A growing aging population with bone density problems and middle-aged bone diseases, advancements in surgical techniques as well as robotic surgeries, a rising number of traumatic injuries because of accidents, or deterioration of a joint or bone over time from a chronic medical condition, increasing demand for advanced orthopedic implants to treat musculoskeletal, orthopedic diseases, and injuries, and a rising patient awareness on the availability of orthopedic implants for commercial purposes are crucial driving factors for the global orthopedic implants market.
An orthopedic implant is a manufactured device designed to replace a joint, bone, or cartilage due to damage or deformity caused by factors such as leg fractures, losing a limb, or a congenital defect.
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The Demand for Orthopedic Implants Market is being driven by Technological Innovations
Surgical navigation to guide surgeons through the implantation, robotics-assisted orthopedic surgery, and AI-powered guidance software to assist surgical procedures are the Innovations that are expected to be crucial in driving the orthopedic implants market in the upcoming years.
The Latest Examples of Technological Advancements in Orthopedic Implants
· For instance, in July 2022, Oxford Performance Materials, Inc (OPM) announced an agreement with Fuse Medical, Inc (Fuse) for the development of a brand new, world-class spinal, extremity, and sports medicine implant product lines utilizing OPM’s patented OsteoFab PEKK technology.
· In April 2022, eCential Robotics entered into an agreement with Amplitude Surgical to integrate their technologies in the domain of knee robotic surgeries.
Emerging Growth Opportunities in the Orthopedic Implants Market
· Bio-printed Bones and Joints
Progress in 3D printing technology is one of the most optimistic areas in orthopedic implants. The use of printed bones and joints is likely to become more widespread in the coming years as the technology continues to improve, driving the orthopedic implants market.
· Engineered Stem Cells for Bone Regeneration
Stem cell-derived exosomes have exhibited to promote the regeneration and reconstruction of multiple tissues, including cartilage and skin
· Smart Sensor-Enabled Technologies and Implants
The implementation of this technology holds enormous potential in enhancing the fitting and functioning of orthopedic devices.
· Robotics-assisted Orthopedic Surgeries
Robotics present many advantages over traditional surgery, including greater precision, less invasiveness, and shorter recovery times
· Bioresorbable Orthopedic Implants
Bioresorbable materials offer significant advantages for the patient and the treating surgeon by avoiding adverse reactions to metal and metal debris.
Upcoming Market Challenges: Orthopedic Implants Market
The high costs of the implants coupled with the need for revision procedures every few years depending on the wear & tear of the implant, and side effects associated with the orthopedics implant post-surgery such as implant rejection, septic, & allergies, etc are likely to hinder the growth of the orthopedic implants market.
North America is Projected to Hold a Larger Share in the Orthopedic Implants Market
North America accounts for a major share of the orthopedic implants market, from a geographical standpoint. This can be mainly attributed to the rising geriatric population, adoption of technologically advanced orthopedic implants among surgeons, growing awareness concerning osteoporosis care, and favourable reimbursement landscape in the region.
Competitive Landscape Analysis: Orthopedic Implants Market
Some of the well-established players operating in the global orthopedic implants market are Arthrex Inc., NuVasive, DePuy Synthes, and Stryker Corporation, among others.
Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Orthopedic Implants Market
All players operating in this market are implementing organic and inorganic growth strategies such as collaborations, acquisitions, and launching new products to gain a larger market share.
For instance,
· In September 2022, Zimmer Biomet Holdings, Inc. announced an exclusive, multi-year co-marketing agreement with Surgical Planning Associates, Inc. to commercialize HipInsight, the first FDA-cleared mixed reality navigation system for total hip replacement.
· In March 2022, Evonik announced the launch of its 3D printable biomaterials VESTAKEEP IC4800 3DF. The portfolio expansion focuses on presenting innovation in osteoconductive PEEK filament, which improves fusion between bone and implant.
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