Global Orthopedic Implants Market accrued revenue worth nearly 53,251(USD Million) in 2019 and record the CAGR of about 4.6% over the period from 2020 to 2026.
Orthopedic Implants Market
The global Orthopedic Implants Market accrued revenue worth nearly 53,251(USD Million) in 2019 and record the CAGR of about 4.6% over the period from 2020 to 2026. The report offers assessment and analysis of the Orthopedic Implants market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Million).
Orthopedic implants are medical instruments that are utilized for replacing a damaged bone. Moreover, these medical devices are surgically inserted in the human body system for either treating or supporting a joint or damaged part of the bone.
Furthermore, inflation in the healthcare spending along with rise in the number of product innovations is likely to increase the use of orthopedic implants over the forthcoming years.
There is a prominent surge in the proportion of geriatric persons prone to osteoporosis related fractures, thereby requiring surgeries with orthopedic implantations. This is expected to steer the market growth in the coming years. Rapid increase in orthopedic damages and musculoskeletal disorders will result in restraint mobility as well as tremendous pain in the patient. Hence, the need for raising the quality of life of patients along with reducing the incurrence of medical treatment costs for the patients has generated huge demand for orthopedic implants in the recent years.
As per the NCBI report published in 2018, nearly 200 million persons are affected from osteoporosis each year and the number can surge in the coming years. This aspect is expected to steer the growth of the orthopedic implants industry in the foreseeable future. Furthermore, a large proportion of aging population require hip & knee replacements and this is going to result in humungous demand for orthopedic implants over the coming years.
Apart from this, increase in obesity and sedentary life pattern will uplift the business growth over the forecast timespan. Increase in funding of research activities for developing minimally invasive orthopedic implants at affordable prices will provide impetus to industry growth within the next few years.
The growth of the orthopedic implants market in North American sub-continent during the forecasting years is due to rise in the number of aging population that are affected due to osteoarthritis. Apart from this, rise in the number of sports injuries is likely to generate large-scale product demand in the region over the next decade. This, in turn, will propel the growth of the regional market over the assessment period.
Key participants profiled in the report include Arthrex, Inc., Zimmer Biomet Holdings, Inc., Globus Medical Inc., CONMED Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc, Wright Medical Group N.V., Stryker Corporation, Smith and Nephew Plc., and DJO Finance LLC
The key growth drivers that will leverage the market growth include prominent surge in the proportion of geriatric persons susceptible to osteoporosis and osteoarthritis.
The CAGR of the industry is expected to be nearly over 4.6% during the forecast timespan.
North American region will contribute remarkably towards the global market size over the estimated timeline.
The key market participants include Arthrex, Inc., Zimmer Biomet Holdings, Inc., Globus Medical Inc., CONMED Corporation, Johnson & Johnson (DePuy Synthes), Medtronic Plc, Wright Medical Group N.V., Stryker Corporation, Smith and Nephew Plc, and DJO Finance LLC.