Global Orthopedic Implants Market size is set to touch $64 billion by 2026

Pune, Sept. 07, 2020 -- The global orthopedic implants market size is set to touch USD 64.0 billion by 2026, exhibiting a modest CAGR of 4.1% during the forecast period.

Unprecedented rise in geriatric population across the globe to be the key growth driver of this market. According to the United States Census Bureau (USCB), the proportion of aged people to the total world population is steadily climbing. For example, in 2012, world population had reached 7 billion and the people aged 65 and above were 8% of this number or 562 million.

In 2015, the number rose by 55 million, with the percentage increasing to 8.5% of the total population in a span of 3 years. The USCB predicts that between 2025 and 2050, this geriatric population will double to reach 1.6 billion, whilst the total population will grow only by 34%. This, the USCB states, is attributable to the reduction in fertility rates around the world and lengthening lifespans due to advancements in medical technologies. This is expected to substantially broaden the base of the market, especially the joint reconstruction segment, as per the orthopedic implants market trends.

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Highlights of the Report:
  • Analysis of the impact of Covid-19 that the market would face in the near future.
  • In-depth analysis of the growth drivers and obstacles.
  • Profile of all the companies operating in the market.
  • Elaborate data about the dominating region.
  • Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
Widespread Prevalence of Musculoskeletal Conditions to Spike Market Demand

Musculoskeletal conditions refer to disorders that adversely affect the locomotor system in the body, that is, bones, muscles, joints, ligaments, and tissues. Disorders related to these movements are increasing in prevalence, as stated by the World Health Organization (WHO). According to the WHO, between 20% and 33% of the world’s population is currently suffering from some painful and chronic musculoskeletal disease.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

North America to Hold a Commanding Position; Europe to Grow at an Impressive Rate

Among regions, North America is expected to dominate the global orthopedic implants market share owing to the increasing incidence of osteoarthritis in the region. Europe is projected to grow at a considerable rate on account of rapid spread of chronic diseases such as diabetes and obesity in the continent.

In Asia-Pacific, rise in healthcare expenditure and increasing disposable incomes will propel the market in the region, as per the orthopedic implants market analysis by Fortune Business Insights. However, the market growth in Africa, Latin America, and the Middle East is anticipated to be slow due to low levels of development in these regions.

New Product Launches to Intensify Market Competition

Key players are looking to gain an edge in the competition through development and launch of new products. For instance, in September 2019, Zimmer Biomet, after receiving FDA approval, commercially released its customizable revision knee replacement device called Persona Revision Knee System for patients in the US. Some other players are engaging in sprucing up their research capacities through commissioning of trials and studies.

For example, in September 2019, Medtronic’s clinical trial for testing its spine correction surgical procedure, Infuse Bone Graft in Transforaminal Lumbar Interbody Fusion (TLIF), was green lit by the FDA.

List of the key players in this market include:
  • BioTek Instruments, Inc.
  • Zimmer Biomet
  • Integra LifeSciences Corporation
  • DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
  • ArthroCare Corporation
  • Medtronic
  • CONMED Corporation
  • Smith & Nephew
Orthopedic Implants Market Segmentations:
  • By Product
    • Joint Reconstruction
      • Knee
      • Hip
      • Extremities
    • Spinal Implants
      • Spinal Fusion Devices
      • Spinal Non-fusion Devices
    • Trauma Implants
    • Dental Implants
      • Endosteal Implants
      • Superperiosteal Implants
      • Transosteal Implants
    • Orthobiologics
    • Others
  • By End-user
    • Hospitals
    • Orthopedic Clinics
    • Ambulatory Surgical Centers
    • Others
  • By Geography
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
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