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Personalized Orthopedic Implant Market is Driven by Increase in Research and Development Activities and Customization of Implants
Orthopedic implant is a medical device used to replace missing joint and bone as well as to support a damaged bone. It is manufactured by using biomaterials and is coated by plastics.
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Technological advancements and increase in demand for patient-specific implants are expected to drive the global personalized orthopedic implant market. For instance, 3D imaging, modelling, and digital manufacturing play an important role in the expansion of the global personalized orthopedic implants market. Additionally, increase in adoption rate of implants to minimize failure, and specialized digital manufacturing technologies are other drivers that are expected to drive the global personalized orthopedics implant market.
Key Drivers of Global Personalized Orthopedic Implant Market
Global personalized orthopedic implants market is likely to grow rapidly during the forecast period. This can be ascribed to the increase in research and development activities and customization of implants.
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Rapidly growing global geriatric population and increase in prevalence of orthopedic disorders, such as hip pain, knee pain, low bone density, disc diseases, and osteoarthritis, are some of the factors that are estimated to fuel the growth of the global personalized orthopedic implants market during the forecast period. Based on the United Nations Report 2017, population aged 60 years and above is expected to double by 2050. The number is anticipated to increase from 962 million in 2017 to 2.1 billion by 2050. For instance, approximately 15% of China’s population was aged over 60 years in 2015, which is likely to increase to 36.5% by 2050.
Rise in sport related accidents, mainly bone injuries is also projected to propel the global personalized orthopedic implants market in the near future
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North America to Hold Major Share of Global Personalized Orthopedic Implant Market
North America dominates the personalized orthopedic implant market due to technological advancements and high adoption rate of medical devices/products.
Asia Pacific is expected to be a lucrative market for personalized orthopedic implants in the near future due to developing medical infrastructure, rise in acceptance of technologically advanced surgical procedures, and increase in government initiatives
Key Players Operating in Global Market
The global personalized orthopedic implant market is highly fragmented with major manufacturers adopting various strategies to gain maximum market share. Some companies have their presence in this market, as they have products available in different countries, while some of them have their products in the pipeline.
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Some of the key players operating in the global personalized orthopedic implant market are:
Stryker Corporation
Smith & Nephew Plc.
Zimmer Biomet Holdings, Inc.
DePuy Synthes
Medtronic Plc.
Wright Medical Group N.V.
Japan MDM, Inc.
NuVasive, Seikagaku Corporation
KYOCERA Corporation.
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