The global orthopedic implants market, valued at US$20.13 billion in 2023, is forecasted to grow at a robust CAGR of 4.8%, reaching US$20.94 billion in 2024 and an impressive US$26.47 billion by 2029. Major drivers are the rising prevalence of orthopedic disorders, particularly among the aging population. In addition, strategies adopted by key market players, such as innovative product launches and collaborative efforts, are driving the growth of the market. Additionally, the increasing number of hospitals, disposable income, and access to healthcare services in emerging markets have further fueled the demand for orthopedic implants.
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The orthopedic implants market is consolidated. As of 2023, the key players operating in the global orthopedic implants market are Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US), Smith+Nephew (UK), B.Braun (Germany). In 2023, Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US) held a major share of the orthopedic implants market. These players have adopted key strategies such as acquisitions, partnerships, and expansions in the last four to five years.
Stryker Corporation (US)
Stryker Corporation is among the leading companies in the global the company has a strong presence in North America, Europe, the Middle East, Africa, and the Asia Pacific, with its brand presence in more than 75 countries across the globe market. The company has a strong presence in North America, Europe, the Middle East, Africa, and the Asia Pacific, with its brand presence in more than 75 countries across the globe. The company offers orthopedic implants through other Orthopedics & Spine division segment. The company focuses on enhancing its product portfolio and continuous innovation and developing new products to sustain its leading position in the market.
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Zimmer Biomet Holdings, Inc. (US)
Zimmer Biomet is a medical device company that develops, manufactures, and markets a wide range of healthcare products. The company offers orthopedic implants through its Knees, Hips, and S.E.T segments. The company has a strong geographic presence across countries such as France, Germany, Italy, Spain, the UK, Switzerland, Japan, Australia, New Zealand, South Korea, China, Taiwan, India, Thailand, Singapore, Hong Kong, and Malaysia. Also, the company has a wide distribution network across Benelux, Nordic, Central & Eastern Europe, and the Middle East & Africa. Zimmer Biomet has a strong brand value among orthopedic implants end users, strong R&D capabilities, and a robust product portfolio.
Johnson & Johnson MedTech (US)
Johnson & Johnson MedTech is another major player operating in the orthopedic implants market. The company is engaged in the R&D, manufacturing, and marketing of orthopedic implants and other healthcare products across the globe. It offers orthopedic implants under the MedTech business segment. The company is dedicated to research & innovation to forge and unveil novel offerings that optimize patient results. The company collaborated with Crossroads Extremity Systems (US) to improve orthopedic care and MedTech devices using new ideas, hoping to give patients better health results. The company holds a significant market share in over 60 nations across diverse territories such as North America, Asia Pacific, Europe, and Africa.
By region, North America is expected to be the largest market by 2029.
The US and Canada accounted for a significant market share in 2023. Several factors, such as the increasing incidence of orthopedic disorders, increasing geriatric and obese populations, increasing road accidents, growing patient preference for minimally invasive procedures, the recent launch of technologically advanced hybrid implants, and increasing awareness among physicians and patients about newly introduced treatment procedures and technologies in the market, are driving the growth of the orthopedic implants market in North America. In the US, about 1.5 million people suffer from osteoporosis. The number of osteoporosis fractures is expected to increase from 1.9 million in 2018 to 3.2 million by 2040 (Source: Amgen). In 2022, more than 1.5 million people in the US have been diagnosed with rheumatoid arthritis (Source: American College of Rheumatology, 2022).
Recent Developments of Orthopedic Implants Market
- In September 2024, Stryker (US) acquired osteotomy and ankle truss systems from 4WEB Medical to expand foot and ankle portfolios.
- In July 2024, Smith+Nephew (UK) partnered with Healthcare Outcomes Performance Company. This deal focused on offering enhanced solutions for healthcare professionals, patients, and ambulatory surgery centers (ASCs) through the digital and analytics platform of the Healthcare Outcomes Performance Company.
- In October 2024, Smith+Nephew (UK) announced that its LEGION Hinged Knee (HK) System is available in the US.
- In October 2023, Johnson & Johnson MedTech (US) received 510(K) clearances from the US FDA for its TriLEAP System. It includes a range of specially shaped and standard plates that fit different screw sizes. It also includes tools to reduce, fix, and fuse bones or bone fragments during surgery.
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