Orthopedic Implants Market to Reach USD 20.70 Billion by 2033; Increasing Demand for Customized Joint Implants to Propel Growth
The Brainy Insights
5 min read
The Brainy Insights
The global orthopedic implants market size is anticipated to grow from USD 11.87 billion to USD 20.70 billion in 10 years. The market will experience rapid growth due to technological progress in orthopedic implants during the forecast period.
Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.87 billion in 2023 global orthopedic implants market will reach USD 20.70 billion in 2033. Orthopedic implants are medical devices designed to replace or support damaged or missing bones and joints. These implants include replacements for knees, hips, ankles, shoulders, wrists, elbows, and fingers, and are intended to remain in the body for the patient's lifetime. They are commonly used in spinal fusion surgeries, bone fracture fixations, and joint replacements. Typically made from stainless steel, titanium alloys, or sometimes lined with plastic, orthopedic implants also include screws and plates that aid in bone healing and stabilization.
The high acceptance of patients for incorporating implants
Restraints
High cost of the procedure and the product
Key Insight of the Global Orthopedic implants Market
Asia Pacific is expected to grow at the fastest during the forecast period.
The Asia Pacific region is projected to experience the highest growth in the orthopedic implants market. Factors driving this growth include rising disposable incomes, increased health awareness, and expanding healthcare infrastructure. The growing purchasing power and focus on improving physical health in this region will contribute to the market's expansion.
The knee type segment led the market with a market share of 22.03% in 2023.
The type segment is divided into wrist & shoulder, ankle, hip, dental, spine, knee, and others. The knee type segment led the market with a market share of 22.03% in 2023 due to the expansion in demand for knee implants owing to the rise in the prevalence of orthopedic diseases.
The metallic biomaterial segment led the market with a market share of 32.14% in 2023.
The biomaterial segment is divided into ceramic biomaterials, polymeric biomaterials, metallic biomaterials, and others. The metallic biomaterial segment led the market with a market share of 32.14% in 2023 due to the attributes like compatibility amidst body tissues & minimal threat of infection.
The reconstructive joint replacements product type segment led the market with a market share of 25.01% in 2023.
The product type segment is divided into dental implants, reconstructive joint replacements, trauma, spinal implants, orthobiologics, and others. The reconstructive joint replacements product type segment led the market with a market share of 25.01% in 2023 due to the expansion in the prevalence of osteoarthritis & osteoporosis and improvements in joint replacements.
The increase in the elderly population is a significant driver for the orthopedic implants market. Aging leads to a higher incidence of orthopedic surgeries due to conditions such as osteoarthritis, osteoporosis, and joint deterioration. The demand for joint and knee replacement surgeries is rising, driven by lifestyle factors like obesity and physical inactivity.
Restraints: High Costs.
The high cost of orthopedic procedures and implants poses a challenge. Implants made from premium materials like ceramics, metals, and polymers are expensive to produce, leading to higher prices for consumers. Additionally, complex surgeries and the potential need for replacement or removal of implants add to the overall cost, which can deter patients and impact market growth.
Opportunities: Technological Advancements.
The ongoing technological progress in implant design and customization presents significant opportunities. Companies are developing implants tailored to individual anatomies, supported by advanced manufacturing technologies. This trend towards personalized and technologically advanced implants is likely to drive market growth.
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the UK, Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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