July 14, 2022 10:00 ET | Source: Precedence Research Precedence Research
Ottawa, July 14, 2022 (GLOBE NEWSWIRE) -- The global orthopedic implants market size was reached at USD 50.03 billion in 2022. The orthopedic implants market mainly deals with the supportive system which is provided to the bones and the joint in the human body. The rapid increase in the number of road traffic accidents and high velocity trauma cases have increased the demand for orthopedic implants in the recent years. The huge number of geriatric populations residing worldwide has seen an increased prevalence of bone related disorders such as osteoarthritis and osteoporosis. This has boosted the demand for orthopedic implants in the market.
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These are medical equipments that are put in to use in order to replace a damaged or missing part of a bone. These medical implants are mechanically inserted in the human body in order to treat and support or joint or damaged bone. This helps to stabilize the anatomical structure of the body which helps to maintain the posture. The prevalence of obesity in the world has also given rise to the number of joint replacement surgeries that are being carried out worldwide. A constant sedentary lifestyle which is practiced by the working population has increased the number of spinal disorders among the people.
The North American market has dominated this product segment as a result of the high number of geriatric populations residing in this region. This has given rise to a high number of cases suffering with osteoarthritis and osteoporosis. These types of cases usually require surgical intervention in order to treat the disease. Every second individual in this region who belongs to the geriatric age group suffers with this disease. The European market it's considered to be the second largest sector for these implants.
The Asia Pacific region too has shown a significant growth as a result of increasing sedentary lifestyle practices by the people. Lack of a balanced diet and nutrition among the people residing in this region has led to numerous deficiency diseases which results in bone disorders.
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The cases of orthopedic disorders have increased in the recent times as a result of the faulty lifestyle practices followed by the people. The increasing cases of musculoskeletal diseases as respected the movement of the people which helps to boost the market growth. This leads to severe pain and hence hampers the patient's daily routine. The increasing prevalence of road traffic accidents and high velocity trauma cases have boosted the demand for orthopedic implants in the market. Long hours of sitting or sleeping with a bad posture has given rise to a number of spinal disorders. These cases usually require surgical intervention in order to obtain anatomical normalcy. With the increasing research and development carried out by the key market players numerous advanced technologies have been seen in the market would you use minimal invasive procedures to deal with such cases. These multiple reasons proved to be the driving forces behind the growth of the market during the forecast period.
As the cost of the orthopedic implants is high the total cost of the entire surgical procedure becomes unaffordable for the common man. With the increasing demand for orthopedic implants the cost of the product is rising rapidly. The developing nations do not possess a strong economic background to import such advanced equipment. This reason hampers the growth and demand of new and advanced technologies in the market. Increasing negligence among the people related to bone disorders and joint problems has obstructed the growth of the market to a great extent.
A rapid increase in the elderly population has given rise to a number of bone related disorders among the people. The increasing number of cases of osteoporosis throughout the world is foreseen to propel the demand for orthopedic implants. With the increasing demand for minimally invasive surgical procedures the use of modern technology has been adopted. The rapid research and development which is carried out by the key market players in order to develop advanced technologies have increased the demand for orthopedic implants. Bone injuries and fractures are a common condition in the field of sports which supports the growth of the market to a great extent. The rate of success of surgical procedures with the use of advanced orthopedic implants has helped to boost the market growth to a great extent. The high prevalence of obesity among the people has given rise to spinal disorders and bone deformities which has helped to boost the demand for orthopedic implants. The increasing number of joint complaints and bone disorders among the people has proved to be a great opportunity for the growth of the market during the forecast period. These multiple factors proved to be a great opportunity for the market to record a considerable growth during the future.
The various complications which are caused after a surgical procedure proved to be a challenge for the growth of the market. Additionally, the high price of the orthopedic implants shoots up the total cost of the surgical procedure which marks as a major challenge for the growth of the market. The increasing risk of infection among the geriatric population has also proved to be a challenge for the market. Lack of disposable income in the hands of the people has restricted the growth of the market to a great extent. People belonging to developing countries are not aware of the recent developments and advancements made by the market players in the field of orthopedic implants. These multiple factors prove to be a challenge for the growth of the market.
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