Solid Growth Forecast for the Global Orthopedic Implant Market

An aging world population is likely to stress the healthcare system in the coming decades, but it will also sustain the orthopedic implant market’s growth, adding 7% annually to its $47 billion value (est., 2021) over the next nine years, according to Kenneth Research. 

The number and proportion of older people on Earth is continuously increasing. According to the United Nations (UN), there were 703 million people worldwide aged 65 or older i.e., 9% in 2019. In 2050, that number is expected to rise to 1.5 billion. As the geriatric population increases, however, so does the number of diseases that affect them; musculoskeletal disorders impact roughly 1.7 billion older individuals. 
 
The National Health Expenditure (NHE) increased by 9.7% to $4.1 trillion in 2020, or $12,530 per person, and represented 19.7% of the gross domestic product (GDP), according to Centers for Medicare and Medicaid Services (CMS) statistics. In 2020, Medicare spending increased 3.5% to $829.5 billion, or 20% of all NHE.  In 2020, Medicaid spending rose 9.2% to $671.2 billion, or 16% of all NHE. Also, national healthcare spending in the U.S. is estimated to grow 5.4% annually over the next six years, reaching $6.2 trillion by 2028. As healthcare expenditures increase, the adoption of advanced treatment is also expected to grow, which in turn is anticipated to expand the global orthopedic implant market. Besides this, the surge in rate of musculoskeletal disorders is anticipated to raise the need for orthopedic surgeries, which in turn would drive the need for orthopedic implants. 
 
The North American orthopedic implant market grew significantly last year. Increasing numbers of older patients with osteoarthritis and the rising numbers of surgeries are expected to fuel the sector’s growth. The number of joint replacement surgeries are increasing annually in Canada, with roughly 110,000 procedures taking place during 2020-2021. More than 7,300 of the approximately 110,000 joint replacements were same-day surgeries, a four-fold increase from 2019-2020 as health systems sought out more inpatient solutions throughout the pandemic. The rising number of surgeries are likely to boost demand for orthopedic implants in North America.

On the other hand, the Asia-Pacific market is anticipated to expand at a significant annual growth rate over the forecast period as a result of an older population, better reimbursement practices, and improved health care infrastructure. According to UN statistics, the Asia Pacific region recorded the greatest population share among all other regions among people 65 and above in 2019.
 
The global orthopedic implant market is segmented by product into the dental implant, spinal implant, joint reconstruction, orthobiologics, and others. Among these, the joint reconstruction segment, which accounted for the biggest market share in 2021, is expected to expand at a consistent annual growth rate over the forecast period due to technological innovations. The segment for joint reconstruction is further divided into the knee, hip, and other sub-segments. The rising numbers of hip and knee surgeries are predicted to fuel the segment’s expansion. More than 32.5 million U.S. adults are suffering from osteoarthritis (OA), according to CDC data. The disease usually affects the hands, hips, and knees, and is caused by the breakdown of cartilage between joint bones. Moreover, hip and knee surgeries rose 18.3% between 2020 and 2021, American Joint Replacement Registry (AJRR) statistics show. The total annual volume of total joint arthroplasty (TJA) is captured at a rate of 40% by this. 
 
The global orthopedic implant market is segmented by end-users into hospitals, orthopedic clinics, ambulatory surgical centers, and others. The hospital segment is expected to sustain solid growth during the forecast period. In India, a total of 4,700 hip implant surgeries were conducted in 2019. CMS data indicate there were 324 U.S. acute care hospitals that support comprehensive care for joint replacements. Also, hospital expenditures climbed 6.4% to $1.27 billion in 2020, a slight rise compared with the 6.3% growth generated in 2019. Additionally, the federal government (36.3%) and households (33.3%) contributed the greatest portions of total health spending (26.1%). The growing number of hospitals and adoption of advanced treatments for musculoskeletal disorders are expected to sustain the segment through 2031.
 
Some of the major players in the global orthopedic implant market are Stryker Corp., DePuy Synthes, Zimmer Biomet Holdings Inc., Medtronic, NuVasive Inc., Smith+Nephew, CONMED Corporation, Arthex Inc., Merete GmbH, and Medical Devices Business Services Inc., among others.