An Orthopedic Implant is placed within the body’s skeleton and muscle systems to correct existing problems or provide stability. Technological advancements and products development are the best strategies that yield the greatest market benefit. Changing technology, increasing the prevalence of osteoporosis, increasing funding for R&D, and market growth in emerging economies are major driving forces for the global orthopedic devices market.
The Global Orthopedic Implants Market is expected to register a CAGR of approximately 6.8% during the forecast period, 2017 to 2023.
The growing prevalence of orthopedic conditions, such as fractures, degenerative bone disease osteoporosis, rising number of road accidents, and arthritis are some of the major factors driving the market for orthopedic devices. The World Health Organization (WHO) predicts the prevalence of rheumatoid arthritis to be between 0.3% and 1% and more common in women and developed countries. Rising cases of obesity, sedentary lifestyle, long working hours, and rising sports culture result in the early onset of musculoskeletal disorders which boosts the market.
Global Orthopedic Implant Market – Key Players
Some major players in the Global Orthopedic Implants Market include Depuy Synthes Inc. (Johnson & Johnson) (US), Globus Medical, Inc. (US), NuVasive, Inc. (US), Smith & Nephew plc. (UK), Stryker Corporation (US), Zimmer Biomet Holdings, Inc. (US), Integra LifeSciences Holdings Corporation (US), Medtronic, plc (Ireland), The Orthopedic Implant Company (US), Wright Medical Group N.V. (Netherlands), Aesculap Implant Systems (US), BioTek Instruments, Inc. (US), Conmed Corporation (US), Arthrocare Corporation (US), and others.
Global Orthopedic Implant Market – Segments
The Global Orthopedic Implants Market is segmented on the basis of product type, procedure, biomaterial, device type, application, and end-user.
On the basis of product type, the global orthopedic implants market can be segmented into spinal implants, dental implants, trauma and craniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others.
On the basis of procedure, the global orthopedic implants market is classified as open surgery, Minimally Invasive Surgery (MIS), and others.
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On the basis of biomaterial, the global orthopedic implants market is classified into metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials.
On the basis of device type, the global orthopedic implants market can be segmented into internal fixation devices and external fixation devices. External fixation devices are further subdivided into orthopedic rods/wires, orthopedic screws, orthopedic plates, fixation pins, and orthopedic nails.
On the basis of application, the global orthopedic implants market is classified into neck fracture, spine fracture, hip replacement, shoulder replacement, and others.
On the basis of end-user, the global orthopedic implants market is classified into hospitals, orthopedic clinics, home cares, and others.
Global Orthopedic Implant Market – Regional Analysis
The Global Orthopedic Implants Market consists of four regions, namely, America, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas dominated the global orthopedic implants market over the forecast period. The dominance is majorly attributed to the growing geriatric population count thereby increasing the number of patients suffering from osteoarthritis and osteoporosis. The North American region dominated the orthopedic implants market with a revenue share of 53.4% in 2015. It was observed that Total Joint Arthroplasty (TJA) acknowledged a great deal of attention in the US due to the increasing demand and rising cost. Furthermore, the gradual transition towards minimally invasive procedures is projected to thrust the market growth in the American region.
The European region is the second largest market owing to the increase in the geriatric population and the increasing demand for orthopedic implants and devices for the treatment of spinal disorders. This rise in the number patients suffering from bone-related issues is likely to create a promising market opportunity for the sale of orthopedic implants in the orthopedic implants market in the European region.
Asia-Pacific is the emerging market in the global orthopedic implants market owing to the growing patient awareness levels related to the commercial availability of orthopedic implants, booming medical tourism, and the constantly improving healthcare infrastructure. China, India, and Brazil are anticipated to register the fastest growth during the forecast period. As per a study conducted by Osteoporosis Australia, out of approximately 4.74 million Australians over 50% have osteoporosis or poor bone health. Besides, as per the 2013 data, at least one fracture occurs every 3.6 minutes in Australia which is projected to go up to one fracture every 2.9 minutes by 2022. As a result, Asia-Pacific is anticipated to show significant growth from 2016 to 2024.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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