Growth in Incidences of Orthopedic Diseases is Catalyzing the Orthopedic Implants Market
According to our latest market study on "Orthopedic Implants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, End User, and Geography" the market was valued at US$ 46,101.2 million in 2021 and is likely to reach a value of US$ 67,235.1 million by 2028 with an estimated CAGR of 5.6% from 2022 to 2028.
Orthopedic Implants Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product (Plates & Screws, Nails & Rods, Pins & Wires, and Others), Application (Reconstructive Joint Replacements, Spine Implants, Dental Implants, Trauma Implants, Orthobiologics, and Others), End User (Hospitals, Orthopaedic Clinics, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Orthopedic Implants Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
The rising incidence of orthopedic injuries and diseases such as osteoarthritis, arthritis, and the growing geriatric population influence orthopedic implants' market growth. In addition, innovation in technology, such as surgical tools with robot-assisted technology, acceptance of implantable devices, and vast applications of orthopedic implants in treating orthopedic diseases, musculoskeletal diseases & injuries, further boost the Orthopedic Implants market growth. However, stringent government policies and huge costs associated with procedures involved in orthopedic implants are hampering the Orthopedic Implants market growth. Moreover, emerging economies are creating opportunities for the market.
The treatments of orthopedic conditions and musculoskeletal diseases have been enhanced due to technological advancement. Compared to consuming heavy-dose medicines and hectic therapies, orthopedic implants have reduced the efforts of medication and treatments. The advantages of orthopedic implants, such as braces implants, have remarkably helped many patients manage and reduce their pains and help them to carry out their daily routine activities. Also, the healthcare expenditure has created ample opportunities for developing nations to provide better services and facilities to their people. The adoption of orthopedic implants is likely to increase in emerging regions such as Asia, the Middle East, and Africa. These regions are investing a significant amount in their healthcare sectors, and health awareness has notably increased. Additionally, the incidences of bone deformities conditions are among the other factors offering potential opportunities for the Orthopedic Implants market.
Rising innovation in technology is one of the factors influencing Orthopedic Implants market growth. Microbial colonization, infection, and biofilm formation are significant complications in the use of implants and are the predominant risk factors in implant failure. Antimicrobials are increasingly being investigated and applied to implant surfaces to reduce implant-related infections. Antimicrobial coating technology seems to be the most effective way to improve infection control in a hospital without compromising patient care. The scope of applications of antibacterial coating is quite high due to its functional properties to prevent the growth of microorganisms.
A wide variety of surface-coating technologies are under investigation, ranging from pharmaceutical excipients and antimicrobial agents for medical devices and surgical implants to coatings that ensure disinfection of implant surfaces. Silver is well known for its antimicrobial and antibacterial properties, so it is widely used in the antimicrobial coating. Nanostructured silver is the most prevalent antimicrobial agent in nanoparticles, nanowires, and nanolayers for orthopedic implants market. Titanium dioxide is also well known for its antimicrobial properties, and the compound has been shown to kill 99.9% of E. coli colonies. Hydrophilic coatings and biofilm-inhibiting surface technology are some of the recent technologies in implantable devices. For instance, Specialty Coating Systems Inc. offers new SCS microRESIST Antimicrobial Parylene Technology that can effectively eliminate harmful microorganisms on coated medical devices. It can coat the medical implant with biocompatible Parylene coatings with effective antimicrobial properties.
DJO Finance LLC; Johnson & Johnson (DePuy Synthes); Medtronic Plc; Zimmer Biomet Holdings, Inc.; Stryker Corporation; NuVasive, Inc.; CONMED Corporation; Smith and Nephew Plc; Arthrex, Inc.; and Globus Medical, Inc. are among the key Orthopedic Implants market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the orthopedic implants market and its ecosystem.
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