Orthopedic Implants Market is predicted to reach USD 67 billion by 2027 as there is a growing aging population and a rise in various orthopedic disorders.
FREMONT, CA: According to Market Research Future's Orthopedic Implants Market Information By Product Type, Biomaterial, End-User, and Region - Global Forecast to 2027, the market is predicted to reach USD 67 billion by 2027 CAGR of 4.71 percent. Titanium and stainless-steel alloys, as well as polymers and ceramics, are used to make orthopedic implants. These implants are used to treat fractures, orthopedic injuries, and a range of other conditions. The market's growth prospects are extremely promising, according to MRFR analysis, with the rising number of procedures in accordance with an increase in accidents and sports-related injuries.
Companies invest substantially in R&D practices to develop advanced medical implants with various applications to increase their global presence. Other competitive methods the players use include FDA approvals, acquisitions, joint ventures, collaborations, and expansions. For example, the Orthopaedic Implant Company confirmed FDA approval and introduced their latest wrist fracture plating technology, the DRPx System, in August 2021. DRPx is the first distal radius plating device with an upgraded, ergonomic design to cater to orthopedic surgeons' preferred manner. This implant also helps hospitals and ambulatory surgery centers save money while boosting their financial sustainability.
The growing aging population and various orthopedic disorders will benefit the orthopedic implants industry. Especially in the case of elderly persons who are more prone to slips and falls, which can result in fractures and arthritis, and osteoporosis, necessitating the usage of modern implants. Technical advancements and the high success rate associated with these implants further contribute to the global market demand. The availability of beneficial insurance plans, an increase in R&D spending for building next-generation implants, and an increase in sports-related injuries and road accidents will all boost the global market in the future.