Technological advancement in custom 3D printed orthopedic implants and high demand for robotic mildly invasive surgical tools are driving the orthopedic implant sales.
Technological advancement in custom 3D printed orthopedic implants and high demand for robotic mildly invasive surgical tools are driving the orthopedic implant sales.
Fact.MR, Dublin: According to market research firm Fact.MR, the orthopedic implant market is forecast to exhibit 6.5% CAGR for the period 2018-2027. The growth can be attributed to rapid increase in co-morbidity rate and degenerative joint diseases especially in geriatric population. Increment in sports related injuries in young athletes has boosted the demand for orthopedic implants.
Government initiatives and launch of private awareness campaigns on Arthrodesis and Arthritis treatment methods will elevate the orthopedic implant demand. Also, government initiatives towards low cost hip implants and knee joints for reconstruction surgeries will propel the orthopedic implant market.
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“Growing preference of patients towards imaging technique integrated orthopedic implants has been the key driver for market growth. Over the years, a transition is observed towards modern prosthetic devices and less invasive surgical procedures from standard surgical procedures. This transition has augmented the orthopedic implant demand.” said a lead analyst at Fact MR
Orthopedic Implant market – Key findings
- The National Pharmaceutical Pricing Authority reduced the price of basic the orthopedic implants by 65%, thus creating sales opportunities
- Knee reconstruction orthopedic implant sale are predicted to rise by 6.3% CAGR by the end of 2027.
- The global sales valuation of hip reconstruction orthopedic implant is forecast to cross US $16,800 Mn in 2017.
- North America will occupy half of global sales valuation by the end of forecast period 2018-2027.
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Orthopedic Implant market – Key Driving Factors
- Rising prevalence of osteoarthritis, rheumatoid arthritis, tendinitis, and bursitis especially in old people and sports related injuries in athletes are leading market drivers.
- Adoption of implantable medical devices for the treatment of musculoskeletal diseases accentuated the growth.
- Demands from emerging economies and developing healthcare systems are providing better growth opportunities.
Orthopedic Implant market – Key Restraints
- High procedural cost associated with usage of orthopedic implants for the treatment of degenerative joint diseases hampers the market growth.
- Strict government policies towards orthopedic implants and reliance on evidence based studies for the approval restricts the market growth.
Orthopedic Implant market – Covid-19 Impact
COVID-19 pandemic derailed the world healthcare economy. It has negatively affected the neonatal orthopedic implant market. Shortage of Orthopedic implants and transfer of ortho-specialists for covid treatment during the pandemic has severely affected the market. The virus affected the joints and bones of the patient causing joint infections. This increased the demand for orthopedic implants. Restriction on developing custom implants adversely affected the market. As the pandemic subsides, the market is expected to grow steadily with relaxation in the restrictions.
Competitive Landscape
The key strategy employed by the orthopedic implant manufacturers is the acquisition of private players along with advanced developed models for expanding their global footprints. The leading companies are competing for penetrating the premium product market. The approval of robotic surgery system by FDA is the leading step towards orthopedic implant market growth.
Mako Surgical Corp. was acquired by Stryker group for robotic product development specializing in total hip and knee construction. Smith & nephew bought Blue Belt Holdings for developing partial knee replacements implants and robots.
More Insights on the Orthopedic Implant market
In its latest report, Fact.MR offers unbiased analysis of the global orthopedic implants market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (knee reconstruction, hip replacement, robot assisted surgery products) and end user (hospitals, Nursing homes, diagnostics centers) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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