NEW YORK, July 23, 2024 /PRNewswire/ -- The global orthopedic implants market size is estimated to grow by USD 12.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.72%  during the forecast period. High prevalence of osteoporosis is driving market growth, with a trend towards rising number of strategic alliances. However, high costs associated with orthopedic implants and procedures  poses a challenge. Key market players include Amplitude SAS, Arthrex Inc., Auxein Medical Inc., B.Braun SE, Conmed Corp., Corin Group Plc, Enovis Corp., Globus Medical Inc., icotec AG, Johnson and Johnson Services Inc., Medtronic Plc, Narang Medical Ltd., Naton Medical Group, Orthofix Medical Inc., OrthoPediatrics Corp., Pega Medical Inc., RTI Surgical Inc., Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc..

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Market Driver

Strategic alliances play a significant role in the growth of the orthopedic implants market. By collaborating with other companies, manufacturers can expand their product lines and reach wider geographical markets without incurring substantial costs. For instance, Stryker's acquisition of SERF SAS in March 2024 strengthened its presence in Europe and broadened its implant offerings. Similarly, THINK Surgical's partnerships with b-ONE Ortho Corporation and Maxx Orthopedics in February 2024 enabled the integration of their knee implants into THINK's robotic system. In September 2023, Envois' acquisition of LimaCorporate expanded its product line and increased its clientele. The increasing trend of collaborations and partnerships among vendors and distribution channel partners is anticipated to boost the global orthopedic implants market during the forecast period. 

The Orthopedic implants market is witnessing significant growth due to increasing patient attendance for joint replacements, spinal surgeries, and fracture repairs. The market caters to various diseases and orthopedic disorders such as osteoporosis, osteoarthritis, and musculoskeletal disorders. Both metal and plastic implants are in high demand for joint replacements. Orthopedic surgeries for the geriatric population, arthritic conditions, and dentists' procedures are driving market growth. Advanced implants made of metallic biomaterials, ceramic biomaterials, and polymers biomaterials are being launched to improve patient outcomes. Health-conscious consumers and physicians are seeking preventive services like screening and monitoring through digital technology. The COVID-19 outbreak has affected workflows, leading to a temporary slowdown in surgeries. However, the opportunity for manufacturing and innovation remains high. Orthopedic doctors play a crucial role in diagnosis and treatment. The market includes entities like bone healing solutions, orthobiologics, and advanced implant manufacturers. 

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Market Challenges

• The orthopedic implants market faces a significant challenge due to the high cost of implants and related procedures. Orthopedic implants are essential for treating conditions related to joints, spine, and maxillofacial injuries. The cost of these implants varies depending on their type and features. For instance, pedicle screw implants cost between USD900 and USD1,000 per screw, while absorbable implants are more expensive than metallic implants. Orthopedic procedures, including surgery, consultation, medications, consumables, and diagnostic tests, add to the overall cost. Inpatient orthopedic procedures cost between USD25,000 and USD30,000, while outpatient surgeries range from USD15,000 to USD20,000. Consultation fees for orthopedic surgeons range from USD100 to USD500. Post-surgery diagnostic tests, such as CT scans, can further increase the cost burden. The cost of a CT scan ranges from USD750 to USD1,300 per orthopedic procedure. Repeated tests and the need for implant removal, especially in the case of metallic implants, add to the cost. Healthcare infrastructure also affects the cost of orthopedic treatment. These factors may limit the growth of the orthopedic implants market during the forecast period.
• The Orthopedic implants market faces challenges from the COVID-19 outbreak, leading to disrupted workflows and delayed surgeries for patients with arthritic conditions, musculoskeletal disorders, and orthopedic diseases like osteoporosis and rheumatoid arthritis. However, the launch of advanced implants made from metallic biomaterials, ceramic biomaterials, and polymers offers opportunities for growth. Health-conscious consumers and an aging geriatric population with arthritis and osteoarthritis drive demand for knee replacement surgeries. Dentists and orthopedic doctors use orthopedic implants for diagnosis and monitoring. Digital technology plays a crucial role in treatment and diagnosis. Entities like Arthrex provide innovative solutions for bone healing and orthopedic trauma implants, including bone plates for fractures. The adoption of materials like advanced orthobiologics continues to grow, offering opportunities for entities in the market. Sport-related injuries and spinal disorders also contribute to market growth.

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Segment Overview 

This orthopedic implants market report extensively covers market segmentation by  

1. Product 
   • 1.1 Joint reconstruction implants
   • 1.2 Spinal implants
   • 1.3 Craniomaxillofacial implants
2. End-user 
   • 2.1 Hospitals
   • 2.2 Orthopedic clinics
   • 2.3 Others
3. Geography 
   • 3.1 North America
   • 3.2 Europe
   • 3.3 Asia
   • 3.4 Rest of World (ROW)

1.1 Joint reconstruction implants-  The Orthopedic Implants Market's largest segment is Joint Reconstruction Implants, which are utilized for repairing, replacing, and reconstructing injured or diseased joints. This segment encompasses implants designed for the treatment of knee, hip, trauma, and extremities-related orthopedic conditions. The segment's growth is driven by several factors, including the increasing number of orthopedic conditions, such as osteoporosis, arthritis, hip and knee injuries, and bone deformities. In the US, for instance, approximately 50-55 million adults are diagnosed with arthritis annually. Osteoarthritis, a common joint disorder, affects around 10% of men and 13% of women aged 60 years or older. The aging population and the rising prevalence of these conditions result in a significant number of knee and hip replacement surgeries, with around 1 million procedures performed each year. Vendors in this market are launching innovative products to maintain a competitive edge. Regulatory approvals for such innovative devices streamline surgical procedures and increase the success rate of joint reconstruction surgeries. For example, the approval of joint reconstruction implants and related instruments eases the joint reconstruction process, driving segment growth. Cost reduction initiatives by vendors and improved patient care are also contributing factors. Affordable knee and hip implant treatments will increase demand for these implants, driving market growth. Moreover, the emergence of robotic-guided surgeries for knee and hip replacement is a significant trend. Key players are adopting acquisition strategies to integrate robotic-guided surgery technologies into their offerings, enhancing their knee replacement portfolios and accelerating growth in this area. This, in turn, will boost sales revenue for vendors in the global Orthopedic Implants Market during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global Orthopedic Device Market is experiencing significant growth, driven by technological advancements and an aging population. The global Medical Implant Market is also expanding, with innovations in materials and surgical techniques enhancing patient outcomes. Additionally, the global Orthopedic 3D Printed Devices Market is on the rise, revolutionizing personalized healthcare by offering customized implants and prosthetics. These markets are characterized by key players focusing on R&D and strategic partnerships to cater to the increasing demand for advanced orthopedic solutions.

Research Analysis

The Orthopedic Implants Market encompasses a wide range of medical devices used in various orthopedic procedures, including joint replacements, spinal surgeries, and fracture repairs. The market is driven by the increasing patient attendance due to the growing geriatric population and the rising prevalence of conditions like osteoporosis and osteoarthritis. The launch of advanced implants made from plastic, metallic biomaterials, and orthobiologics continues to fuel innovation in the market. Health-conscious consumers and physicians are increasingly turning to orthopedic implants for effective treatment of joint-related issues. Digital technology plays a significant role in streamlining workflows and improving patient outcomes. However, the market faces challenges such as the risk of implant failures and outbreaks of infections. Despite these challenges, the opportunity for growth remains immense, particularly in the areas of knee replacement surgeries and advanced spinal implants.

Market Research Overview

The Orthopedic Implants Market encompasses a range of medical devices used in the treatment of various orthopedic conditions. These implants can be made of Metal, Plastic, or other materials like Bone, and are utilized in Joint replacements, Spinal surgeries, Fracture repairs, and other Orthopedic procedures. Patient attendance for these treatments is driven by preventive services, screening for diseases, and the increasing prevalence of Orthopedic disorders such as Osteoporosis, Osteoarthritis, and Rheumatoid arthritis. The market is also influenced by the launch of advanced implants and the adoption of digital technology for diagnosis, monitoring, and workflows. The COVID-19 outbreak has led to a shift in healthcare delivery, with telemedicine and remote patient monitoring gaining popularity. The geriatric population and those with arthritic conditions or musculoskeletal disorders are key patient groups. Entities involved include Orthopedic doctors, Physicians, Patients, Dentists, and Manufacturers of Metallic biomaterials, Ceramic biomaterials, and Polymers biomaterials. Opportunities exist in the treatment of diseases like Osteoporosis, Osteoarthritis, and Orthobiologics. The market also caters to the needs of those undergoing Knee replacement surgeries, Spinal disorders, Arthritis, and Sport-related injuries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• • Joint Reconstruction Implants
  • Spinal Implants
  • Craniomaxillofacial Implants
• End-user
• • Hospitals
  • Orthopedic Clinics
  • Others
• Geography
• • North America
  • Europe
  • Asia
  • Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio