|Orthopedic Implants Market Size to Reach US $64 Billion by 2026; Rising Number of Orthopedic Sports Injuries to Favor Growth|
|By GLOBE NEWSWIRE|
|Friday, 15 November 2019 04:00|
Pune, Nov. 15, 2019 (GLOBE NEWSWIRE)
Pune, Nov. 15, 2019 (GLOBE NEWSWIRE) -- The global orthopedic implants market size is set to touch USD 64.0 billion by 2026, exhibiting a modest CAGR of 4.1% during the forecast period. The unprecedented rise in geriatric population across the globe to be the key growth driver of this market. According to the United States Census Bureau (USCB), the proportion of aged people to the total world population is steadily climbing. For example, in 2012, the world population had reached 7 billion and the people aged 65 and above were 8% of this number or 562 million. In 2015, the number rose by 55 million, with the percentage increasing to 8.5% of the total population in a span of 3 years.
The USCB predicts that between 2025 and 2050, this geriatric population will double to reach 1.6 billion, whilst the total population will grow only by 34%. This, the USCB states, is attributable to the reduction in fertility rates around the world and lengthening lifespans due to advancements in medical technologies. This is expected to substantially broaden the base of the market, especially the joint reconstruction segment, as per the orthopedic implants market trends.
According to the report by Fortune Business Insights, titled “Orthopedic Implants Market Size, Share & Industry Analysis, By Product (Joint Reconstruction; Spinal Implants; Trauma Implants, Dental Implants; Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 46.5 billion in 2018. The report also incorporates a thorough analysis of the factors, upcoming trends, and dynamics that are likely to influence the growth trajectory of the market. The in-depth research contained in the report aims at equipping businesses with adequate information that will enable them to make informed decisions and strategies for the future.
Musculoskeletal conditions refer to disorders that adversely affect the locomotor system in the body, that is, bones, muscles, joints, ligaments, and tissues. Disorders related to these movements are increasing in prevalence, as stated by the World Health Organization (WHO). According to the WHO, between 20% and 33% of the world’s population is currently suffering from some painful and chronic musculoskeletal disease. The 2017 Global Burden of Disease Report revealed that musculoskeletal conditions were the second leading contributor to global disability, accounting for about 16% of all years with disability in an individual’s life. Given the economic costs associated with these disorders, the need to prevent them is stronger than ever today, which augurs well for the market as it will spur innovation among players in the forecast period.
List of the key players mentioned in orthopedic implants market report:
Among regions, North America is expected to dominate the global orthopedic implants market share owing to the increasing incidence of osteoarthritis in the region. Europe is projected to grow at a considerable rate on account of rapid spread of chronic diseases such as diabetes and obesity in the continent. In Asia-Pacific, rise in healthcare expenditure and increasing disposable incomes will propel the market in the region, as per the orthopedic implants market analysis by Fortune Business Insights. However, the market growth in Africa, Latin America, and the Middle East is anticipated to be slow due to low levels of development in these regions.
New Product Launches to Intensify Market Competition
Key players are looking to gain an edge in the competition through development and launch of new products. For instance, in September 2019, Zimmer Biomet, after receiving FDA approval, commercially released its customizable revision knee replacement device called Persona Revision Knee System for patients in the US. Some other players are engaging in sprucing up their research capacities through commissioning of trials and studies. For example, in September 2019, Medtronic’s clinical trial for testing its spine correction surgical procedure, Infuse Bone Graft in Transforaminal Lumbar Interbody Fusion (TLIF), was green lit by the FDA.
Orthobiologics Market Size, Share and Global Trend by Product Type (Viscosupplements, Bone Growth Stimulators, Demineralized Bone Matrix, Synthetic Bone Substitutes, Stem Cells, Allografts), Application (Spinal Fusion, Maxillofacial & Dental, Soft Tissue Repair, Reconstructive & Fracture Surgery), End User (Hospitals, Ambulatory Surgical Centers, Speciality Clinics) and Geography Forecast till 2025
Bone Growth Stimulators Market Size, Share and Global Trend By Product Type (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins (BMP), Platelet-Derived Growth Factor (PDGF)), By Application (Spinal Fusion, Maxillofacial & Dental, Nonunion and Union Bone Fractures), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care), and Geography Forecast till 2026
Spinal Cord Stimulation Market Size, Share and Global Trend By Product (Implantable Pulse Generator, Radiofrequency System), Disease Indication (Failed Back Syndrome, Degenerative Disk Disease, Complex Regional Pain Syndrome, Arachnoiditis), End Users (Hospital, Ambulatory Surgical Centers, Specialty Clinics) and Geography Forecast till 2025
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