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orthopedic implants market is expected to cross USD 6,312.88 million by 2027 at a CAGR of 7.9%. Orthopedic implants refer to the type of medical device that assists in bone replacement and fixation. It offers excellent support for injured bones. The orthopedic implants market has been witnessing massive growth over recent years owing to the factors such as the growing prevalence of osteoporosis, arthritis, rising number of orthopedic surgeries, growing middle age bone problems, rising geriatric population, and the growth of biodegradable orthopedic implants. However, the market's growth is anticipated to be hampered by the associated cost of the procedure.
Competitive Analysis
The global market for orthopedic implants has an intensely competitive landscape with a large number of players present. The list of leading players in the orthopedic implants market includes CONMED Corporation, Smith and Nephew Plc, Zimmer Biomet Holdings, Globus Medical Inc, Arthrex, Inc., DJO Finance LLC, Johnson & Johnson, and several others.
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Segment Analysis
The global orthopedic implants market is divided into numerous segments based on products, material, type, and region. By product, the global market is divided into orthobiologicals, invasive bone stimulators, vertebral compression fracture devices, wrist implants, knee replacement implants, hip replacement implants, dental implants, non-fusion devices, spinal fusion implants, elbow implants, and extremities.
The global market is split into titanium alloy, stainless steel, cobalt alloy, and aluminum by material. By type, the orthopedic implants market is divided into spine, ankle, shoulder, wrist, knee, spinal, and dental.
Regional Analysis
The global orthopedic implants market is studied across five major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The Asia-Pacific regional market for orthopedic implants is anticipated to exhibit the fastest growth rate over the assessment timeframe. The primary aspect propelling the regional market's growth is the growing awareness among people regarding orthopedic procedures. Furthermore, factors such as the growing prevalence of bone disorders are also expected to positively impact the development of the regional market over the review timeframe. The growing medical tourism industry across the region is anticipated to fuel the regional market's growth over the future years.
The European regional market is anticipated to record a substantial growth rate over the forecasted era. The UK is emerging to be a prime market in the region. The regional market has secured the second position across the globe at present.
The North American region is projected to lead the market globally over the assessment timeframe. The regional market's growth is being driven by the factors such as the rising geriatric population, increasing patient pool with bone-related problems, and superior infrastructure across the region. The growing pace of minimally invasive surgeries across the region is also projected to positively influence the growth of the regional market over the future years.
Recent Developments
October 2021- A leading producer of orthopedic implants and medical devices for the foot and ankle, Paragon 28, announced its IPO terms. Its CO-based company, Englewood, plans on raising USD125 million by providing 7.8 million shares at a price range of USD15 to USD17. Paragon 28 would lead a fully diluted market value of USD1.3 billion at the center of the offered range. It is a prominent medical device company completely centered on the foot and ankle orthopedic market. Its orthopedic solutions, instrumentation, and procedural approaches cover a wide range of foot and ankle disorders, including orthobiologics, charcot foot, progressive collapsing foot deformity (PCFD, or flatfoot), ankle, hammertoe, hallux valgus (bunions), and fracture fixation.
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