Orthopedic Implants Market Expected to Reach $73,326.75 million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Orthopedic Implants Market," The orthopedic implants market size was valued at $47,190.57 million in 2022 and is estimated to reach $73,326.75 million by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

Orthopedic implants are a medical device surgically placed inside the body to restore bone function by reinforcing or replacing a damaged structure. They are typically made of metals such as titanium or cobalt-chromium alloys, ceramics, or polymers and are designed to mimic the function of the natural bone or joint. These implants are used in a wide range of procedures, such as joint replacement, fracture fixation, spinal fusion and reconstruction surgery.

The major factors driving the growth of orthopedic implants market trends are rise in prevalence of orthopedic injuries or diseases such as arthritis, osteoarthritis as well as rapid increase in the aging population globally who are more prone to orthopedic diseases. In addition, various technological innovations in the orthopedic implants industry by key players of market is further expected to drive the growth of the orthopedic implants market size. For instance, Zimmer Biomet Holdings, Inc., in April 2021, developed ‘ROSA Hip System - robotically-assisted direct anterior total hip replacement’. Thus, the rise in technological advancements by key players for development of advanced orthopedic implants contributes to the growth of the orthopedic implants market share.

Further, to meet the rising demand of orthopedic implants, many key players of the market are adopting key strategies such as mergers, acquisitions, and collaborations, thus it is expected to drive the growth of the orthopedic implants market share. For instance, in August 2022, CONMED Corporation completely acquired privately held Biorez, Inc., a medical device start-up based and focused on advancing the healing of soft tissue using its proprietary BioBrace Implant technology.

In addition, in September 2019, DePuy Synthes (subsidiary of Johnson & Johnson) signed a definitive agreement to acquire assets of JointPoint, Inc. to enhance surgical accuracy and reproducibility in hip replacement. Thus, adoption of such strategies by key players of the market is expected to drive the growth of the orthopedic implant market. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies about implants hamper the growth of the orthopedic implant market. Further, rise in adoption of orthopedic implants, increase in awareness regarding orthopedic implants and favorable government policies for development of orthopedic implants are the factors that offer lucrative opportunities to the key players of the market. 

The global orthopedic implants market is segmented on the basis of product, type, biomaterial, and region. On the basis of product, the orthopedic implants market analysis is segmented into reconstructive joint replacements, spinal implants, dental implants, trauma, orthobiologics, and others. The reconstructive joint replacements segment is further segmented into knee replacement implants, hip replacement implants, extremities that include upper extremity reconstruction, and lower extremity reconstruction. In addition, spinal implants segment is further segmented into spinal fusion implants, vertebral compression fracture (VCF) devices, and motion preservation devices/non-fusion devices. Furthermore, dental implant is further segmented into root form dental implants and plate form dental implants.

Moreover, orthobiologics segment is further segmented into demineralized bone matrix (DBM), allograft, bone morphogenetic protein (BMP), viscosupplementation products, synthetic bone substitutes, and others. The reconstructive joint replacements segment is estimated to obtain largest share during the orthopedic implants market forecast period, owing to rise in prevalence of osteoporosis and osteoarthritis and investment by key players in R&D of orthopedic implants. On the other hand, the orthobiologics segment is the fastest growing segment during the forecast period owing to rise in demand for advanced therapies, minimally invasive procedures, and surge in patient awareness toward the use of orthobiologics.

On the basis of biomaterial, the orthopedic implants industry is segmented into metallic biomaterials, ceramic biomaterials, polymers biomaterials, and others. Metallic biomaterials segment is further segmented into stainless steel, titanium alloy, cobalt alloy, and others. The metallic biomaterials segment occupied the largest share in 2020, owing to the cost-effectiveness of these materials. Metallic biomaterials provide efficacy of bone healing as compared to other materials. These are used to manufacture various orthopedic implants such as screws, plates, vertebral compression fracture (VCF) devices, and others. However, other biomaterials are estimated to register the highest CAGR during the forecast period. This is due to the growing demand for these materials owing to several advantages over synthetic biomaterials. These advantages include biocompatibility, no toxicity, and may also carry specific protein binding sites and other biochemical signals that can help in the process of tissue healing or integration.

On the basis of type, the market is segmented into knee, hip, wrist & shoulder, dental, spine, ankle and others. The knee segment accounted for the highest share in 2020 and is anticipated to maintain this trend during the forecast period owing to increase in demand for knee implants due to increase in prevalence of orthopedic diseases and rise in road accidents, sport injuries, and others. However, the spine segment is estimated to register the highest CAGR during the forecast period attributed to increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed.

Region wise, North America accounted for a majority of the global orthopedic implant market share in 2020 and is anticipated to remain dominant during the forecast period.This is attributed to increase in prevalence of orthopedic disorders, rise in geriatric population, high healthcare expenditure, and presence of major key players offering advanced orthopedic implants. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in R&D activities, increase in prevalence of arthritis & sport related injuries, unmet medical demands, and increase in investments in the healthcare sector in the region.

Key Findings of The Study

· Based on product, the reconstructive joint replacements held the largest share in the global market in 2022.

· By biomaterial, the metallic biomaterial dominated the global market in 2022 and is anticipated to continue this trend during the forecast period

· Based on type, the knee segment held the largest market share in 2022 and is expected to remain dominant during the forecast period

· By region, North America generated the highest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period