North America Orthopedic Implants Market Size By 2025
Orthopedic Implants Market: North America Opportunity Analysis and Industry
According to a new report published by Research Dive, titled, “Orthopedic Implants Market: North America Opportunity Analysis and Industry Forecast, 2018-2025,” the North American orthopedic implants market size was valued at $23,461 million in 2018, and is projected to reach $30,646 million by 2025, growing at a CAGR of 3.9% from 2019 to 2025.
An orthopedic implant is a medical device surgically placed inside the body to restore bone function by reinforcing or replacing a damaged structure. These implants are permanently incorporated inside the human body or withdrawn after the desired results.
The growth in the number of replacement surgeries, such as the knee, hip, shoulder, and other (bone or joint) has propelled the demand for implants in North America.
Factors that drive the growth of the North America orthopedic implants market are the rise in the prevalence of orthopedic injuries or diseases and the rapid rise in the geriatric population.
In addition, technological innovations, such as robot-assisted surgical tools, acceptance of implantable medical devices, and widespread application of orthopedic implants to treat musculoskeletal, and orthopedic diseases, & injuries further supplement the market growth.
However, the high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hampers the market growth.
On the basis of product type, the reconstructive joint replacements segment is estimated to garner the largest share during the forecast period. This segment is expected to maintain its dominant position throughout the analysis period, owing to the rise in the prevalence of osteoporosis and osteoarthritis, and the investment of key players in the R&D of orthopedic implants.
On the other side, OrthoBiologics is the fastest growing segment during the forecast period owing to the rise in demand for advanced therapies, minimally invasive procedures, and the surge in patient awareness toward the use of OrthoBiologics.
According to type, the knee segment accounted for the highest orthopedic implant market share in 2018 and is anticipated to maintain this trend during the forecast period. However, the spine is estimated to register the highest CAGR during the forecast period attributed to an increase in the geriatric population, a rise in the incidence of spinal disorders, and an expansion in the indications for which spinal fusion surgery is performed.
By material type, the metallic biomaterials segment occupied the largest share in 2018, owing to the cost-effectiveness of these materials. Metallic biomaterials provide efficacy in bone healing as compared to other materials.
These are used to manufacture various orthopedic implants such as screws, plates, vertebral compression fracture (VCF) devices, and others.
However, other biomaterials are estimated to register the highest CAGR during the forecast period. This is due to the growing demand for these materials owing to their several advantages over synthetic biomaterials.
These advantages include biocompatibility, no toxicity, and may also carry specific protein binding sites, and other biochemical signals that can help in the process of tissue healing or integration.
Key Findings of the Orthopedic Implants Market:
- The OrthoBiologics segment is anticipated to grow at the highest rate during the forecast period.
- The U.S. was the major shareholder in the North America orthopedic implants market, accounting for more than three-fourths share in 2018.
- The metallic segment occupied more than half a share of the total biomaterial market in 2018.
- The knee segment accounted for approximately one-fourth share of the orthopedic implants market in 2018.
Source: https://www.researchdive.com/1/north-america-orthopedic-implants-market
