Market Overview
Orthopedic implants can be defined as medical devices used to either replace or provide fixation of bone or to replace articulating surfaces of a joint. Thus, orthopedic implants are vital devices used to either replace or assist damaged or injured bones.
Most orthopedic implants in the market today, fall under the Class III category, which is the most scientifically rigorous classification of medical devices. High incidence rates of osteoporosis, osteoarthritis, and obesity along with rapidly aging global population are the key drivers of the orthopedic implants market.
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The Introduction of bioresorbable implants and internal fixation devices will serve as future growth opportunities for orthopedic devices for various anatomical locations. According to the WHO, the average age of the world population was 37.3 years in 2000 and is anticipated to reach 45.5 years by 2050. Owing to lifestyle-related factors, such as early burnout and lack of exercise, patients in their middle-age are increasingly opting for orthopedic implants. The increase in mean-age over the next few years is anticipated to bolster the growth of the orthopedic implants market.
The market for orthopedic implants has been segmented by type of device, anatomical location, and geography. Based on the type of devices, the market has been segmented into internal and external fixation devices, which includes orthopedic plates, orthopedic screws, orthopedic nails, orthopedic rods/wires and fixation pins and others.
Based on anatomical location, the market has been segmented into hip, knee, foot and ankle, spine, shoulder, elbow and others (other extremities and craniomaxillofacial bones). The market for knee orthopedic implants and hip orthopedic implants is anticipated to be the highest in the market owing to the greater proportion of these anatomic injuries across the globe. It has been analyzed that joint and knee problems are common in India and hip problems are comparatively more common in Europe.
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Based on geography, the market has been segmented into the following regions: North America, Europe, Latin America, Asia-Pacific, Latin America and Middle East and Africa. North America and Europe are anticipated to gain a lion’s share of the orthopedic implants market during the forecast period.
According to a 2013 article published by USA Today, in the U.S., in 2012, more than 1.35 million children suffered a sports-related injury which was severe enough to send them to a hospital emergency department. Such volume of injuries are likely to drive market growth for orthopedic implants in North America.
It has also been reported that total joint arthroplasty (TJA) has received a great deal of attention in the U.S. due to increasing demand and increasing cost. In the U.S. the cost of implants is significantly high, and thus certain health care providers have focused on implant costs as a potential area for cost reduction.
For instance, in TJA the cost-reduction strategy has proved effective in reducing the overall cost, as has decreasing length of stay after surgery. This may serve as a positive incentive for patients who felt the cost as a deterrent factor in the orthopedic implants market.
Thus, such cost reduction measures are like likely to bolster sales for orthopedic implants, in turn augmenting market volume growth in North America. According to Osteoporosis Australia, approximately 4.74 million Australians over 50 have osteoporosis or poor bone health.
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Moreover, as per 2013 data, there is 1 fracture every 3.6 minutes in Australia which is projected to go up to 1 fracture every 2.9 minutes by 2022. This rise in patients who suffer from bone related issues is likely to create a promising market opportunity for the sale of orthopedic implants in the orthopedic implants market in Asia Pacific.
The major players operating in the orthopedic implants market include Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., DePuy Synthes, The Orthopaedic Implant Company, BIOTEK, Conmed Corporation and Smith and Nephew plc.
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