Orthopedic Implants Market overall revenue will cross $53 billion by 2024
Orthopedic Implants Market overall revenue will cross $53 billion by 2024
U.S Orthopedic Implants Market share held over 90% of regional revenue, with the estimated market value set to surpass USD 25 billion by 2024, due to increasing adoption of advanced orthopedic solutions, improved healthcare infrastructure and rising R&D support to develop innovative products
SELLBYVILLE, Del., May 16, 2018 /PRNewswire-iReach/ -- The prevalence of bone-related disorders has witnessed a meteoric rise since the last decade. In consequence, orthopedic implants market has observed a phenomenal upsurge, particularly owing to the increasing need for minimally invasive medical treatments. In this regard, it is also noteworthy to mention that most of the service providers are investing in development of innovative devices and have even been focusing on the production of cost-effective medical equipment. The availability of state-of-the-art advancements such as robot assisted surgical procedures, smart implants, and 3D printing manufacturing technologies are also slated to have a considerable impact on orthopedic implants industry size.
The requirement of orthopedic implants has increased tremendously among the geriatric population, owing to growing occurrence of bone-related problems such as osteoarthritis and osteoporosis. Indeed, WHO (World Health Organization) has predicted that by 2050, the global population beyond the age of 60 is likely to touch 2 billion. The rise in elderly population across the globe will thus be a principal factor driving orthopedic implants market size over the years ahead.
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Considering the massive demand for implants, novel and innovative product development has indeed emerged as a pivotal growth strategy for orthopedic implants market players. For instance, recently, the United Orthopedic Corporation launched a new version of U-Motion II(TM) Acetabular System and a UTS(TM) hip stem. These newly launched products offer less invasive surgery and provide the benefit of rapid recovery. In this regard, it would be imperative to state that the requirement of hip revisions and hip arthroplasties will grow heavily in the years ahead.
With the prevalence of sports injuries and road accidents rising by the day, the demand for joint implants has observed a tremendous upsurge. In fact, as per estimates, in 2016, joint reconstruction accounted for 40% of the orthopedic devices market share and is forecast to grow steadily in the years ahead. Considering the rise in the demand for joint reconstruction devices, major contributors of orthopedic implants industry have constantly been working toward enhancing implant procedure efficiency.
The leading players of this business space are concentrating on adopting out-of-the-box strategies to outperform competitors. For instance, the renowned medical equipment and devices manufacturer, Stryker invested USD 6 billion in several deals from last three years. Recently, the firm purchased the well-known surgical imaging technology supplier Novadaq for USD 700 million. Stryker's continuous investments and acquisition have indeed strengthened its position in orthopedic implants market. The company's initiatives also set a precedence for other players in orthopedic devices market such as DePuy Synthes, Zimmer Biomet, NuVasive, Inc., Medtronic Spinal, Smith & Nephew, ConforMIS, Medacta Corporate, and DJO Global.
Speaking from a regional perspective, the United States seems to be one of the most viable growth avenues for orthopedic implants industry. In 2016, U.S. covered 90% of the regional orthopedic devices market share on account of the growing acceptance of advanced orthopedic equipment along with enhanced healthcare infrastructure in the region. Additionally, U.S. based companies and research institutes have been heavily investing in R&D activities to launch new innovative products, which is poised to boost U.S. orthopedic implants industry size over the years ahead.
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The shifting trends toward the development of cost-effective products considering the affordability quotient of a large-scale consumer base are certain to fuel product demand. With increased product requirement and the soaring popularity of these devices, it is likely that global orthopedic implants industry would be attain substantial valuation in the years ahead. As per estimates, orthopedic devices market size is forecast to surpass revenue collection of USD 53 billion by the end of 2024.
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