(EMAILWIRE.COM, December 04, 2024 ) The global Orthopedic Implants Market is projected to reach USD 26.47 billion by 2029 from USD 20.94 billion in 2024, at a CAGR of 4.8% from 2024 to 2029. Major drivers are the rising prevalence of orthopedic disorders, particularly among the aging population. In addition, strategies adopted by key market players, such as innovative product launches and collaborative efforts, are driving the growth of the market. Additionally, the increasing number of hospitals, disposable income, and access to healthcare services in emerging markets have further fueled the demand for orthopedic implants.
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The knee implants segment is to register a significant growth rate over the forecast period of 2024-2029.
Based on the type, the global orthopedic implants market is segmented into knee implants, hip implants, shoulder implants, elbow implants, foot & ankle implants, wrist implants and other implants. The geriatric people are highly prone to osteoporosis, leading to a high incidence of knee fractures that require implants for the repair and reconstruction of fractures, thereby creating more demand in this segment. The rising number of sports related knee injuries supports the increasing use of knee implants, which is expected to increase its utilization in end-user facilities in coming years.
Hybrid implants segment in material type to register a significant growth over the forecast period of 2024-2029
By material, the global orthopedic implants market is segmented into metal and metal alloys, ceramics, polymers and hybrid implants. Hybrid implants provides multiple advantage of various materials such as metals, polymers and ceramics to provide greater durability and strength with improved flexibility which leads to better performance in a load-bearing application. Enhanced biocompatibility and customization to manufacture patient specific implants through 3D printing are driving the growth of this segment.
The hospitals & surgical centers accounted for the major share of the orthopedic implants market by end users in 2023.
The end user segment of the orthopedic implants market includes hospitals & surgical centers and ambulatory & trauma care centers. In 2023, hospitals& surgical centers were dominating the market. The rising interest of clinicians in adopting minimally invasive surgical techniques for operations coupled with growing demand in post-operative care, which are offered in hospitals is propelling the growth of the segment. Most trauma and emergency cases are managed in hospitals, including fractures and accidents requiring emergency orthopedic implants, which is further promoting the growth of the segment.
By region, North America is expected to be the largest market by 2029.
The US and Canada accounted for a significant market share in 2023. Several factors, such as the increasing incidence of orthopedic disorders, increasing geriatric and obese populations, increasing road accidents, growing patient preference for minimally invasive procedures, the recent launch of technologically advanced hybrid implants, and increasing awareness among physicians and patients about newly introduced treatment procedures and technologies in the market, are driving the growth of the orthopedic implants market in North America. In the US, about 1.5 million people suffer from osteoporosis. The number of osteoporosis fractures is expected to increase from 1.9 million in 2018 to 3.2 million by 2040 (Source: Amgen). In 2022, more than 1.5 million people in the US have been diagnosed with rheumatoid arthritis (Source: American College of Rheumatology, 2022).
Recent Developments of Orthopedic Implants Market
-In September 2024, Stryker (US) acquired osteotomy and ankle truss systems from 4WEB Medical to expand foot and ankle portfolios.
-In July 2024, Smith+Nephew (UK) partnered with Healthcare Outcomes Performance Company. This deal focused on offering enhanced solutions for healthcare professionals, patients, and ambulatory surgery centers (ASCs) through the digital and analytics platform of the Healthcare Outcomes Performance Company.
-In October 2024, Smith+Nephew (UK) announced that its LEGION Hinged Knee (HK) System is available in the US.
-In October 2023, Johnson & Johnson MedTech (US) received 510(K) clearances from the US FDA for its TriLEAP System. It includes a range of specially shaped and standard plates that fit different screw sizes. It also includes tools to reduce, fix, and fuse bones or bone fragments during surgery.
