According to a new report by Expert Market Research, ‘Global Orthopaedic Implants Market Size, Share, Price, Trends, Report and Forecast 2020-2025’, the global orthopedic implants market size was estimated to be at USD 4,747.8 million in 2019 and is expected to grow at a CAGR of 5.1% from 2020 to 2025.
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Competitive Landscape & Supplier Analysis:
Orthopedic implants are manufactured to replace or support a missing or damaged bone or joint. These implants are intended to treat the deformities, stabilize body posture, and restore the normal skeletal function. The orthopedic implants market has witnessed a shift from conventional surgical procedures to the use of modern fixation and prosthetic devices. The demand for orthopedic implants has increased significantly, owing to rise in geriatric population that increases the risk of osteoporosis, osteoarthritis, technological innovations in the orthopedic implants, and other musculoskeletal disorders. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies for approval of orthopedic implants can hamper the orthopedic implants market growth. Furthermore, the emerging economies present lucrative opportunities for the market.
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This market is anticipated to grow at a faster pace because risk of osteoporosis and oerstoarthitis becomes more common as one nears old-age. These are the devices that replace or provide bone fixation or replace articulating surface joints. Such implants are made of iron, cobalt, chromium, titanium and plastic-coated alloys that behave as cartilages.
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The market for orthopedic implants has been segmented by type of device, anatomical location, and geography. Based on the type of devices, the market has been segmented into internal and external fixation devices, which includes orthopedic plates, orthopedic screws, orthopedic nails, orthopedic rods/wires and fixation pins and others. Based on anatomical location, the market has been segmented into hip, knee, foot and ankle, spine, shoulder, elbow and others (other extremities and craniomaxillofacial bones). The market for knee orthopedic implants and hip orthopedic implants is anticipated to be the highest in the market owing to the greater proportion of these anatomic injuries across the globe. It has been analyzed that joint and knee problems are common in India and hip problems are comparatively more common in Europe.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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