Market Trends of Global Next-generation Implants Industry
This section covers the major market trends shaping the Next Generation Implants Market according to our research experts:
The Orthopedic Implants Segment is Expected to Occupy a Significant Share of the Market During the Forecast Period
Orthopedic implants are artificial bones or joints designed to replace or support a missing or injured bone or joint. These implants are designed to correct abnormalities and improve body posture. The rise in the geriatric population, which raises the risk of osteoporosis, osteoarthritis, and other musculoskeletal problems, is one of the major factors for the growth of the segment market. For instance, according to an article titled 'Bone health 2022: an update' published in the journal of 'Climacteric' in January 2022, osteoporosis causes more than 8.9 million fractures annually all over the world, resulting in an osteoporotic fracture every 3 seconds. The article indicated that osteoporosis affects 200 million women worldwide. Also, as per an article by the American Society for Biochemistry and Molecular Biology on Osteoporosis Awareness Month 2022 published in May 2022, osteoporosis will be responsible for three million fractures resulting in USD 25.3 billion in costs every year by the end of the year 2025. According to these statistics, the number of orthopedic surgeries is expected to increase, driving the demand for orthopedic implants in the coming years.
Additionally, several factors drive the segmental growth, such as advances in joint replacements and increased investment by key market participants in orthopedic implant research and development activities. For instance, Intelligent Implants Ltd's SmartFuse Implant technology, a next-generation technological platform for orthopedics, gained the United States Food and Drug Administration (FDA)'s breakthrough device designation in June 2021. The orthopedic implants segment is expected to expand rapidly during the analysis period, owing to increased demand for innovative therapies, minimally invasive procedures, and increased patient knowledge of orthopedic implants.
Therefore, owing to the above-mentioned factors, the orthopedic implants segment is expected to have a significant growth during the forecast period.
North America is Expected to Dominate the Next-generation Implant Market During the Forecasts Period
North America currently dominates the next-generation implants market and is expected to follow the same trend over the forecast period. The rising trend in the geriatric population, the rising prevalence of chronic disease, changing lifestyles, and the availability of advanced medical facilities are anticipated to boost the growth of the next-generation implant market. According to the article on arthritis by the United States Centers for Disease Control and Prevention (CDC) updated in October 2021, around 58.5 million people in the country were affected by doctor-diagnosed arthritis. As per the same source, by the year 2040, over 78.4 million adults in the United States will be affected by arthritis. Also, as per the Arthritis Society Canada article on arthritis facts and figures updated in September 2021, around 6 million Canadians were found to be affected by arthritis in 2021, with an estimate of over 9 million arthritis cases by the year 2040. The rising cases of arthritis are expected to boost the market growth in the region over the forecast period.
Similarly, technological advancement and improvement in the products are expected to boost growth in the region. For instance, in June 2022, ZimVie Inc., a life sciences solutions provider in the dental and spine markets, launched the new, FDA-cleared T3 PRO Tapered Implant and Encode Emergence Healing Abutment in the United States. Such product launches in the region are likely to add to the growth of the next-generation implant market.
Thus, owing to the above-mentioned factors, the studied market in North America is expected to propel over the forecast period.
