced by factors such as manufacturing complexities and pricing negotiations between hospitals and manufacturers. Addressing cost transparency is critical for broader accessibility of these implants.

Emerging Trends:

The market is witnessing the development of multifunctional smart bone implants, integrating therapeutic functionalities and self-powering capabilities. These innovations aim to improve long-term implant performance and reduce the need for surgical revisions, marking a significant advancement in patient care.

Segment Insights:

Orthobiologics: Expected to dominate the market due to their tissue healing properties and minimally invasive nature, aligning with trends in precision medicine.

Reconstructive Joint Replacements: Driven by the increasing demand for procedures like hip and knee replacements, enhancing patients' quality of life and mobility.

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Biomaterial Trends:

Metallic Biomaterials: Leading segment due to their proven safety, durability, and biocompatibility, essential for long-term implant success.

Ceramic Biomaterials: Projected for rapid growth owing to wear resilience and biochemical inertness, suitable for various orthopedic applications.

Major Companies and Competitive Landscape

The global orthopedic implants market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient orthopedic implants solutions. Some major players included in the global orthopedic implants market report are:

Stryker

DePuy Synthes

Zimmer Biomet

Smith & Nephew

Orthopedic Implant Company

DJO Global

Arthrex, Inc.

NuVasive, Inc.

Evonic

Globus Medical

Health Canada

Kyocera Medical Technologies, Inc.

Teijin Nakashima Medical Co., Ltd.

HMC Orthcare Pvt. Ltd.

Stryker Corporation

Smith & Nephew plc

Medtronic plc

Johnson & Johnson

CONMED Corporation

Colfax Corporation (DJO GLOBAL LLC)

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Strategic Development

On 11 November 2022, General Electric (GE) Additive and Orchid Orthopedic Solutions collaborated to advance Additive Manufacturing (AM) in the orthopedic implant sector. Orchid invested in GE Additive's Electron Beam Melting (EBM) technology, with the first machines installed in 2022. Orchid plans to use the technology to manufacture large orthopedic implants, including knee components and acetabular cups. EBM enables the mass production of parts by stacking them closely without compromising quality, resulting in consistent material properties for thin and bulky geometries. The collaboration aims to raise awareness of EBM technology for 3D metal-printed orthopedic implants.

On 11 October 2022, Orthofix and SeaSpine merged in an all-stock deal to form a prominent global spine and orthopedics company. With products available in 68 countries and revenues of approximately USD 693 million, this merger combines complementary portfolios of biologics, orthopedic solutions, and surgical navigation systems. The company will offer a wide range of biologics and regenerative technologies, serving both the spine and orthopedics fields. In addition, the companies expect substantial cost savings, meaningful cross-selling opportunities, and an enhanced ability to reach larger distribution partners.

Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global orthopedic implants market on the basis of type, application, deployment, enterprise size, component, vertical and region:

Product Outlook (Revenue, USD Billion; 2019-2032)

Reconstructive Joint Replacements

Spinal Implants

Dental Implants

Trauma

Orthobiologics

Others

Biomaterial Outlook (Revenue, USD Billion; 2019-2032)

Metallic Biomaterials

Ceramic Biomaterials

Polymeric Biomaterials

Type Outlook (Revenue, USD Billion; 2019-2032)

Knee

Hip

Wrist and Shoulder

Dental

Spine

Ankle

End-use Outlook (Revenue, USD Billion; 2019-2032)

Hospitals

Homecare

Outpatient Facilities

Research and Manufacturing

Regional Outlook (Revenue, USD Billion; 2019–2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Eric Lee
Emergen Research
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