Orthopedic Implants Market Size, Share, Trends Analysis Report By Product (Hip Implants, Knee Implants, Spinal Implants, Craniomaxillofacial Implants), By Region, And Segment Forecasts 2023 - 2030

Report Overview

The global orthopedic implants market size was valued at USD 33.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. The growing prevalence of reduced bone density, weakened bones, & musculoskeletal disorders, and the rising risk of degenerative bone disorders are the factors driving the demand. Moreover, the availability of advanced orthopedic implants and rapid development in healthcare infrastructure globally are anticipated a positive influence on the medical industry.

Growing awareness and availability of minimally invasive surgical techniques owing to the multiple benefits offered by these surgeries is another key driving force responsible for the market growth. In addition, growing participation in sporting & physical activities is directly impacting the growing number of sports injuries requiring medical assistance, which is expected to impact market development. However, the availability of alternative medical treatment solutions, such as physical therapy, corticosteroids, NSAIDs, and rehabilitation exercises, is restraining the market growth to a certain extent.

The demand for minimally invasive procedures is growing as these procedures result in lesser traumas & quicker recovery than invasive ones. As the recovery time is shorter, patients’ stay in hospitals is reduced, resulting in lower costs associated with surgery & hospital stay. For instance, in the case of knee replacement surgeries, traditional open surgeries involve making a vertical incision of about 8 to 10 inches to expose the joint.

This can be attributed to the increasing sophistication and cost of replacement knees, hips, & other devices and implants used in orthopedic surgeries. Hence, the availability of a wide variety of minimally invasive treatment options and increasing adoption of minimally invasive surgeries are driving market growth.

The advent of COVID-19 had a significant influence on the demand for these devices on a worldwide scale. The cancellation of surgical treatments, especially bone implantations, had a direct influence on the global demand for implants. Participants in the business saw a decline in their income from implant sales due to the COVID-19 outbreak. Furthermore, major market competitors are switching from offering expensive implants to a more common type, keeping lower costs. For instance, Conformis went from selling its more personalized versions of these devices during the lockout to selling its cost-effective, lesser-priced bone implants.

Additionally, few orthopedic healthcare organizations such as the American Academy of Orthopedic Surgeons (AAOS)-developed stringent guidelines for surgeons to follow in order to reduce the risk of infection, which had a significant role in the decline in the use of these devices. In addition, orthopedic specialists saw a noticeable drop in patient visits during the lockdown. The medical procedures were postponed particularly elective ones, in an effort to halt the spread of COVID-19. In addition, important producers in the industry reported significant revenue losses during the pandemic due to the lockdowns and disruptions in product distribution.

The market is anticipated to witness significant growth owing to factors including increased risk of osteoporosis and osteoarthritis, growing geriatric population, rising number of trauma cases due to traffic accidents and sports injuries, in addition to changing lifestyles. Increase in the use of orthopedic devices, issues with low bone density, the introduction of biodegradable implants and internal fixation devices, and an increase in the number of patients in their middle age choosing orthopedic implants are other factors driving the market growth. This demand has attracted orthopedic implant developers to come up with newer biomaterials and improve the performance of existing materials in terms of corrosion resistance, biocompatibility, and lesser wear.

Product Insights

The knee implants segment held the majority share of the market in 2022, with a revenue share of 33.4%. Factors facilitating the rapid adoption of knee treatments are the rising geriatric population, increased incidences of chronic diseases such as diabetes & obesity, and negative lifestyles. The growing demand has prompted knee implant developers to come up with newer biomaterials and improve the performance of existing materials in terms of corrosion resistance, biocompatibility, and lesser wear.

The dental implants segment is anticipated to record the fastest CAGR of 9.8% during the forecast period from 2023 to 2030. The increase in its applications in various therapeutic areas and increased demand for prostheses are fueling the segment. The most common metal used for implants is titanium and titanium alloys. Moreover, the rising incidence of dental injuries due to car accidents and sports injuries are the factors supporting the growth of the segment.

Regional Insights

North America accounted for the majority share of the market in 2022, with a revenue share of 49.3%, owing to the increasing incidence of osteoporosis & osteoarthritis, growing geriatric population, rising number of trauma cases due to traffic accidents & sports injuries, and changing lifestyles. Moreover, factors such as an increase in healthcare expenditure across the globe, and an increase in the applications of 3D printing in the healthcare sector augments the market expansion in the region. The regulatory compliance requisites and the requirement of high capital investment are the factors restricting the entry of new players into the market.

Asia Pacific is anticipated to grow at the fastest rate of 8.1% during the forecast period from 2023 to 2030. The orthopedic industry in the region is expected to grow due to factors such as greater healthcare spending and a growing older population with a higher incidence of osteoarthritis, osteoporosis, bone injuries, & obesity. The rapidly developing healthcare infrastructure in major countries, such as India, China, & Japan, and the booming medical tourism industry are the factors propelling demand for these devices in the region.

Key Companies & Market Share Insights

The key companies are adopting strategies such as new product launches, acquisitions, mergers, collaborations, and partnerships to maintain a competitive edge. In June 2021, Mathys AG Bettlach, a Swiss company that develops innovative products for synthetic bone graft solutions, sports medicine, and artificial joint replacement, was acquired by DJO. The company's capacity to develop and deliver next-generation orthopedic solutions is enhanced by this acquisition.

In June 2020, a provider of medical technology, Smith+Nephew, introduced Intellio connected tower solution, a platform for managing and connecting sports medicine systems. Intellio enables wireless connection and control of arthroscopy surgical towers. Some of the major players in the global orthopedic implants market include

• Stryker,

• Arthrex, Inc.

• Smith & Nephew

• Zimmer Biomet

• DePuy Synthes, Inc.

Orthopedic Implants Market Report Scope

Global Orthopedic Implants Market Segmentation

This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the global orthopedic implants market report based on the product and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Hip Implants

  • Knee Implants

  • Spinal Implants

  • Craniomaxillofacial Implants

  • Dental Implants

  • SET Implants

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Spain

    • France

    • Italy

    • Sweden

    • Denmark

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait