Market Size of Global Orthopedic Digit Implants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Orthopedic Digit Implants Market Analysis
The orthopedic digit implants market is expected to register a CAGR of 7% over the forecast period.
The COVID-19 epidemic had a profound effect on the market initially. For instance, according to an article published by PubMed in August 2021, a study was conducted in Chile which showed that there was a 22.8% decline in the number of orthopedic surgeries during the pandemic. With the decline of orthopedic surgeries, digital bone implant surgeries have also fallen during the pandemic. However, as the pandemic has subsided currently, orthopedic surgeries are expected to take place normally around the world, which will lead to stable growth of the studied market.
The increasing geriatric population worldwide and the rise of arthritis are the mainstays of the orthopedic digit implants market. In addition, growing awareness about less intrusive technology and the advent of 3D printing technology has revolutionized the use of orthopedic technology. This is expected to have a positive impact on market growth in the forecast period. According to the data updated by NCBI in May 2022, it is estimated that osteoarthritis affects about 3.3 to 3.6% of the population globally and it causes moderate to severe disability in 43 million people, making it the 11th most debilitating disease worldwide. The article also stated that in the United States, it is estimated that 80% of the population over 65 years old has radiographic evidence of osteoarthritis, although only 60% of this subset has symptoms. The growing prevalence of arthritis and the increasing burden of arthritis conditions among the elderly are expected to boost market growth.
Furthermore, according to the World Population Prospects: 2022 published by the UN in 2022, it is estimated that the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. It is also estimated that by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. As a person grows older, his bones become weaker, which makes him more prone to fractures. Thus, all of the above statistics indicate that the world's population is ageing, which is expected to enhance the future market growth.
Additionally, the launch of new products in the market will also boost the studied market growth. For instance, in August 2021, the Orthopedic Implant Company launched wrist fracture plating technology, called the DRPx System with an enhanced ergonomic design to meet the technique preferences of orthopedic surgeons.
Hence, due to the abovementioned factors such as the increasing prevalence of arthritis, the rising geriatric population, and new product launches, the studied market is expected to experience growth. However, the stringent regulatory procedures and post-surgery infections and low adaptation of implants are expected to hamper market growth over the forecast period.
