WILMINGTON, DE / ACCESSWIRE / November 30, 2022 / Transparency Market Research Inc. - Advancements in implant materials have increasingly benefitted orthopedic procedures in that their adoption has led to better biologic performance and adequate functionality in various surgeries. Smart orthopedic implants market is making steady strides, propelled by the rapidly increasing demand for advanced materials in knee and hip replacement procedures. The worth of the global orthopedic implants market in 2021 was estimated at US$ 34.5 Bn.
Various key companies are entering into strategic alliances with the objective of developing and unveiling innovative products. Rising adoption of new generation of implants particularly in hospitals and ambulatory surgical centers has led to increase of orthopedic implants market shares of top players.
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Key Findings of Orthopedic Implants Market Study
Adoption in Joint Replacement Procedures Underpins Enormous Revenue Potential: Increasing trend toward patient‐specific orthopaedic implants have opened up new growth vistas. Massive demand for improved orthopedic implants suitable in range of orthopedic surgeries will reinforce growth opportunities for market players during the forecast period.
Firms Capturing Revenues from Commercialization of Technologically Advanced Implant Biomaterials: The study observed that metal alloys are popularly adopted orthopedic implant material. Over the years, new alloys have been tested and commercialized by leading implant manufacturers in a bid to gain a competitive edge. They are leveraging core competencies to develop next-gen orthopedic biomaterials, which thus will create incredible prospects in the orthopedic implants market.
Rise in Number of Orthopedic Procedures in Hospitals Presents Massive Avenues: The study found that hospitals are likely to hold a key share of the global market during the forecast period. In part, this is propelled by rise in number of patients undergoing orthopedic procedures in hospitals, supported by favorable reimbursement policies.
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Orthopedic Implants Market: Key Drivers
Rise in incidence of road accident injuries and adventure and extreme sports injuries has led to increase in cases of orthopedic fractures that need implantation, which has steered the demand for products in the orthopedic implants market. Of note, adventure and extreme sports injuries have increased substantially in children and young adults in several parts of the world.
Increase in incidence of joint and bone infections in older adults is a driver of the orthopedic implants market.
Orthopedic Implants Market: Regional Growth Dynamics
North America held the major share of the global orthopedic implants market and is projected to advance at a promising CAGR during the forecast period from 2022 to 2031. Widespread uptake of technologically advanced products and rise in number of orthopedic surgeries performed each year, especially in the U.S., have propelled the revenue streams in the regional market.
Asia Pacific is a potentially lucrative orthopedic implants market, with Asia estimated to be vastly untapped region. The growth of the Asia Pacific market is fueled by the increased prevalence of orthopedic disorders including osteoarthritis. Incidence of osteoporotic hip fractures is expected to rise in the next few decades, creating incredible avenues for players in the regional market. The target population in China and India and numerous Southeast Asian nations has expanded significantly over the years, and has catalyzed the market prospects.
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Orthopedic Implants Market: Key Players
The TMR study scrutinizes orthopedic implants market share by company in order to provide a comprehensive assessment of the strategic dynamics. High degree of consolidation currently characterizes the competition landscape of the orthopedic implants market.
Some of the key players in the market are HCM Orthocare Pvt. Ltd., Health Canada, Globus Medical, NuVasive, Inc., Arthrex, Inc., DJO Global, Medtronic Spine LLC, Evonik, Smith & Nephew, Orthopedic Implant Company, Zimmer Biomet, DePuy Synthes, and Stryker Corporation.
Orthopedic Implants Market Segmentation
Spinal Fusion Devices
Spinal Non-fusion Devices
Metal Plates & Screws
Nails & Rods
Ambulatory Surgery Centers
Middle East & Africa
Rest of Europe
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