New York, NY Dec 12 2019: Orthopedic implants market size
is set to reach USD 6,894.2 million by 2026 growing at a CAGR of 5.1% during
the forecast period according to a new study published by Polaris Market
Research. The report ‘Orthopedic Implants Market Share, Size,
Trends & Industry Analysis Report, By Application (Spinal, Hip, Knee,
Dental, Craniomaxillofacial and S.E.T (Sports Medicine, Extremities, and
Trauma)) and by Regions, Segment Forecast 2019-2026’ provides
a detailed analysis of present market strengths and future market trends.
The prime purpose of orthopedic
implants is to support or replace a missing or damaged bone or joint. They come
in extremely handy to treat deformities, correct body posture and put straight
the normal skeletal function. The market analysis has seen a tectonic shift
from traditional surgical procedures to ultra-modern fixations and prosthetics.
Market success of orthopedic
Implants is entrenched in a rising geriatric population with an increasing
life-span affected by musculoskeletal disorders such as osteoporosis,
osteoarthritis and others. Technological innovations also have seen a steady
rise in orthopedic medical implants market. Increasing number of joint
replacement cases and sport injuries across the globe will catapult market to
leading growth.
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The center for health design has
predicted elderly population to double in coming years. For instance; Japan and
South Korea have a life expectancy of 83.7 years and 82.3 years respectively.
Surplus Government investments in medical industry and supportive Government
opinions in use of implants have directed massive growth for market in coming
years.
Restraints to the market are the
high cost of treatments associated with orthopedic implants and restrictive
Government policies that hamper market growth. Developing economies have a lot
going for successful growth in the industry by way of lucrative
opportunities.
The global orthopedic medical
implants market is segmented into product, biomaterial, type and region. Based
on product, it is classified into reconstructive joint replacements, spinal
implants, dental implants, trauma and craniomaxillofacial, orthobiologics and
others. The Reconstructive Joint replacement market is further subdivided into
knee, hip and extremities. Spinal Implants branch into spinal fusion devices,
non-fusion devices/motion preservation devices and invasive spinal bone
stimulators. Dental Implants are classified into root form and plate form.
Trauma is categorized into screws, plates, staples and others. Based on type, the
market is segmented into knee, hip, wrist and shoulder, dental, spine, ankle
and others.
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Product
type comprising reconstructive joint replacements had peak market share in
orthopedic implants market analysis. Reason being increase in prevalence
of osteoporosis and osteoarthritis, inventions in joints replacements and rich
investments by key players’ in R&D. Spinal Orthopedic Implants
segment is tipped to lead market growth in forecast period. Key findings suggest
that orthobiologics segment is expected to tap profuse market growth with
concurrent rise in demand for advanced therapies, requirement of minimally
invasive procedures and patient awareness towards orthobiologics.
Increasing investments by Government
in healthcare and in doting company with a well-developed healthcare
infrastructure add momentum to market in North America and Canada. Asia Pacific
offers key players operating in market a thriving
opportunity due to a high population base, high awareness regarding orthopedic
implants, surge in healthcare infrastructure and rise in geriatric population.
The key players operating in the orthopedics Implants market include Johnson
and Johnson, Zimmer Biomet Holdings, Inc., Stryker Corporation and Medtronic
PLC among others.
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Market Research
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