LOS ANGELES, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Orthopedic Implants Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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North America dominated the global orthopedic implants market in the year 2018. The region has experienced the potential growth owing to the presence of orthopedic implants companies such as Johnson & Johnson, Wright Medical Group N.V, Smith & Nephew plc, and Zimmer Biomet Holdings, Inc. among others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding implant treatment and growing number of laboratories and clinic centers are expected to enhance the market growth in the global orthopedic implants market in future. The European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) require all biopharmaceutical products and vaccines to undergo stringent testing to ensure the product is safe and free of contaminants. Growing prevalence of such chronic diseases further expected to rise the demand for orthopedic implants in North America. The Europe region is expected to exhibit a second-largest share in the orthopedic implants market. R&D Investments in replacement joints and growing investment in medical device industry, growing number of bone replacement treatment in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global orthopedic implants market during the forecast.
Asia-Pacific region is expected to exhibit highest CAGR in the orthopedic implants market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the medical device sector are the major driving factor for the region in the global market. Moreover, the rising chronic diseases population and growing awareness regarding treatment options increases its dominance in the global orthopedic implants market in future.
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Growing demand for orthopedic implants in various applications, increase demand for new products and medical devices in healthcare industry across the globe and rising number of pharmaceutical and clinic firms are the main drivers for the market growth of the global orthopedic implants market over the forecast period. Furthermore, supportive government investment in life science and growing number of laboratory and research centers further grows the demand for orthopedic implants over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, high costs of the research and development, stringent regulatory standards, risks associated for skilled professionals, time consuming approval process are expected to hamper the growth of the global orthopedic implants market during the forecast period.
Metallic segment have dominated the biomaterial segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The biomaterial segment further classified into metallic, ceramic, polymeric, and others. Several guidelines and recommendations issued by regulatory authorities and escalating demand for new metal plates in bone replacement further expected to drive the demand for the segment. The manufacturers such as Nuvasive, Inc., Medtronic, PLC, DepuySynthes, and Stryker Corporation are the mainly investing in the development of metals in implants, which expected the lead the market in the coming years.
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- Dental Implants Market - The market is expected to grow at a CAGR of around 5.6% over the forecast period 2019 to 2026 and to reach the market value of around US$ 6,084.5 Mn by 2026.
- Metal Implants and Medical Alloys Market - The market size is expected to garner around US$ 19.5 Bn by 2026, growing at a CAGR of around 9.2% over the forecast period 2019 to 2026.
- Implantable Medical Devices Market - The global market is expected to grow at a CAGR of around 7.3% over the forecast period 2019 to 2026 and expected to reach the market value of around US$ 153.8 Bn by 2026.
Hospital segment dominated the orthopedic implants market on the basis of end user in the year 2018. The major factors that are driving the growth of this segment are growing demand for implants in hospitals and growing number of hospitals drives the consumption of implants across the globe. This expected to enhance the dominance of the hospital in the global market over the forecast period.
Some of the leading competitors are K2M Group Holdings, Inc., RTI Surgical, Inc., Johnson & Johnson, Wright Medical Group N.V, Smith & Nephew plc, Zimmer Biomet Holdings, Inc., Nuvasive, Inc., Medtronic, PLC, DepuySynthes, Stryker Corporation, and Globus Medical, Inc., Alphatec Holdings, Inc.
Some of the key observations regarding orthopedic implants industry include:
- In March 2019, Stryker Corporation launched new knee with less pain. This new products helps the patient with less need for in-patient physical therapy, improved knee flexion and soft tissue protection, and less need for opiate analgesics.
- In September 2018, Johnson & Johnson announced opening of new scientific laboratory in Singapore. This expansion of new laboratory focuses on developing new implants and enhance customer base.
- In October 2018, Johnson & Johnson signed partnership agreement with Ortho Development Corporation. The partnership focuses on new implant development and other primary knee development.
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