Orthopedic Implants Market is calculated to increase at a significant CAGR of 5.1% during 2022-2029 | Size, growth Report & Forecast

Orthopedic Implants Market

Orthopedic Implants Market is projected to grow at a higher CAGR of 5.1% over the period, 2022-2029

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The factors driving the growth of Orthopedic Implants Market includes rise in consumer spending on healthcare, geriatric population around the world, growing prevalence of orthopedic diseases such as arthritis and osteoarthritis and increase in the number of orthopedic procedures. According to the report published by Center for Disease Control and Prevention (CDCP), around 58.5 million adults between 2013-2015 were diagnose with arthritis, this figure is expected to reach 78.4 million by the end of 2040, which will boost the demand for orthopedic implants in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), 3D printing and portable navigation systems by healthcare institution and, rise in Government's expenditure on improving the health care facilities, are some of the additional factors supplementing the Global Orthopedic Implants Market. In addition, the increasing investments by leading players on research and development, rise in the launch of new products, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

However, growth of the Orthopedic Implants Market is hindered due to strict regulations imposed by Government regarding the production of orthopedic implants.

The major players operating in the market are Stryker, Integra LifeSciences, Johnson & Johnson, Medtronic, B. Braun Melsungen AG, CONMED Corporation, Globus Medical, NuVasive, Inc., Orthopaedic Implant Company, and Smith+Nephew, among others.

Based on Product Type, the Knee reconstruction segment is predicted to expand at a significant CAGR during the forecast period

Rising geriatric population and growing prevalence of osteoarthritis across the globe, are some of the factors responsible for the segment's growth.

Based on End-User, the Hospitals segment is projected to capture the largest market share over the forecast period

Increasing use of advanced robot assisted orthopedic surgeries by surgeons at hospitals, is propelling segment's growth.

Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period

Rise in Government's spending on the healthcare sector across United Kingdom and France, increased adoption of advanced technologies, improvements in the living standards, growing population growth rates and high per capita incomes, are some of the important factors augmenting the Orthopedic Implants Market size in European region.

Key Development

In 2019, Globus Medical completed the acquisition of StelKast, which helped Globus Medical in serving more customers as both are the leading players of the market.

Market Segmentation

Segmentation by Product Type

Hip Reconstruction
Knee reconstruction
Shoulder Implants

Segmentation by Fixation Type

Cement
Cementless
Hybrid

Segmentation by End-User

Hospitals
Orthopedic Clinics
Ambulatory Surgical Centers
Others
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.