Portland, OR -- (SBWIRE) -- 07/11/2017 -- Orthopedic Implants Market Report, published by Allied Market Research, forecasts that the global market was valued at $47,261 million in 2016, and is expected to garner $74,796 million by 2023, registering a CAGR of 6.8% during the forecast period 2017 - 2023. The reconstructive joint replacements segment accounted for nearly one-third share of the total market in 2016.
Orthopedic implant is a medical device surgically placed inside a body to restore bone function by reinforcing or replacing a damaged structure. These implants are either permanently incorporated inside the human body or withdrawn after desired results. The growth in number of replacement surgeries, such as knee, hip, shoulder, and other (bone or joint) has propelled the demand for implants globally.
Factors that drive the growth of the global orthopedic implants market are rise in prevalence of orthopedic injuries or diseases and the rapid growth in aged population globally. In addition, technological innovations, such as robot-assisted surgical tools, acceptance for implantable medical devices, and widespread application of orthopedic implants to treat musculoskeletal diseases, orthopedic diseases, and injuries further supplement the market growth. However, high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hamper the market growth. Furthermore, the untapped emerging economies present lucrative opportunities for the market.
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The reconstructive joint replacement segment is expected to maintain its dominant position throughout the analysis period, owing to rise in incidence osteoporosis, and osteoarthritis, and investment of key players in R&D of orthopedic implants. In addition, many key players have undergone acquisitions to cater to the growth in demand for joint replacements. Knee replacement implants among the reconstructive joint replacements segment accounted for the highest share in 2016, and are anticipated to maintain this trend from 2017 to 2023.
The spinal fusion devices segment dominated the spinal implants market with more than three-fourths share in 2016. These devices are used for the treatment of spinal deformities, such as degenerative disc disease and spondylolisthesis. Increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed drive the market growth. The global motion preservation devices/non-fusion devices market segment is expected to grow at a CAGR of 9.5% from 2017 to 2023.
The orthobiologics segment is expected to grow at the highest CAGR throughout the analysis period, owing to the growth in demand for innovative products, increase in sport-related injuries, rise in incidence of chronic arthritis and road accidents, and the rapid surge in aged population globally.
Key Findings of Orthopedic Implants Market:
- The orthobiologics segment is anticipated to grow at a highest rate during the analysis period.
- U.S. was the major shareholder in the North America orthopedic implants market, accounting for five-ninths share in 2016. The metallic segment occupied about three-fourths share of the total biomaterial market in 2016.
- China occupied four-ninths share of the total Asia-Pacific orthopedic implants market in 2015.
- The bone graft substitutes segment dominated the orthobiologics market in 2016, growing at a CAGR of 11.5% from 2017 to 2023.
- The shoulder segment accounted for the highest share in upper extremity reconstruction, with six-sevenths share in 2016.
In 2016, Asia-Pacific and LAMEA collectively accounted for one-sixth share of the total orthopedic implants market and are expected to continue this trend due to increase in orthopedic implants development, specifically in China, India, and the other developing economies. Rise in geriatric population is the main reason for growth of the orthopedic implants market in Asia-Pacific.
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The key players operating in the global orthopedic implants market include Zimmer Biomet Holdings, Inc., Medtronic plc. Stryker Corporation, Aesculap Implant Systems, Inc., Johnson & Johnson (DePuy Synthes), The Orthopaedic Implant Company, Smith and Nephew plc., Wright Medical Group N.V., BioTek Instruments, Inc., and Conmed Corporation.
The other prominent players in the value chain include Arthrex, Inc., NuVasive, Inc., Globus Medical, Inc., Integra Lifesciences Holdings Corporation, Synthes Holding AG, Arthrocare Corporation, and Baxter International Inc.
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