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The orthopaedic implants industry is being aided by the growing geriatric population, who are more susceptible to degenerative bones and joints diseases, along with being at a high risk for hip and knee injuries. Thus, segments, such as knee and hip orthopaedic implants, are expected to witness a rise in demand in the forecast period, further aiding the market growth. The reducing cost of the implants, along with the rising awareness of the treatment options, are also supporting the market growth. In the coming years, the introduction of customisable and 3D printed orthopaedic implants is expected to drive the growth of the market.
The market is also expected to be aided by the rising competition between the key players in the industry, leading to the launch of advanced products and diversification of portfolios. In July 2021, Medtronic (NYSE: MDT), a major player in the industry, announced its plans to acquire Medicrea, which pioneered in the development of spinal surgery with the help of artificial intelligence, predictive modelling, and patient-specific implants. This planned acquisition will further strengthen Medtronic’s position in the orthopaedic implants industry.
In the coming years, the Asia Pacific region is expected to provide lucrative growth opportunities to the orthopaedic implants industry due to the rising demand for non-invasive surgeries, growing awareness of the implants, and favourable government policies. In October 2020, it was reported that the Indian government would venture out to explore biodegradable orthopaedic implants, which will be safe and cost-effective. These are expected to be made of magnesium and hydroxyapatite, which are auto degraded over a period of time. Such innovations in the industry are also expected to drive the overall market growth in the forecast period.
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Arthrex, Inc., Johnson & Johnson Services, Inc., CONMED Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc, Stryker Corporation, and Smith & Nephew plc, among others, are the key players in the global orthopaedic implants market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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