Orthopedic Implants Market - What will be the Short-term Impact of Coronavirus?
The global orthopedic implants market size is set to touch USD 64.0 billion by 2026, exhibiting a modest CAGR of 4.1% during the forecast period. Unprecedented rise in geriatric population across the globe to be the key growth driver of this market. According to the United States Census Bureau (USCB), the proportion of aged people to the total world population is steadily climbing. For example, in 2012, world population had reached 7 billion and the people aged 65 and above were 8% of this number or 562 million.
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Some of the key players in this market include:
- BioTek Instruments, Inc.
- Zimmer Biomet
- Integra LifeSciences Corporation
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
- ArthroCare Corporation
- Medtronic
- CONMED Corporation
- Smith & Nephew
In 2015, the number rose by 55 million, with the percentage increasing to 8.5% of the total population in a span of 3 years. The USCB predicts that between 2025 and 2050, this geriatric population will double to reach 1.6 billion, whilst the total population will grow only by 34%.
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This, the USCB states, is attributable to the reduction in fertility rates around the world and lengthening lifespans due to advancements in medical technologies. This is expected to substantially broaden the base of the market, especially the joint reconstruction segment, as per the orthopedic implants market trends.
According to the report by Fortune Business Insights, titled “Orthopedic Implants Market Size, Share & Industry Analysis, By Product (Joint Reconstruction; Spinal Implants; Trauma Implants, Dental Implants; Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 46.5 billion in 2018. The report also incorporates a thorough analysis of the factors, upcoming trends, and dynamics that are likely to influence the growth trajectory of the market. The in-depth research contained in the report aims at equipping businesses with adequate information that will enable them to make informed decisions and strategies for the future.
Widespread Prevalence of Musculoskeletal Conditions to Spike Market Demand
Musculoskeletal conditions refer to disorders that adversely affect the locomotor system in the body, that is, bones, muscles, joints, ligaments, and tissues. Disorders related to these movements are increasing in prevalence, as stated by the World Health Organization (WHO). According to the WHO, between 20% and 33% of the world’s population is currently suffering from some painful and chronic musculoskeletal disease. The 2017 Global Burden of Disease Report revealed that musculoskeletal conditions were the second leading contributor to global disability, accounting for about 16% of all years with disability in an individual’s life. Given the economic costs associated with these disorders, the need to prevent them is stronger than ever today, which augurs well for the market as it will spur innovation among players in the forecast period.
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