Orthopedic Implants Market Study, New Project Investment and Forecast till 2030
The global orthopedic implants market is poised for significant growth and is estimated to reach a remarkable valuation of around US$50 billion by the end of 2022, according to a recent market study. The market’s upward trajectory can be attributed to the increasing number of joint reconstruction and replacement surgeries being performed worldwide.
For More Industry Insight Read : https://www.fairfieldmarketresearch.com/report/orthopedic-implants-market
The rise in orthopedic surgeries is driven by the growing incidence of orthopedic injuries caused by diseases like osteoarthritis and arthritis. Additionally, bone density issues and related diseases are on the rise, creating a demand for minimally invasive orthopedic procedures. This has led to an increase in the volume of orthopedic procedures, consequently driving the demand for implants. In fact, between 2016 and 2019, the percentage of orthopedic surgeries in terms of volume increased by 38%, and further growth is expected.
The rapid increase in musculoskeletal diseases contributes to orthopedic injuries, leading to restricted mobility and severe pain. This has a global impact on individuals’ quality of life. According to the World Health Organization (WHO), approximately 1.7 billion people worldwide suffer from musculoskeletal diseases, causing over 145 million cases of years lived with disability (YLDs) worldwide. This drives the need for orthopedic procedures and fuels the growth of the orthopedic implants market. The growing geriatric population also plays a significant role, as the number of individuals aged 60 years and above is expected to double by the end of 2050, surpassing 2 billion worldwide, according to the United Nations. The WHO estimates that the global geriatric population is projected to reach 1.4 billion by 2030. Elderly individuals are more susceptible to developing orthopedic diseases such as arthritis, increasing the likelihood of orthopedic surgeries and contributing to the growth of the orthopedic implants market.
Technological advances and innovations are providing a boost to market growth. The rising number of orthopedic surgeries has created a demand for bone implants. Furthermore, the increasing demand for implantable minimally invasive medical devices has opened up possibilities for customized implants based on the patient’s ailment and condition. Customized implants offer orthopedic surgeons greater freedom, allowing for novel approaches in implant fitting. Innovations such as portable navigation, robot-assisted surgery, and AI-powered guidance software assist surgeons throughout the entire implantation process, making orthopedic procedures more reliable, effective, and convenient. The use of 3D printing in manufacturing specialized implants is also a notable trend in the orthopedic implants market. 3D technology enables the development of efficient multi-layered composite implants used in various orthopedic procedures. Robotic assistance, internal fixation devices, and bioresorbable implants are also expected to create new opportunities in the market. With further technological advancements, novel implant procedures and innovations supported by AI, machine learning, and IoT are likely to emerge, paving the way for future growth in the orthopedic implants market.
Joint reconstruction procedures, particularly knee and hip replacement implants, are expected to contribute significantly to the value growth of the orthopedic implants market. The demand for spinal implants is also anticipated to rise due to the increasing number of trauma cases associated with road accidents and sports-related injuries, as well as the prevalence of disc degenerative conditions and spondylitis.
North America is expected to dominate the orthopedic implants market, with developed nations leading the way. The region benefits from an increasing incidence of orthopedic ailments and bone disorders, as well as a growing geriatric population. Advanced medical facilities and healthcare infrastructure in North America have transformed orthopedic care, creating a favorable environment for market growth.
Key players in the orthopedic implants market, such as Zimmer Biomet, Stryker, Smith & Nephew, BioTek, Corin Group, Conmed Corporation, Globus Medical, Medtronic, and B. Braun Melsungen AG, are focused on introducing new products, collaborations, acquisitions, and facility expansions to gain a competitive edge. These companies strive to enhance surgical outcomes and meet the evolving needs of healthcare professionals and patients.
Read more :
https://www.fairfieldmarketresearch.com/
