Global orthopedic implants market would surpass a valuation of US $6,558.32 million by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2025.
The growth of orthopedic implants market is primarily driven by the growing level of the global geriatric population due to increased life-expectancy, which has significantly elevated the risk of osteoarthritis and osteoporosis.
According to the World Health Organization, the median life-expectancy in South Korea has reached 82.3 years and approximately 83.7 in Japan. Moreover, an increased government spending on the global medical device industry, coupled with the development of numerous favorable government regulations for the utilization of orthopedic implants would greatly influence orthopedic implants market expansion during the forecast timeframe, claims the research report.
Additionally, changing lifestyles, growing number of trauma cases, and sports injuries are some of the leading factors that would positively influence market growth over the forecast period. However, the high costs associated with orthopedic implants and the strict regulatory outlook that dictate use of numerous orthopedic implants could act as a hindrance to the orthopedic implants market in forthcoming years.
When it comes to application, the orthopedic implants market is divided into craniomaxillofacial orthopedic implants, hip orthopedic implants, spinal orthopedic implants, dental orthopedic implants, knee orthopedic implants, and Sports Medicine, Extremities &Trauma (S.E.T) orthopedic implants.
From a regional perspective the overall orthopedic implant market has been bifurcated into five prominent regions including the Asia Pacific, North America, Latin America, Europe, as well as Middle East & Africa. Among these regional markets, the North America orthopedic implants industry dominates the global market landscape, cites the study.
The region’s growth is predominantly driven by growing healthcare expenditure by local government bodies and the presence of a developed healthcare infrastructure, especially in the United States and Canada. Additionally, it is anticipated that the growing geriatric population in the region would impel orthopedic implant market growth across North America.
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Key observations in the study suggest that the orthopedic implants currently available in the industry are consistently concentrating on technological advancements. Industry players, while developing novel implant devices, take into consideration factors like growing acceptance of orthopedic implants, increasing awareness, and effective treatment of several orthopedic disorders across developing countries.
While the North America orthopedic implant market is expected to dominate industry globally, the Asia Pacific region also shows signs of strong growth attributing to emerging economies such as China and India.
Leading companies currently operating across the orthopedic implants market include Zimmer Biomet Holdings, Inc., Medtronic plc, DePuy Synthes, Aesculap Implants Systems, Conmed Corporation, BioTek Instruments Inc., Smith & Nephew plc, The Orthopedic Implant Company, Wright Medical Group N.V., Stryker Corporation, ArthrocareCrporation, and NuVasive Inc.