Market Trends of Medical Implants Industry
Orthopedic Implants Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
Orthopedic implants are medical devices used to replace missing joints or bones or support damaged bones. These devices use titanium alloys and stainless steel for strength, while plastic coating acts as artificial cartilage. These implants also treat deformities, stabilize body posture, and restore normal skeletal function. The orthopedic implants segment is expected to hold a significant market share due to the increase in the cases of orthopedic diseases, rising research funding for orthopedic diseases, and the increasing geriatric population in society.
Orthopedic conditions, such as arthritis and bursitis, affect the musculoskeletal system, most commonly the bones or joints. Some arthritis conditions like osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis may require surgery with orthopedic implants to strengthen or completely replace the joints in the damaged bones or regions. Thus, the high prevalence of orthopedic diseases raises the demand for orthopedic implants and is expected to have significant growth in the market over the forecast period.
For instance, as per the study report titled published by Arthritis Research & Therapy in March 2023, the pooled prevalence of hip osteoarthritis diagnosed based on the K-L grade 2 criteria was 8.55% worldwide, and highest in Europe with 12.59% and the lowest in Africa at 1.20%. A significant percentage of hip osteoarthritis likely increases the need for hip replacement procedures, which is expected to have significant growth in the market.
In addition, rising launches of orthopedic implants by key market players are also expected to drive the growth of this segment. For instance, in April 2022, the Orthopaedic Implant Company received FDA clearance and launched its high-value dorsal spanning plate in the United States. This addition to the company's orthopedic trauma implant portfolio expands the potential clinical impact of its DRPx wrist fracture plating system, fortifying it as one of the most comprehensive and value-driven alternatives to other premium-priced plating systems. Therefore, due to the high prevalence of orthopedic diseases and new product launches, there will be an increase in the demand for orthopedic implants, which is expected to have a significant growth in the segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to have a major share in the medical implants market owing to the rising incidence of diseases like arthritis and the rising adoption of cosmetic dental procedures due to tooth loss in the country. In addition, well-established insurance policies and the availability of advanced healthcare infrastructure in the region are expected to drive the market over the forecast period.
As per the Oral Health Bulletin of NIDCR, in 2022, 9 out of 10 adults between the ages of 20 and 64 have tooth decay, and between the ages of 45 and 64, more than 2 in 5 persons suffer from periodontal (gum) disease in the United States. Tooth decay is a common cause of tooth loss in many cases. As a result, teeth gradually loosen and fall out, thereby driving the demand for dental implants in the population.
In addition, the technological advancements in medical implants are expected to drive the market in the region; for instance, as per the report published by Icahn School of Medicine at Mount Sinai in May 2023, the first-generation bioresorbable vascular scaffolds (BVS) are just safe and effective as drug-eluting metallic stents for heart diseases. This led to advancements and improvements in new BVS technology and future clinical use among interventional cardiologists across the United States, which is expected to boost the market over the forecast period.
Furthermore, introducing new implants into the market also drives regional growth. For instance, in June 2022, ZimVie Inc. received clearance from the FDA to T3 PRO Tapered Implant and Encode Emergence Healing Abutment in the United States. The T3 PRO is the new addition to the company's family of dental implants and builds on the proven solutions of the T3 Tapered Implant. Similarly, in February 2022, DeGen Medical, Inc. launched Impulse AM, a 3D-printed porous titanium implant for posterior interbody fusion. Therefore, the rise in the launch of medical implants in the region is expected to increase adoption, thereby driving market growth.
