The global orthopedic implants market was valued at USD 4.3 billion in 2015. The constantly rising geriatric population is primarily driving the growth of the market since people aged above 65 years are at a high risk of developing degenerative disc disease, low bone density, and osteoarthritis. In addition, the increasing number of sports-related injuries along with the growing phenomena of road accidents is fueling the number of trauma cases, thereby propelling the demand for orthopedic implants.
The dramatic shift from conventional invasive procedures to minimally invasive surgeries utilized in the treatment of orthopedic disabilities or diseases is positively impacting the market growth. In addition, the generation of innovative and personalized 3D printed implants with the integration of assistive imaging techniques, such as computed tomography and magnetic resonance imaging employed to create surgical designs with precision coupled with the availability of advanced, robotically-assisted surgical tools is augmenting the overall patient acceptance of these enhanced orthopedic prostheses, which in turn is aiding the emergence of the orthopedic implants market.
China Orthopedic Implants Market, By Application, 2014 - 2024 (USD Million)
Similarly, the widespread applicability of bone grafts in varying application areas, such as oncology, traumatology, and spine surgeries, is further underpinning the adoption of these implantable prostheses.
However, the limited reimbursement coverage options that are available are the major factors challenging the market growth. In addition, risks, such as adverse effects typically associated with metal implants, post-surgery infections, implant dislocations, hypersensitivity, wear debris and toxicity issues associated with prosthetic implants is engendering patient dissatisfaction, which is responsible for the increasing number of product recalls. As a result, regulatory bodies are enforcing stringent product approval procedures to ensure patient safety, which results in delayed product approval timelines. Thus, the current stringent regulatory framework will continue to pose as a major hurdle to the growth of the market in the near future.
The requirement of high, initial capital investment and the regulatory compliance requisites are restricting the entry of new players into the market. Moreover, strong brand identity and the wide distribution network of the existing players in this verticalare propelling the adoption of the products offered by these international players. As a result, few international players are dominating the global market.
The knee implants category accounted for the largest market share among the other application segments in 2015. The rise in the elderly population susceptible to conditions including osteoporosis and osteoarthritis is the prime factor associated with the high demand for surgical implants in the joint replacement segment.
The spinal implants segment is anticipated to exhibit the fastest growth rate during the forecast period. Constant growth in the trauma cases associated with sports-related and road accidents coupled with the rising incidences of spondylolisthesis and disc degenerative conditionsis expected to drive the growth of the spinal fusion surgeries during the forecast period, thereby propelling the emergence of the overall spine segment. In addition, the high product cost and surgical costs are anticipated to augment the revenue growth of the spine orthopedic segment from 2016 to 2024.
North America dominated the orthopedic implants market with a revenue share of 53.4% in 2015. The dominance of the region is majorly attributed to the growing geriatric population count thereby increasing the number of patients suffering from osteoarthritis and osteoporosis. In addition, the gradual transition toward minimally invasive procedures is anticipated to push forward the market growth in the North America region.
China, India, and Brazil are anticipated to register the fastest growth during the forecast period. Factors responsible for the significant growth of the market in these countries include the growing patient awareness levels related to the commercial availability of the orthopedic implants, booming medical tourism, and the constantly improving healthcare infrastructure. As a result, Asia Pacific and Latin America are anticipated to show significant growth from 2016 to 2024.
The orthopedic implants market is innovation-led. Thus, product innovation through extensive research and development activities, acquisitions, and collaborations are some of the strategies implemented bythe players to expand their market share.
For instance, In June 2015, Zimmer Holdings, Inc. acquired Biomet, Inc. The synergistic forces of both united as a single entity, ZimmerBiomet Holdings, Inc., now armed with a combined product portfolio has resulted in its strengthened position in the musculoskeletal market. Similarly, Smith & Nephew plc acquired Blue Belt Technologies, Inc., in October 2015, with the aim of strengthening its product offerings in the fast-growing, orthopedic robotics-assisted surgery space.
Some key players contributing to this market include Zimmer Biomet Holdings, Inc., Stryker Corporation, DePuySynthes, Smith & Nephew plc, Wright Medical Group N.V, and Medtronic Plc.
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