Driven by technological advancements, global population aging, and the rising incidence of musculoskeletal diseases, the orthopedic market is poised for significant growth. In 2024, the global orthopedic market is expected to exceed $59 billion, achieving a strong growth rate of 6.5% compared to the previous year, surpassing the industry's historical average by three percentage points. By 2030, the global orthopedic implant market is projected to reach $71.16 billion, with a compound annual growth rate of 4.9% from 2022 to 2030. The continuous increase in the incidence of orthopedic diseases and technological advancements are driving the expansion of the orthopedic implant market.

(Data source: Research Nester)

1.    Market Overview

    Orthopedic implants are medical devices used to replace missing bones or joints or support damaged bones. Orthopedic implants include knee, hip, ankle, shoulder, wrist, elbow, and finger joints, which are expected to adapt to the human body throughout the patient's life cycle. For back pain treatment, orthopedic implants (such as bone screws and plates) are used in spinal fusion surgeries and bone fracture fixation, while implant elements are used for hip and joint replacements. Orthopedic implants are made of stainless steel and titanium alloys, with some even covered in plastic. Screws are a type of orthopedic implant. The main function of screws used in orthopedic implants is to provide pressure, which helps repair damaged bone areas. Screws can tighten damaged areas such as torn labrum or rotator cuff. There are multiple methods to effectively and perfectly select bone plates. Containers should have appropriate thickness and suitable width and must be able to accommodate both sides of the fracture.

2.    Market Dynamics

• Increasing Elderly Population

    The growth of the elderly population is driving the growth of the orthopedic implant market. Population aging has led to a significant increase in the number of orthopedic surgeries, and the increase in replacement surgeries due to various reasons such as accidents and emergencies is a major driver of market growth. Additionally, lifestyle issues (such as excessive fat deposition, obesity, and lack of physical exercise) can lead to joint and knee pain, with most patients opting for replacement surgery. Furthermore, other factors driving market growth include the increase in chronic orthopedic diseases such as osteoporosis, characterized by low bone mass and deterioration of bone structure, leading to bone fragility and increased fracture risk. Moreover, technological expansion and advancements, increasing research activities and implementation procedures, changes in sedentary lifestyles, and awareness of physical health and healthy activities are all factors driving market growth.

• High Patient Acceptance of Implant Prostheses

    The high acceptance of implants combined with imaging technologies is a driving factor for the development of the orthopedic implant market. Additionally, it is expected that during the forecast period, the adoption of different treatment methods (such as the massive paradigm shift from traditional invasive surgical procedures to minimally invasive techniques for various orthopedic diseases or disabilities) will benefit market growth. Furthermore, the combination of 3D printed orthopedic implants with imaging technologies involving magnetic resonance imaging and computed tomography, as well as their widespread application in different fields such as oncology, traumatology, and spinal surgery, is driving the growth of the orthopedic market. Consequently, these imaging technologies for precise surgical design creation, combined with advanced robotic-assisted surgical instruments, have been improving patient acceptance and contributing to market growth.

• High Surgical and Product Costs

    The high cost of procedures involving orthopedic implant treatments and strict government policies hinder market growth. Moreover, orthopedic implants are made of premium materials. Orthopedic implants have ceramic, metal, and polymer materials. Therefore, production costs are higher, and the price paid by consumers is also high. Additionally, replacing or removing bones is one of the most complex surgeries. The correct placement of orthopedic implants determines the likelihood of bone regrowth. Due to the high price of orthopedic implant surgeries, many users are reluctant to choose these procedures. Thus, this factor hinders market growth.

• Technological Advancements

    Large medical device companies utilize modern technologies to manufacture implants according to patients' anatomical structures. Furthermore, each patient's anatomy requires customized joint implants. Therefore, the growing demand for customized orthopedic implants can promote market growth due to the increasing need for customized joint implants. Additionally, these companies develop cutting-edge technologies to provide technologically advanced implants. Consequently, the increasing focus on technological improvements in these implants may create profitable opportunities for market growth.

    The global orthopedic implant market is segmented based on type, biomaterial, product type, and region.

•     The type segment is divided into wrist and shoulder, ankle, hip, dental, spine, knee, and others. Due to the expanded demand for knee implants caused by the rising prevalence of orthopedic diseases, the knee type segment led the market with a 22.18% market share in 2021. Additionally, by 2030, the spine type segment may dominate the market due to the increased incidence of degenerative diseases.

• The biomaterial field is divided into ceramic biomaterials, polymer biomaterials, metal biomaterials, and others. The metal      biomaterials segment led the market with a 32.5% market share in 2021 due to its compatibility with body tissues and minimal infection threat. Furthermore, by 2030, the ceramic biomaterials segment may dominate the      market due to the increasing application of ceramics in hard tissue repair in various procedures.

• The product type segment is divided into dental implants, reconstructive joint replacements, trauma, spinal implants, orthopedic biologics, and others. Due to the rising prevalence of osteoarthritis and osteoporosis, as well as advancements in joint replacement technology, the reconstructive joint replacement product type segment led the market with a 25.19% market share in 2021. Additionally, by 2030, the orthopedic biologics product type segment may dominate the market due to increased demand for innovative treatments and minimally invasive approaches.

3. Geographical Trends

    The global orthopedic market exhibits diverse geographical trends, with significant growth opportunities in both developed and emerging markets.

    In developed regions such as North America and Europe, population aging, high healthcare expenditure, and widespread adoption of advanced orthopedic solutions drive market growth.

    Conversely, the market in the Asia-Pacific region is rapidly expanding due to increasing economic affluence, healthcare service accessibility, and awareness of orthopedic conditions.

    China and India are particularly noteworthy, as their large elderly populations and strengthening healthcare infrastructure are expected to drive demand for orthopedic surgeries.

        Additionally, medical tourism is thriving in countries known for cost-effective medical services, such as Thailand and Malaysia, attracting global patients and further stimulating the regional market.

    The market analysis covers regions including North America, Europe, South America, Asia-Pacific, Middle East, and Africa. North America emerged as the largest market in the global orthopedic implant market, accounting for 40.35% of market revenue in 2021.

4. Key Players in the Orthopedic Market

    The major companies currently dominating the orthopedic market include DePuy Synthes, Medtronic, Smith+Nephew, Stryker, and Zimmer Biomet.

    These companies continuously innovate and expand their product portfolios. For example, recent developments include:

• DePuy Synthes launched its TriALTIS pedicle screw system.

• Medtronic's ethical standards were recognized, and it continues to lead in spinal and orthopedic products.

• Smith + Nephew fully launched its Aetos shoulder system in the United States.

• In 2023, Stryker's annual sales exceeded $20 billion for the first time.

• Zimmer Biomet continues to innovate in orthopedic implants and digital technologies.

    The investment landscape in the orthopedic field has shifted towards later-stage companies with clear paths to profitability. Despite a slow investment pace in 2023, the average investment amount was nearly double the historical average, with 27 investments totaling approximately $637 million.

5. Future Outlook

    The orthopedic market will continue to grow, benefiting from ongoing innovation and the increasing global burden of orthopedic diseases. Future market dynamics may be influenced by continued technological advancements, demographic changes, and evolving patient expectations.

    The market is also expected to benefit from the rising incidence of lifestyle diseases such as obesity and diabetes, which lead to joint and bone problems, thereby increasing the demand for orthopedic care.

    In the coming years, the combination of biologics with traditional orthopedic treatments may open new growth avenues, especially in regenerative medicine. Biologics are gaining increased attention for their potential in enhancing bone and soft tissue repair, healing, and restoration.

    The orthopedic industry may also shift towards more outpatient and minimally invasive surgeries, potentially reducing hospital stays and medical costs, further driven by patient preference for minimally invasive treatment options.

    As the industry undergoes these changes, strategic mergers and acquisitions are expected to continue, enabling companies to broaden their technological capabilities and geographical coverage.

    This environment creates fertile ground for innovation and collaboration, which can significantly improve patient treatment outcomes and efficiency within healthcare systems.