Orthopedic Implant Market Size, Share, Growth Analysis, By Product(Joint Reconstruction, Spinal Implants Trauma Implants and Others), By End-user(Hospitals & Ambulatory Surgery Centers and Orthopedic Clinics & Others), By Region - Industry Forecast 2024-2031

Orthopedic Implant Market size was valued at USD 31.51 billion in 2019 and is poised to grow from USD 33.5 billion in 2023 to USD 54.2 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

Global orthopedic implant market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Johnson & Johnson', 'Stryker Corporation', 'Zimmer Biomet Holdings Inc.', 'Medtronic plc', 'Smith & Nephew plc', 'DePuy Synthes Companies (a subsidiary of Johnson & Johnson)', 'NuVasive, Inc.', 'Globus Medical, Inc.', 'Wright Medical Group N.V.', 'B. Braun Melsungen AG', 'DJO Global Inc.', 'Conmed Corporation', 'Arthrex, Inc.', 'Integra LifeSciences Corporation', 'Exactech, Inc.', 'Acumed LLC', 'LimaCorporate S.p.A.', 'Waldemar Link GmbH & Co. KG', 'Orthofix Medical Inc.', 'Tecomet, Inc.'

The likelihood of bone diseases, fractures, and bone porosity increasing with age are among problems that make geriatrics a suitable patient population for orthopedic implants. During the research period, orthopedic treatments are anticipated to increase due to the growing geriatric population and geriatrics' greater risk of bone fractures from fragility and other bone disorders. The market is predicted to be driven by the rising number of orthopedic treatments and different government initiatives to facilitate reimbursements for the patient population. This component is anticipated to increase the likelihood of osteoarthritis and other bone-related illnesses. Competition among the major market participants has increased as a result of the rising demand for implantable orthopedic devices. Additionally, greater bone implant demand and fiercer competition have encouraged key market competitors to engage in the creation of unique, customizable implants. After receiving final 510k permission and passing regulatory testing, the funding will be used to launch the interbody spinal fusion implant. Domestic players are soliciting investments from industry insiders to launch innovative implants. The market expansion is predicted to be supported by an increasing number of product launches to meet the growing demand for implants.

The demand for bone implants has increased as a result of rise in orthopedic operations. As a result of the increasing demand for implantable medical devices, implants can now be customised as each patient presents the surgeon with a unique set of obstacles. Additionally, personalization gives the orthopaedic specialist the opportunity to use several methods to install an implant. Robot-assisted orthopaedic surgery performed entirely remotely, portable navigation to direct the surgeon during the implant, and guidance software driven by artificial intelligence (AI) will all see increased market use. Furthermore, one of the main orthopaedic implants market trends in the production of these devices is the use of 3D printing to create specialised implants to create a multi-layered composite implant. This is because the technology allows for customization, and various key players have invested in it. The market is expected to be boosted by the rising support that governments around the world are giving to domestic manufacturing and development of cutting-edge medical products like implants.

North America dominated the global market, accounting for USD 23.05 billion in 2021. The rising senior population at a relatively higher risk of bone fractures and the rising frequency of orthopaedic disorders in Americans, such as osteoporosis and other relative common disorders, are anticipated to drive up demand for orthopaedic implants. The market is expected to develop as a result of rising implantation rates and rising demand for orthopaedic operations. Another important aspect influencing the growth in North America is the market companies' reliance on inorganic growth tactics, including as partnerships and collaborations, to introduce innovative implants to meet the increased need for patient-centric customization. Additionally, the strategic participation of significant market participants, like Zimmer Biomet and Stryker, among others, region and the rising use of orthopaedic implants are anticipated to support market expansion. The second-largest market share in terms of volume was held by Europe. The market expansion is being fueled by the rising number of patients suffering from osteoarthritis and other bone problems as well as strategic moves made by major industry players, like mergers and acquisitions, in the area. Additionally, the segment's growth is anticipated to be aided by the increasing use of technologically advanced items in the market, product type diversification, and regulatory approvals for these products.