Michael Barbella, Managing Editor11.01.22
The world's orthopedic implant market is set for a growth spurt.
Vantage Market Research forecasts the sector to expand 4.7% annually over the next six years, swelling from $42.1 billion in 2021 to $55.4 billion in 2028. The planet's aging population and increasing numbers of patients with musculoskeletal conditions is expected to fuel the sector's growth, the company claims. The World Health Organization anticipates the global elderly population to expand from 1 billion to 1.4 billion by 2030, with one in six people estimated to reach 60 during the forecast period. Middle-aged patients favor orthopedic implants due to lifestyle-related concerns such as insufficient exercise and early burnout. Moreover, the risk of bone disorders, fractures, and deteriorating bone porosity and density increase with age.
Besides the aging population, there is also a surge in orthopedic surgeries due to rising cases of orthopedic-related conditions such as arthritis and osteoarthritis, as well as increasing numbers of accidents, injuries, and traumas. Urbanization, increasing disposable income, and several government initiatives to enable reimbursements for the patient population also are driving the market's expansion. Additionally, orthopedic implants are more readily accepted by patients than they were several decades ago.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance over the next six years. The product segment held the second largest market share and is likely to grow rapidly, Vantage Market Research predicts. The growth can be attributed to rapid urbanization, technological advancement, and an increase in investment by developing countries.
North America captured the lion share of the market last year, thanks to an aging population, growth in R&D investments top pharmaceutical firms, and the emphasis of top players on growth strategies like partnerships and collaborations. A penchant for minimally invasive procedures and the presence well-defined regulatory framework and recommendations of government and healthcare agencies in North America are also expected to propel the market's future growth.
The COVID-19 outbreak forced governments worldwide to implement measures like strict lockdowns to restrict the swift spread of the pandemic. The orthopedic implants market suffered as manufacturing units shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the core technology providers to industry bigwigs, were directly affected by the epidemic. The situation is improving in the second half of 2022 as more supplies resume normal.
Key players in the orthopedic implant market include Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Stryker Corporation, Medtronic plc, NuVasive Inc., Smith+Nephew plc, CONMED Corporation, Arthrex Inc., and DJO Finance LLC.
Vantage Market Research forecasts the sector to expand 4.7% annually over the next six years, swelling from $42.1 billion in 2021 to $55.4 billion in 2028. The planet's aging population and increasing numbers of patients with musculoskeletal conditions is expected to fuel the sector's growth, the company claims. The World Health Organization anticipates the global elderly population to expand from 1 billion to 1.4 billion by 2030, with one in six people estimated to reach 60 during the forecast period. Middle-aged patients favor orthopedic implants due to lifestyle-related concerns such as insufficient exercise and early burnout. Moreover, the risk of bone disorders, fractures, and deteriorating bone porosity and density increase with age.
Besides the aging population, there is also a surge in orthopedic surgeries due to rising cases of orthopedic-related conditions such as arthritis and osteoarthritis, as well as increasing numbers of accidents, injuries, and traumas. Urbanization, increasing disposable income, and several government initiatives to enable reimbursements for the patient population also are driving the market's expansion. Additionally, orthopedic implants are more readily accepted by patients than they were several decades ago.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance over the next six years. The product segment held the second largest market share and is likely to grow rapidly, Vantage Market Research predicts. The growth can be attributed to rapid urbanization, technological advancement, and an increase in investment by developing countries.
North America captured the lion share of the market last year, thanks to an aging population, growth in R&D investments top pharmaceutical firms, and the emphasis of top players on growth strategies like partnerships and collaborations. A penchant for minimally invasive procedures and the presence well-defined regulatory framework and recommendations of government and healthcare agencies in North America are also expected to propel the market's future growth.
The COVID-19 outbreak forced governments worldwide to implement measures like strict lockdowns to restrict the swift spread of the pandemic. The orthopedic implants market suffered as manufacturing units shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the core technology providers to industry bigwigs, were directly affected by the epidemic. The situation is improving in the second half of 2022 as more supplies resume normal.
Key players in the orthopedic implant market include Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings Inc., Stryker Corporation, Medtronic plc, NuVasive Inc., Smith+Nephew plc, CONMED Corporation, Arthrex Inc., and DJO Finance LLC.