Orthopedic Implants Market to Develop Rapidly by 2025
Significant rise in the number of osteoarthritis patients due to increasing prevalence of diabetes, obesity, increased body mass index, low bone density, and aging population are the major drivers of the Orthopedic Implants Market. Increase in number of sports related injuries and rising number of trauma cases due to road accidents also propel the orthopedic implants market. However, limited medical insurance coverage and stringent regulatory approval process act as major restraints of the market. Hypersensitivity, toxicity, post-surgery infections, and implant dislocation are the increasing concerns among patients. Widespread application of orthopedic implants in areas such as oncology, spine surgeries, and traumatology; use of minimally invasive surgeries for the treatment of orthopedic diseases, and rapidly growing 3D innovative technology with advanced imaging techniques to create precise orthopedic implants could be considered as opportunities in the orthopedic implants market.
Based on product type, the orthopedic implants market can be segmented into spinal implants, dental implants, trauma & carniomaxillofacial implants, reconstructive joint implants, orthobiologics, and others. The reconstructive joint implants segment holds the largest market share due to high number of knee replacement surgeries driven by rise in osteoarthritis and osteoporosis among the geriatric population. The spine implants segment is anticipated to witness significant growth in the next few years due to constant rise in sports related injuries, road accidents, and disc degenerative conditions.
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In terms of biomaterial, the orthopedic implants market can be categorized into metallic biomaterials, polymer biomaterials, ceramic biomaterials, and natural biomaterials. The metallic biomaterials segment accounts for the largest market share due to rigidity imparted on the implants, minimal risk of infection, and compatibility with body tissues.
Based on device type, the orthopedic implants market can be segmented into internal fixation devices and external fixation devices (orthopedic rods/wire, orthopedic screws, orthopedic plates, fixation pins and orthopedic nails).
In terms of region, the orthopedic implants market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the market due to rising technological innovations and transition toward minimally invasive procedures. Asia Pacific is anticipated to witness significant growth due to increased medical tourism. However, the orthopedic implants market in Latin America is likely to be sluggish due to low income growth which in turn lowers health care expenditure.
Key players in the orthopedic implants market are Medtronic plc, The Orthopedic Implant Company, Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., Aesculap Implant Systems, Stryker Corporation, DePuy Synthes, BioTek Instruments, Inc., Conmed Corporation, Smith and Nephew plc, Aesculap Implant Systems, Arthrocare Corporation, NuVasive, Inc., and Integra LifeSciences Holdings Corporation.
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