August 09, 2022 06:59 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global orthopedic implants market size hit USD 41.20 billion in 2021. The market value is slated to rise from USD 43.14 billion in 2022 to USD 60.90 in 2029, exhibiting a CAGR of 5.0% during the forecast period. Orthopedic implants are devices used to replace or support a damaged bone designed with metallic alloys, such as stainless steel and titanium, says Fortune Business InsightsTM in its report titled, “Orthopedic Implants Market, 2022-2029”.
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March 2022 – WalkAI has been launched by Zimmer Biomet. The Artificial Intelligence (AI) model predicts patients who will have a slower walking speed after hip replacements. The WalkAI is also integrated into the company's ZBEdge Connected Intelligence Suite, providing it a competitive edge in the bone implants market.
Increase in Geriatric Population and Rise in Orthopedic Diseases Will Boost the Market Growth
During the study period, orthopedic procedures are expected to increase due to the growing geriatric population and geriatrics' increased risk of bone fractures due to fragility and other bone conditions. The growing number of orthopedic procedures and various government initiatives to enable patient reimbursements are expected to drive demand for these devices. However, many studies have shown that orthopedic implants can cause post-surgery complications such as implant rejection, septic arthritis, osteomyelitis caused by the bacteria Staphylococcus and allergies caused by metallic degradation. These side effects are known to pose health risks to patients, which may have a negative impact on the orthopedic implants market growth.
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COVID-19 Reduced the Global Demand for the Devices
The introduction of COVID-19 significantly reduced global demand for these devices. Cancellation of surgical procedures, including bone implantations had a direct impact on global implant demand. Due to the COVID-19 pandemic, major market players involved in implant manufacturing reported a decrease in revenue from implant sales. Furthermore, key market players are shifting their strategy away from selling high-priced customized implants and toward a more standard variant with lower costs.
By Product, Joint Reconstruction Segment to Hold a Dominant Share
The segment of joint reconstruction accounted for the largest share of the global market. The rising number of osteoarthritic patients and the growing number of geriatric populations are surging the demand for these products. Joint reconstruction is further subdivided into knee, hip, and extremities. The increasing number of hip and knee procedures performed around the world is expected to support the segment's growth during the forecast period.
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By End-user, Hospitals & Ambulatory Surgery Centers Segment to Hold a Dominant Share
Based on end-user, the global market is divided into hospitals & ambulatory surgery centers along with orthopedic clinics & others.
In 2021, hospitals & ambulatory surgery centers held the largest orthopedic implants market share. The segment's dominance can be attributed to comprehensive reimbursement policies provided by major hospitals that offer implantations. Furthermore, manufacturers' initiatives to launch advanced products through partnerships with key hospitals and increased adoption of advanced implantation techniques, such as robot-assisted orthopedic surgeries, are expected to drive the segment's growth.
Geographically, the market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
The research report examines the market in depth. It focuses on important aspects such as leading companies, products, and end-users. Aside from that, it provides insights into global market trends and highlights key industry developments. In addition to the factors mentioned above, the report includes a number of other factors that have contributed to the market's expansion.
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Strategic Collaboration to Drive the Market Growth
Strategic collaborations with key service providers and a well-established distribution channel are key factors driving the market growth. To gain an advantage in the competitive landscape, the market's key players are introducing technologically advanced products.
List of Key Market Players:
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How much is the Orthopedic Implants Market Worth?
According to Fortune Business Insights the global market stood at USD 41.20 billion in 2021 and is projected to reach USD 60.90 billion by 2029
What are the key factors driving the market?
Increasing the geriatric population, prevalence of orthopedic diseases, and increasing investments in developing novel implants are the key factors driving the market
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