Orthopedic Implants Market Size To Reach $56.5 Billion By 2030

Orthopedic Implants Market Growth & Trends

The global orthopedic implants market size is expected to reach USD 56.5 billion by 2030, registering a CAGR of 6.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. An increase in the frequency of musculoskeletal problems, the rising geriatric population, and high demand for joint replacement are all factors driving the growth. The increase in the use of orthopedic devices, issues with low bone density, the introduction of biodegradable implants & internal fixation devices, and a rise in the number of patients in their middle age choosing orthopedic implants are other factors driving the market growth. The COVID-19 outbreak has put medical practices of all sizes under great pressure, and healthcare facilities worldwide have been overrun by the large number of patients coming to the hospitals daily.

In many countries worldwide, the rising incidence of COVID-19 has increased the demand for precise diagnosis and treatment tools. The pandemic negatively impacted the market as government-imposed lockdowns reduced the footfall in many hospitals in many countries. Moreover, many healthcare services were recognized as critical and non-critical, which reduced noncritical treatments during the pandemic. The demand was reduced due to the pandemic as implants were considered non-critical or nonessential healthcare services. Another driving force is increasing participation in sports & related events and the accompanying injuries. Sports injuries occur more frequently in males than in females, and the incidence of sports injuries increases with age.

Children and teenagers are particularly susceptible to sports injuries. Approximately 30 million children and adolescents participate in organized sports in the U.S., and an estimated 3.5 million sports-related injuries occur yearly. Moreover, the market is also expected to witness significant growth owing to the increasing number of trauma and fracture cases, the increasing prevalence of low bone density & degenerative bone disorders, and the growing availability of internal fixation devices. The competition in the market is high, with key players holding a significant share. However, local players & startups are anticipated to increase in the coming years owing to favorable government policies and ease of business & funding opportunities, thereby increasing the competition in the market.

Companies are undergoing multiple partnerships and mergers & acquisitions to increase their product portfolios, as well as expand their footprints across new regions. In addition, companies are focusing on product differentiation and bundling strategies to capture significant market share. In March 2021, IMPLANET, a medical tech company offering knee and vertebral implants, announced that it had obtained a shareholder’s agreement to acquire a majority stake in Orthopedic & Spine Development, specializing in spine surgical implants.

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Orthopedic Implants Market Report Highlights

• The lower extremity implants segment held the majority of the market share in 2022. This can be attributed to the rapidly rising number of knee surgeries, hip replacement surgeries, adoption of unhealthy lifestyles, and increasing prevalence of musculoskeletal & bone degenerative disorders

• The dental implants segment is anticipated to record the fastest CAGR of 9.8% over the forecast period from 2023 to 2030, owing to the increasing incidence of dental injuries arising from accidents, trauma, and sports injuries. These serve as restorative treatment solutions, preserving natural bone and providing a secure foundation for a prosthesis

• North America led the market in 2022, with a revenue share of 47.9%, owing to the high number of trauma & fracture cases, increasing prevalence of low bone density & degenerative bone disorders, and growing availability of biodegradable implants & internal fixation devices

• Asia Pacific is anticipated to grow at the fastest rate of 7.7% during the forecast period owing to the rapidly developing healthcare infrastructure, growing medical tourism, and rising prevalence of chronic orthopedic disorders

Orthopedic Implants Market Segmentation

Grand View Research has segmented the global orthopedic implants market on the basis of product, end-use, and region:

Orthopedic Implants Product Outlook (Revenue, USD Million, 2018 - 2030)

• Lower Extremity Implants

  • Hip Implants

  • Knee Implants

  • Foot & Ankle Implants

• Upper Extremity Implants

  • Shoulder Implants

  • Elbow Implants

  • Hand & Wrist Implants

• Dental Implants

  • Dental Implants

  • Craniomaxillofacial Implants

• Spinal Implants

  • Spinal Fusion Implants

  • Spinal Non-fusion Implants

Orthopedic Implants End-use Outlook(Revenue, USD Million, 2018 - 2030)

• Hospitals

• Outpatient Facilities

Orthopedic Implants Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Spain

  • France

  • Italy

  • Sweden

  • Denmark

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Orthopedic Implants Market

• Stryker

• Arthrex, Inc.

• Smith & Nephew

• Zimmer Biomet

• DePuy Synthes, Inc.