The orthopedic implant market is growing at a compound annual growth rate of 5.4 percent and is expected to reach $68.72 billion by 2028, according to data published in Brand Essence Market Research in early June.
The rise in orthopedic injuries and musculoskeletal diseases and an aging population are factors driving the growth of the market.
According to the Institute for Health Metrics and Evaluation, advancements in technology, such as robot-assisted surgical tools, acceptance of implantable medical devices and increasing numbers of joint replacements and sports accidents will also contribute to upcoming market growth.
Specifically in North America, the rising rate of obesity, inactive lifestyles and investment in cost-effective orthopedic implants will be major contributors to the expected market growth.
The key players fueling growth in the orthopedic implant market profiled by Brand Essence Market Research are NuVasive, Johnson & Johnson, Zimmer Biomet Holdings, Stryker Corp., Medtronic, Smith+Nephew, Wright Medical Group, Conmed Corp., Arthrex, DJO Finance, Globus Medical, and others.