Press release
Orthopedic Implants Market to Present Lucrative Growth by Reaching Market Value of US$ 56.3 Bn by End of 2031, as per TMR Analysis
In 2021, the global market for ๐จ๐ซ๐ญ๐ก๐จ๐ฉ๐๐๐ข๐ ๐ข๐ฆ๐ฉ๐ฅ๐๐ง๐ญ๐ฌ was valued at US$ 34.5 billion. It is projected to witness a Compound Annual Growth Rate (CAGR) of 5.0% from 2022 to 2031, reaching a valuation exceeding $56.3 billion by the conclusion of 2031.๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ :
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The surge in patients requiring orthopedic implant surgery is anticipated to be a primary driver propelling the global orthopedic implants market throughout the forecast period. Additionally, the proliferation of hospitals and ambulatory surgical centers, coupled with the expanding geriatric population, are key factors contributing to the heightened demand for orthopedic devices.
Orthopedic implants are medical devices designed to replace missing joints or bones, or to support damaged bones. They are used to alleviate pain and restore function, especially in cases of joint damage or deformity. These implants are typically made from materials such as metal alloys, ceramics, and polymers.
Metal alloys like titanium are common, while bioceramics help replace degenerative tissues and bones, such as those affected by osteoporosis. Polymers are utilized to mimic cartilage or ligaments that have degenerated over time or due to trauma. According to the Centers for Disease Control and Prevention, an estimated 78 million adults in the U.S. aged 18 or older will suffer from doctor-diagnosed arthritis by 2040.
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
Stryker, DePuy Synthes, Zimmer Biomet, Orthopedic Implant Company, Smith & Nephew, Evonik, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., Globus Medical, KYOCERA Medical Technologies, Inc., Health Canada, Teijin Nakashima Medical Co., Ltd., and HCM Orthocare Pvt. Ltd.
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
๐๐ซ๐จ๐๐ฎ๐๐ญ
Joint Reconstruction
Hip Replacement
Knee Replacement
Shoulder Replacement
Others
Spinal Devices
Spinal Fusion Devices
Spinal Non-fusion Devices
Trauma Fixation
Metal Plates & Screws
Pins/Wires
Nails & Rods
Others
Orthobiologics
Dental Implants
Others
๐๐ง๐-๐ฎ๐ฌ๐๐ซ
Hospitals
Orthopedic Clinics
Ambulatory Surgery Centers
Others
๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ:
Inย April 2022, Orthopedic Implant Company announced the FDA clearance along with commercial launch of the market's first and high value dorsal spanning plate
Inย March 2022, Evonik announced the launch of a new 3D printable biomaterial named VESTAKEEP iC4800 3DF. The company focuses on offering innovation in osteoconductive PEEK filament, which improves fusion between bone and the implant.
Inย December 2021, Health Canada approved Specific 3D mandibular plate, its first domestically developed 3D printed implant
๐๐ฅ๐๐๐ ๐๐ง ๐๐ซ๐๐๐ซ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ:
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๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค:
North America led the global orthopedic implants market in 2021 and is poised for high growth with a strong CAGR from 2022 to 2031. This growth is attributed to increasing demand for advanced orthopedic implants and procedures. In Canada, hip and knee replacements rank among the top surgeries, with over 123,000 procedures annually, as per the Canadian Joint Replacement Registry.
Meanwhile, the Asia Pacific region is anticipated to witness rapid market expansion during the same period. This growth is driven by a high prevalence of orthopedic diseases and improving economies in countries like China, India, and Southeast Asia. The region's rising per capita healthcare expenditure is also contributing to market growth. However, osteoporosis remains underdiagnosed and undertreated in Asia, particularly in rural areas where access to diagnosis and treatment is limited, suggesting a potential underestimation of the disease's prevalence in these regions.
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ:
Drivers:
Increasing prevalence of orthopedic disorders, rising geriatric population, advancements in implant technology, growing demand for minimally invasive surgeries.
Challenges:
High cost of implants, reimbursement issues, regulatory hurdles, risk of post-operative complications.
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ:
Shift towards personalized orthopedic implants tailored to individual patient anatomy.
Growing adoption of 3D printing technology for manufacturing customized implants.
Rising demand for outpatient orthopedic procedures and same-day surgeries.
๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค:
The orthopedic implants market is expected to witness continued growth during the forecast period, driven by ongoing technological innovations, expanding applications of implants, and a growing emphasis on value-based healthcare delivery. Moreover, initiatives aimed at improving patient access to orthopedic care in developing regions will further stimulate market expansion.
๐๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ ๐๐จ๐ข๐ง๐ญ๐ฌ:
Analysis of market dynamics, including drivers, challenges, and opportunities.
Assessment of market segmentation based on service type, sourcing type, application, industry vertical, and region.
Examination of regional trends and growth prospects.
Evaluation of competitive landscape, including key players, market share, and strategic initiatives.
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ฒ ๐๐๐:
๐๐จ๐ซ๐ฉ๐ก๐จ๐ฅ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ- https://www.globenewswire.com/news-release/2023/04/03/2639321/0/en/Morpholine-Market-to-grow-at-a-CAGR-of-6-2-from-2023-2031-reaching-US-6-7-Billion-TMR-Study.html
๐๐ข๐ ๐ก ๐๐ญ๐ซ๐๐ง๐ ๐ญ๐ก ๐๐จ๐ง๐๐ซ๐๐ญ๐ ๐๐๐ซ๐ค๐๐ญ- https://www.globenewswire.com/en/news-release/2023/04/04/2641101/0/en/High-Strength-Concrete-Market-to-Grow-by-6-1-from-2023-2031-reaching-US-661-6-Million-TMR-Study.html
๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
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๐๐จ๐ง๐ญ๐๐๐ญ:
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