Since the last few years, there has been a concurrence between drug therapies and implantable devices. Orthopedic implants are the devices that are surgically inserted into the body and are intended to reinstate function by restoring or strengthening a damaged structure. Orthopedic implants are associated with the musculoskeletal system. For instance, to treat a backache orthopedic implants such as bone plates or bone screws are utilized in spinal fusion surgery. Fixation of damaged bone fragments as well as implant components are used for hip, knee and any other joint replacement. The material applied in orthopedic implants must be biocompatible to avert rejection by the body.
According to Mayo Clinic Organization first, the nationwide prevalence study of knee and hip arthroplasty showed that near about 7.2 million Americans are living with implants. Almost every orthopedic implant present in the market in the current scenario, come under the class III category, which is the most scientifically meticulous classification of medical devices. Individuals facing immobility issues due to terrible accidental or traumatizing cases have no other alternative but to opt for major joint replacement surgeries. This can eventually provoke a radical change in people’s quality of life by relieving pain and reviving their physical independence.
Factors Leveraging Market Share:
Rising geriatric population susceptible to increased risk of osteoarthritis, osteoporosis, and obesity lowered bone density; increased body mass index and other musculoskeletal disorders are the vital factors driving the growth of the global orthopedic implants market. Furthermore, a significant rise in the number of sports-related injuries and road accidental cases are another contributors stimulating market growth. Besides, technological advancement, innovative procedures, and swiftly growing healthcare industry further incite the growth of the market.
Moreover, the launch of internal fixation devices and biodegradable implants holds the higher potential for future prospects of orthopedic implants. However, unfavorable reimbursement policies, rigid guidelines authorization procedures, the high cost of the treatment might hamper the market development.
Additionally, the risk associated with orthopedic implants including implants coming loose or breakage in the bone causing painful inflammation and infections together with the possibility of implant rejection could also serve major roadblock to market expansion.
Based on geographic segmentation, the global orthopedic implants market is segregated into Asia-Pacific, North America, Europe and Latin America, the Middle East & Africa. Rise in incidences of internal severe injuries, surging technological innovations and constant efforts for cost reduction of total joint arthroplasty has majorly increased the growth of the orthopedic implant market in North America. According to American Joint Replacement Registry, the 2017 annual report addresses data on 860,080 knee and hip replacement procedures from 4755 surgeons at 654 institutions.
Growing medical tourism, increased awareness amidst people regarding commercial availability of the orthopedic implants, and amendment in healthcare infrastructure is ascribed to the growth of the Asian-Pacific market. The market in countries such as Latin America, is displaying sluggish growth owing to low gross income; hence, less spending on technical advances, poor access to healthcare facilities.
The global orthopedic implants market appears to be highly competitive in nature and diversified as it is filled with many well-established players having a global and regional presence. Merger & acquisition and innovation in technology are the primary actions taken by leading players of the market.
In June 2015, Zimmer Holdings Inc. announced that it has successfully completed the acquisition of Biomet Inc. Under this agreement both the companies’ synergistic forces have united and have named as single entity Zimmer Biomet Holdings Inc. The main aim behind this acquisition was to consolidate their product portfolio and to introduce innovative advanced solutions for the musculoskeletal healthcare market.
Likewise, Smith & Nephew the global medical technology business declared that they have acquired Blue Belt Technologies Inc., to expand its product offering and to secure a leading position in the fast-growing area of orthopedic robotics-assisted surgeries.
Global Orthopedic Implants Market Segmentation
o Reconstructive Joint Replacements
o Spinal Implants
o Dental Implants
o Trauma & Craniomaxillofacial
Rest of Europe
Rest of Asia pacific
Rest of LAMEA
Market Key Players
o Zimmer Biomet Holdings Inc.
o Stryker Corporation
o Medtronic plc.
o BioTek Instruments Inc.
o Arthrocare Corporation
o Orthopedic Implant Company
o Smith and Nephew plc.
o Integra LifeSciences Holdings Corporation
o NuVasive Inc.
o Aesculap Implant Systems
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