Global Demand for Orthopedic Implants Is Likely To Flourish At A...

Global Demand for Orthopedic Implants Is Likely To Flourish At A CAGR Of 6.7% By 2032

Posted 2023-04-06 03:02:14

The global orthopedic implants market is expected to be valued at US$ 468 Mn by the end of 2022, and is likely to flourish at a CAGR of 6.7% across the 2022-2032 forecast period. By the end of the assessment period, the market is expected to reach US$ 900 Mn.

According to the report, the market for orthopedic implants will continue to be dominated by knee reconstruction, with hip reconstruction coming in second. Attempts are being made by governments all over the world to lower the cost of orthopedic implants used in knee reconstruction surgeries. For instance, the cost of the basic models of orthopedic implants used in knee reconstruction surgeries has been reduced by 65% as a result of price caps announced by the National Pharmaceutical Pricing Authority (NPPA).

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Rising Demand for Orthopedic Implants

The demand for orthopedic implants is expected to increase significantly in the coming years due to the aging population and the increasing prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis. Additionally, technological advancements in the field of orthopedic implants are expected to drive the demand for these products. The increasing demand for minimally invasive surgeries and the rising awareness about the benefits of orthopedic implants are also expected to contribute to the growth of the market. Furthermore, the increasing number of sports–related injuries is expected to drive the demand for orthopedic implants.