Orthopedic Implants Market is projected to expand at a high CAGR of 4.4% from 20
Posted by ankushraoaniket1tmr on May 16th, 2019
Transparency Market Research (TMR) has published a new report titled, “Orthopedic Implants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the new report, the global orthopedic implants market is projected to expand at a CAGR of 4.4% from 2018 to 2026.
Technological advancements in terms of highly efficient product development and increase in competition among the leading players is positively impacting the global orthopedic implants market while benefitting patients. Increase in the global geriatric population which is more susceptible to musculoskeletal disorders such as osteoporosis, osteonecrosis, osteoarthritis, rheumatoid arthritis, and Perthes Disease is projected to boost demand for orthopedic implants during the forecast period. North America dominated the global orthopedic implants market in 2017 and trend is anticipated to continue during the forecast period. This is attributed to favorable reimbursement for orthopedic procedures and rise in focus of key players on the development of new implants in the market. Increase in the geriatric population and rise in prevalence of osteoporosis in countries such as Japan, China, and India are expected to boost the market in Asia Pacific from 2018 to 2026.
Product Recalls to Hamper Market
Product recalls due to device inefficiency or manufacturing errors affect the adoption rate among surgeons and patients, which in turn hampers sales. Recalls and associated lawsuits have criticized orthopedic companies leading to loss of reliability in the minds of customers. For example, in December 2016, Greatbatch Medical, a subsidiary of Integer Holdings Corporation, recalled standard offset cup impactor device which is used for hip joint replacement. The device failed the sterility test which can lead to infection in patients during surgery.
Joint Reconstruction Segment to Lose Market Share
The report offers detailed segmentation of the global orthopedic implants market based on product and end-user. In terms of product, the joint reconstruction segment is projected to dominate the global market due to increase in the number of hip and knee replacement procedures and presence of major players. According to a report published by the American Academy of Orthopedic Surgeons (AAOS), the U.S. reported 17% increase in total knee arthroplasties, 37% in total hip arthroplasties, and 66% in unicompartmental knee arthroplasties in 2015. However, the segment is expected to lose market share during the forecast period owing to stringent FDA regulations for product approvals and high investments. The orthobiologic implants segment is anticipated to gain market share by 2026.
Hospitals and Orthopedic Clinics to be Top End-user Segments
In terms of end-user, the hospitals segment is projected to account for major share of the global orthopedic implants market during the forecast period. This is attributed to ease of availability of instruments and facilities required for the orthopedic procedures present in hospitals and favorable reimbursement policies. The orthopedic clinics segment is anticipated to expand at a high CAGR due to changing preference from hospitals to orthopedic clinics owing to advancements in clinics in terms of facility requirements. Shorter hospital stay, quality of procedures and care, availability of emergency minimal invasive surgeries, and advanced implants are likely to propel the segment during the forecast period.
North America Market to Grow at Rapid Pace and Create High Incremental Opportunity
In terms of revenue, North America held a major share of the global market in 2017. This is attributed to high health care expenditure and rise in awareness about the advantages of different orthopedic implants in the U.S. Additionally, presence of several players such as Stryker and Zimmer Biomet Holdings, Inc. with significant investment in research & development of advanced implants is projected to propel the orthopedic implants market in North America from 2018 to 2026. Moreover, high acceptance of minimally invasive hip replacements, higher adoption of cementless hips despite significant costs involved, improved survival rates, and rise in preference for reverse hybrid hip replacement procedures are likely to propel the orthopedic implants market in the region.
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Rise in incidence of orthopedic diseases and improving economy in China, India, and other countries in Southeast Asia resulting in high per capita health care expenditure are anticipated to drive the orthopedic implants market in Asia Pacific. Changes in the market composition, policy and regulatory environments will alter the landscape in the near future. The market in the developing regions is characterized by domestic as well as international players. Market share of international players in countries such as China and India is increasing at a rapid pace owing to merger and acquisition activities and new product launches in the region. According to the International Osteoporosis Foundation, the rate of incidence of hip fractures among the people of Asia increased 4-fold to 5-fold in 2013. This is also likely to fuel the growth of the market in Asia Pacific. Economic growth in countries such as Brazil is increasing research & development activities and expenditure on treatment in Latin America. These factors are likely to propel the global orthopedic implants market in Latin America.Also See: Orthopedic Implants, Implants Market, Global Orthopedic, Forecast Period, Orthopedic, Market, ImplantsTop Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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