The global “orthopedic implants market size” is set to touch USD 64.0 billion by 2026, exhibiting a modest CAGR of 4.1% during the forecast period. Unprecedented rise in geriatric population across the globe to be the key growth driver of this market. According to the United States Census Bureau (USCB), the proportion of aged people to the total world population is steadily climbing. For example, in 2012, world population had reached 7 billion and the people aged 65 and above were 8% of this number or 562 million. In 2015, the number rose by 55 million, with the percentage increasing to 8.5% of the total population in a span of 3 years. The USCB predicts that between 2025 and 2050, this geriatric population will double to reach 1.6 billion, whilst the total population will grow only by 34%. This, the USCB states, is attributable to the reduction in fertility rates around the world and lengthening lifespans due to advancements in medical technologies. This is expected to substantially broaden the base of the market, especially the joint reconstruction segment, as per the orthopedic implants market trends.
Highlights of the Report:
- In-depth analysis of various insights, namely, Orthopedic Implants Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Orthopedic Implants Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Orthopedic Implants Market Include:
- BioTek Instruments, Inc.
- Zimmer Biomet
- Integra LifeSciences Corporation
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
- ArthroCare Corporation
- CONMED Corporation
- Smith & Nephew
New Product Launches to Intensify Market Competition
Key players are looking to gain an edge in the competition through development and launch of new products. For instance, in September 2019, Zimmer Biomet, after receiving FDA approval, commercially released its customizable revision knee replacement device called Persona Revision Knee System for patients in the US. Some other players are engaging in sprucing up their research capacities through commissioning of trials and studies. For example, in September 2019, Medtronic’s clinical trial for testing its spine correction surgical procedure, Infuse Bone Graft in Transforaminal Lumbar Interbody Fusion (TLIF), was green lit by the FDA.
North America to Hold a Commanding Position; Europe to Grow at an Impressive Rate
Among regions, North America is expected to dominate the global orthopedic implants market share owing to the increasing incidence of osteoarthritis in the region. Europe is projected to grow at a considerable rate on account of rapid spread of chronic diseases such as diabetes and obesity in the continent. In Asia-Pacific, rise in healthcare expenditure and increasing disposable incomes will propel the market in the region, as per the orthopedic implants market analysis by Fortune Business Insights. However, the market growth in Africa, Latin America, and the Middle East is anticipated to be slow due to low levels of development in these regions.
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