Global Orthopedic Implants Market is anticipated to grow at a 6.2% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Orthopedic Implants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global orthopedic implants market is anticipated to grow at a CAGR of 6.2% from 2019 to 2030.
The continual growth of the orthopedic implants market can be attributed to several factors which have led to wide scale adoption of these products which are extensively used to improve body posture, treat deformities and other forms of musculoskeletal conditions among patients. Moreover, the growing geriatric population across the globe and rising medical tourism are anticipated to further contribute to the substantial growth of the global orthopedic implants market between 2019 and 2030. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. The University of Sheffield, has entered into a partnership with JRI Orthopaedics Ltd, a surgical instruments and orthopedic implants company, to improve the overall scope of technology and research in the field of orthopedics.
Rise in Medical Tourism
Over the years, the emergence of medical tourism as a popular and profitable industry has played a vital role in contributing to the growth of the global orthopedic implants industry. Several countries, namely India, Turkey, Thailand, Brazil and other developing countries have emerged as essential contributors to global medical tourism industry. Multiple factors have been responsible for attracting patients to tour worldwide for medical treatments. Cost effectiveness, availability of personalized and tailor-made services, better facilities, convenience, and advanced technologies have been vital in contributing to the medical travel facilities. In 2017, it was estimated that the total number of medical tourists across all countries was a staggering 14-16 million. It is further expected that the number of medical tourists travelling abroad seeking treatments will additionally increase at a rate of 25% every year. Orthopedic implant procedures have been one of the most lucrative segments which has witnessed lucrative increment in terms of the number of medical tourist over the past few years. Attractive pricing coupled with availability of advanced technology has been a major driver for the global orthopedic implants market, which is further anticipated to grow in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Orthopedic Implants Market by Product (Spinal Implants (Spinal Fusion Devices and Spinal Non-fusion Devices), Joint Reconstruction (Knee Replacement, Hip Replacement, Shoulder Replacement), Trauma Implants (Pins/Wires, Metal Plates & Screws, Nails & Rods), Dental Implants, Orthobiologics), End Users (Hospitals, Orthopedic Clinics and Ambulatory Surgical Centers) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/orthopedic-implants-market/57
Rising Incidences of Arthritis
Arthritis is considered to be a major health crisis in the US, it is estimated that a staggering 300,000 children and 54 million adults, suffer from arthritis or other forms of rheumatic diseases. According to Arthritis Foundation (US), it is anticipated that 78.4 million US adults would suffer from arthritis, by 2040. Growing incidences of these ailments is anticipated to significantly contribute to the global orthopedic implants market during the forecast period.
High Costs of Implants to Restrain the Market
High costs associated with orthopedic procedures and orthopedic implants is considered to be a major factors affecting the growth of the orthopedic implants market. Unavailability of alternate affordable procedures and high cost of raw materials used for manufacturing these implants, is anticipated to be one of the major hindrances in the growth of this market. Evolution and improvement in implant technology is also accompanied by greater costs, which in many cases limits its application among the underprivileged population of the world.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy, rising medical tourism, increasing incidences of osteoarthritis, & osteoporosis and adoption of latest orthopedic implant products is anticipated to present a lucrative growth scenario for the orthopedic implants market in this region. Furthermore, attractive procedure rates, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Orthopedic Implants Market
The prominent players in the global orthopedic implants market are Zimmer Biomet, Stryker Corp., Smith & Nephew, DePuy Synthes, NuVasive, Inc., Medtronic, DJO Global, Inc., Arthrex, Inc., Globus Medical Inc. and B. Braun Melsungen AG among others
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