Surge in prevalence of orthopedic diseases, advancements in the sector of orthopedic implants, and rise in adoption worldwide drive the growth of the global orthopedic implants market. North America held the highest share in 2020, and is estimated to maintain its leadership status by 2030. The demand for orthopedic implants reduced considerably due to lowered orthopedic procedures by hospitals and clinics as they shifted their staff to take care of Covid-19 infected patients.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Orthopedic Implants Market contributed to $45.05 billion in 2020, and is expected to generate $68.80 billion by 2030, witnessing a CAGR of 4.7% from 2020 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Surge in prevalence of orthopedic diseases, advancements in the sector of orthopedic implants, and rise in adoption worldwide drive the growth of the global orthopedic implants market. However, high costs associated with orthopedic implant procedures and stringent government approval processes hinder the market growth. On the other hand, untapped potential in emerging countries create new opportunities in the coming years.
The demand for orthopedic implants reduced considerably due to lowered orthopedic procedures by hospitals and clinics as they shifted their staff to take care of Covid-19 infected patients.
Moreover, the procedures were either postponed or cancelled to avoid possibility of cross-contamination. The procedures were carried out in extreme cases only.
The report offers detailed segmentation of the global orthopedic implants market based on product, type, biomaterial, and region.
Based on product, the reconstructive joint replacements segment accounted for the largest share in 2020, holding more than one-third of the total share, and is projected to maintain its lead position during the forecast period. However, the orthobiologics segment is expected to witness the largest CAGR of 6.7% from 2021 to 2030.
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Based on type, the knee segment contributed to the highest share in 2020, accounting for nearly one-fourth of the total share of the global orthopedic implants market, and is expected to continue its dominant share during the forecast period. However, the spine segment is estimated to manifest the highest CAGR of 6.3% from 2021 to 2030.
Based on region, North America held the highest share in 2020, contributing to nearly half of the total market share, and is estimated to maintain its leadership status by 2030. However, Asia-Pacific is projected to register the fastest CAGR of 6.1% during the forecast period.
Leading players of the global orthopedic implants market analyzed in the research include Johnson & Johnson (DePuy Synthes), Stryker Corporation, Zimmer Biomet Holdings, Inc., NuVasive, Inc., Medtronic Plc, CONMED Corporation, Smith and Nephew Plc., DJO Finance LLC, Arthrex, Inc., and Globus Medical Inc.
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