On average, the orthopedic implants market will grow by 12.55 billion USD between 2024 and 2028, which is a compound annual growth rate (CAGR) of 5.72%. Multiple reasons are causing this growth, such as more orthopedic injuries and disorders, better implant technology, and a growing older population that is more probable to have musculoskeletal conditions. This blog post explores the shifting nature of the hip implants market, focusing on major trends, regional studies, and predictions for the coming years.
What makes the market grow?
Increasing Number of Knee Injuries
An increasing number of knee injuries is one of the main things driving the rise of the orthopedic implants market. Tough knee injuries include sprains, fractures, dislocations, and tears in ligaments like the meniscus and the anterior cruciate ligament (ACL).
Every year, about 150,000 ACL tears happen in the United States alone. A lot of these injuries happen because of sports.
For example, players often tear their meniscus when they twist and squat while playing sports. As the number of knee accidents increases, so does the need for orthopedic care and implants to treat them.
An aging population and a high rate of musculoskeletal disorders
Another important factor that is driving the orthopedic implant market is the world’s aged population.
Conditions like osteoporosis and osteoarthritis are more likely to happen to older people and often require joint replacement surgeries. Seniors are a big market-growth opportunity because they need more orthopedic care to maintain their mobility and quality of life.
Analysis of Products and Market Segmentation
Implants for Joint Replacement
During the period of the forecast, the joint reconstruction implants segment is projected to grow a lot. Implants used in surgeries like knee and hip replacements are in high demand because more and more people are getting diseases and accidents that affect their joints.
The market for joint reconstruction devices was worth USD 13.85 billion in 2018. Reasons for this growth include more orthopedic problems, better implant technology, and more people going to preventive services and checkups.
Improved Implant Materials
Implants made from different materials, such as metal biomaterials, ceramic biomaterials, and plastics, have been made possible by progress in technology.
These materials have clear benefits when it comes to being biocompatible, long-lasting, and resistant to rust. As an example, metal biomaterials are often used in bone plates to fix broken bones, while safe ceramic biomaterials are preferred.
These high-tech materials have also made it easier to create minimally invasive procedures, which are becoming more popular because they require less healing time and have a lower chance of complications.
Analysis of End-users in hospitals and orthopedic clinics
Because they use more modern materials and technologies, hospitals are still the main places where orthopedic implants are used.
The rising number of people with osteoarthritis, rheumatoid arthritis, and spinal diseases is driving up the need for orthopedic care in hospitals.
Using new materials like ortho biologics, which use cells and growth factors to help bones heal, has made treatment even more effective. Modern minimally invasive procedures have also led to the development of new ways to help people with orthopedic illnesses.
North America: A Regional Analysis
North America is expected to account for 37% of the growth in the world market over the next few years. Patients with orthopedic diseases are increasingly using innovative technologies and products in this region’s market.
Since orthopedic problems are common in the area and good medical equipment is available, there is a high demand for orthopedic devices. Companies like Arthrex and Stryker are at the forefront of innovation to meet the rising demand, making new implant systems and surgical tools.
Asia and Europe
Europe and Asia are also big markets for orthopedic implants. Countries in Europe like Germany and the UK are leading the market because they have better healthcare systems and more people are getting joint problems.
In Asia, markets are growing quickly in places like China and India, where the number of older people and people learning about medical treatments is increasing. Using more modern implant materials and technologies is also helping the market grow in these areas.
Market leaders and competitors
The market for orthopedic implants is very competitive, and the big players are using various tactics to make their brands stand out. To get ahead of the competition, businesses are focused on strategic alliances, partnerships, mergers, and acquisitions, expanding into new areas and releasing new products.
Partnerships for Success and Innovation in Technology
There are increasing strategic partnerships and technological advances in the orthopedic implants business. Businesses are working together to develop new implant options that meet patients’ changing needs. The use of digital technology in orthopedic surgeries for things like diagnosis and tracking has helped the market grow even more. These improvements allow treatments to be more accurate and quick, which improves patient outcomes.
Costly orthopedic implants
While the market is growing, there are some things that could be improved, such as the high prices of orthopedic implants and procedures.
The costs of these medical procedures vary depending on the implant type and the process itself, which slows the growth of the market. On the other hand, research and development are still being done to find solutions that are both useful and affordable for many people.
Wrapping It Up
Between 2024 and 2028, the orthopedic implants market is expected to grow a lot. This is because more people are getting orthopedic injuries, the population is getting older, and implant technology is getting better. The market is divided into segments based on product, end-user, and geography. This shows that different regions and segments have different growth possibilities.
The market for advanced implant solutions will continue to grow as companies keep coming up with new ideas. These devices are needed to treat a wide range of musculoskeletal disorders. The orthopedic implants market will continue to grow through partnerships and ongoing research and development. This will lead to better treatment results for patients all over the world.
