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Orthopedic Implants Market

Orthopedic Implants Market Size by Type (Wrist & Shoulder, Ankle, Hip, Dental, Spine, Knee, and Others), Biomaterial (Ceramic Biomaterials, Polymeric Biomaterials, Metallic Biomaterials, and Others), Product Type (Dental Implants, Reconstructive Joint Replacements, Trauma, Spinal Implants, Orthobiologics, and Others) Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-12714
  • Published Date: Sep, 2024
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global orthopaedic implants market is expected to reach USD 20.70 Billion by 2033, at a CAGR of 5.72% from 2024 to 2033. The increasing incidence of orthopaedic disorders and increasing technological advancements drive the expansion of the orthopedic implants market.

Market Overview:

An orthopedic implant is a medical appliance produced to substitute a missing bone or joint or support a damaged bone. Orthopedic implants contain the knee, hip, ankle, shoulder, wrist, elbow, and finger joints that are anticipated to conform in the human body throughout the life span of the patients. For back pain treatment, orthopedic implants like bone screws & bone plates are utilized in spinal fusion surgery & fixation of fractured bone segments, and implant elements utilized for hip & joint replacement. Orthopedic implants are created of stainless steel & titanium alloys, and a few of them may even be lined with plastic. A screw is a kind of orthopedic implant. The primary function of screws utilized during orthopedic implants is to deliver compression, which aids mend the bones in the damaged area. The screw tightens the broken places like the torn labrum or rotator cuff. There are numerous means for the plates to be selected effectively & perfectly. The container should have a proper thickness & a suitable width, and it must be acceptable to maintain both sides of the fractured bones.

Orthopedic Implants Market Size

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Market Dynamics:

Drivers
  • The increase in the geriatric population:

The rise in the senior population is driving the growth of the orthopedic implants market. The aging population accounts for a high rise in orthopedic surgeries, and rising replacement surgeries for different causes such as accidents & emergence are major boosting factors for market growth. Moreover, the lifestyle issues like excess fat depositions, obesity, and deficiency of physical activity lead to joint & knee pains, whereas most patients opt for replacement surgeries. Additionally, the other propelling factors for market growth are the increase in chronic orthopedic disorders such as osteoporosis, characterized by low bone mass & deterioration of bone structure which causes bone fragility & raises the risk of fracture.Also, the rising technological expansions & progress, research activities & implementation procedures, the adaption of sedentary lifestyle modifications, awareness of physical fitness & health activities are driving factors of the market growth.

  • The high acceptance of patients for incorporating implants:

The high acceptance of patients for integrating implants with image techniques is the propelling factor of the orthopedic implants market. Additionally, the adoption of different treatments, like turning from conventional invasive surgical procedures to a dramatic paradigm change against minimally invasive techniques of various orthopaedic diseases or disabilities, is anticipated to favour the market growth during the forecast period. Furthermore, the increase of 3D-print orthopedic implants integration with image techniques involving magnetic resonance images & computing of tomography and an expansive range of applications over different applications such as oncology & traumatology, and spine surgeries is driving the orthopedic market growth. Hence, these imaging techniques used for creating surgical designs with accuracy, in combination with the origin of advanced robot-helped surgical instruments, have been increasing patient acceptance also aid boosting the market growth.

Restraints:
  • High cost of the procedure and the product:

The high cost of procedures involving orthopedic implants for treatment & stringent government policies hampers the market growth. Further, orthopedic implants are made with high-quality material. The orthopedic implants are available in ceramic, metal, and polymer materials. So, the cost of production is more heightened & the final price for the consumers is also high. Additionally, replacing or removing a bone is one of the complicated surgeries. Placing right orthopedic implants decides the possibility of bone increasing again. Owing to the high price of orthopedic implant procedures, many users hesitate to select these surgeries. Therefore, this factor is hampering the market growth.

Opportunities:
  •  Increasing technological progress :

The large medical device corporations take benefit of modern technologies to build implants according to the patient's anatomy. Further, each patient's anatomy needs a customized joint implant. Thus, the increasing demand for customized joint implants can improve market growth due to the growing demand for customized orthopedic implants. Further, the companies develop state-of-the-art technologies to provide technologically progressive implants. Therefore, rising emphasis on technological improvements in these implants will likely to create lucrative opportunities for the market's growth.

Segmentation Analysis:

The global orthopedic implants market has been segmented based on type, biomaterial, product type, and regions.

  • The type segment is divided into wrist & shoulder, ankle, hip, dental, spine, knee, and others. The knee type segment led the market with a market share of 22.03% in 2023 due to the expansion in demand for knee implants owing to the rise in the prevalence of orthopedic diseases. Further, by 2033, the spine type segment will likely dominate the market due to the increasing incidences of degenerative disorders.
  • The biomaterial segment is divided into ceramic biomaterials, polymeric biomaterials, metallic biomaterials, and others. The metallic biomaterial segment led the market with a market share of 32.14% in 2023 due to the attributes like compatibility amidst body tissues & minimal threat of infection. Further, by 2033, the ceramic biomaterial segment will likely dominate the market due to the risen adoption of ceramics in the rehabilitation of hard tissues in different procedures.
  • The product type segment is divided into dental implants, reconstructive joint replacements, trauma, spinal implants, orthobiologics, and others. The reconstructive joint replacements product type segment led the market with a market share of 25.01% in 2023 due to the expansion in the prevalence of osteoarthritis & osteoporosis and improvements in joint replacements. Further, by 2033, the orthobiologics product type segment will likely dominate the market due to the raised demand for innovative treatments and minimally invasive methods.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. North America region emerged as the largest market for the global orthopedic implants market with a 40.17% share of the market revenue in 2023.

North America Region Orthopedic Implants Market Share in 2023 - 40.17%

 

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  •  The rising incidence of osteoarthritis and the growing aging population are expected to contribute to the orthopedic implants market in this region. Furthermore, a good reimbursement scenario intended for treating different musculoskeletal disorders falling beneath the umbrella of Medicare Policy is also propelling the region’s growth.
  • During the forecast period, the Asia Pacific region will record the highest growth due to the rising disposable incomes and increasing physical health awareness, which is anticipated to grow in this region. Additionally, the expansion in purchasing power due to developing healthcare infrastructure also boosts the market growth in this region during the forecast period.
Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global orthopedic implants industry.

For example, in October 2020, Medtronic Plc had established the Adaptix Interbody System, a 3D titanium implant that fulfills the universal need of fusion surgery. The method has nano-surface technology attributes for bone development, and it is easy to remember.

List of Key Market Players:
  • Medtronic Plc
  • CONMED Corporation
  • Arthrex Inc
  • Stryker Corporation
  • Johnson & Johnson (DePuy Synthes)
  • DJO Finance LLC
  • Smith and Nephew Plc.
  • Zimmer Biomet Holdings Inc.
Key Target Audience:
  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm

Report Description:

  • Global Orthopedic Implants Market, Industry Analysis, Trends, Analysis and Forecast, 2024 to 2033 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2023 is considered as the base year of the report. 2020, 2021 and 2022 are considered as the historic years and 2024 to 2033 are the forecast years. The global orthopedic implants market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global orthopedic implants market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of orthopedic implants based on type, biomaterial, product type, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global orthopedic implants market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global orthopedic implants market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related i.e., global orthopedic implants market) is covered to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the orthopedic implants market was valued at USD 11.87 Billion in 2023 to USD 20.70 Billion by 2033.

Global orthopedic implants market is growing at a CAGR of 5.72% during the forecast period 2024-2033.

North America region emerged as the largest market for the orthopedic implants.

The market's growth will be influenced by the increase in the geriatric population.

The high cost of the procedure and the product could hamper the market growth.

The increasing technological progress will provide huge opportunities to the market.

Key players are Medtronic Plc, CONMED Corporation, Arthrex Inc. Stryker Corporation, Johnson & Johnson (DePuy Synthes), DJO Finance LLC, Smith and Nephew Plc., and Zimmer Biomet Holdings Inc., and among others.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Type
          4.3.2. Market Attractiveness Analysis By Biomaterial
          4.3.3. Market Attractiveness Analysis By Product Type
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The high acceptance of patients for incorporating implants
          5.2.2. The increase in the geriatric population
    5.3. Restraints
          5.3.1. Cost of the procedure and the product
    5.4. Opportunities
          5.4.1. Increasing technological progress

6. Global Orthopedic Implants Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Wrist & Shoulder
    6.3. Ankle
    6.4. Hip
    6.5. Dental
    6.6. Spine
    6.7. Knee
    6.8. Others

7. Global Orthopedic Implants Market Analysis and Forecast, By Biomaterial
    7.1. Segment Overview
    7.2. Ceramic Biomaterials
    7.3. Polymeric Biomaterials
    7.4. Metallic Biomaterials
    7.5. Others

8. Global Orthopedic Implants Market Analysis and Forecast, By Product Type
    8.1. Segment Overview
    8.2. Dental Implants
    8.3. Reconstructive Joint Replacements
    8.4. Trauma
    8.5. Spinal Implants
    8.6. Orthobiologics
    8.7. Others

9. Global Orthopedic Implants Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Orthopedic Implants Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Orthopedic Implants Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Medtronic Plc
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. CONMED Corporation
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Arthrex Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Stryker Corporation
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Johnson & Johnson (DePuy Synthes)
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. DJO Finance LLC
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Smith and Nephew Plc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Zimmer Biomet Holdings Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis

List of Table

1. Global Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

2. Global Wrist & Shoulder, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion) 

3. Global Ankle, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

4. Global Hip, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion) 

5. Global Dental, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

6. Global Spine, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

7. Global Knee, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

8. Global Others, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

9. Global Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

10. Global Ceramic Biomaterials, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

11. Global Polymeric Biomaterials, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

12. Global Metallic Biomaterials, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

13. Global Others, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

14. Global Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

15. Global Dental Implants, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

16. Global Reconstructive Joint Replacements, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

17. Global Trauma, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

18. Global Spinal Implants, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

19. Global Orthobiologics, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

20. Global Others, Orthopedic Implants Market, By Region, 2020-2033 (USD Billion)

21. North America Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

22. North America Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

23. North America Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

24. U.S. Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

25. U.S. Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

26. U.S. Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

27. Canada Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

28. Canada Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

29. Canada Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

30. Mexico Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

31. Mexico Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

32. Mexico Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

33. Europe Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

34. Europe Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

35. Europe Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

36. Germany Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

37. Germany Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

38. Germany Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

39. France Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

40. France Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

41. France Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

42. U.K. Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

43. U.K. Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

44. U.K. Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

45. Italy Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

46. Italy Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

47. Italy Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

48. Spain Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

49. Spain Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

50. Spain Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

51. Asia Pacific Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

52. Asia Pacific Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

53. Asia Pacific Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

54. Japan Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

55. Japan Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

56. Japan Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

57. China Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

58. China Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

59. China Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

60. India Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

61. India Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

62. India Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

63. South America Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

64. South America Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

65. South America Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

66. Brazil Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

67. Brazil Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

68. Brazil Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

69. Middle East and Africa Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

70. Middle East and Africa Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

71. Middle East and Africa Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

72. UAE Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

73. UAE Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

74. UAE Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

75. South Africa Orthopedic Implants Market, By Type 2020-2033 (USD Billion)

76. South Africa Orthopedic Implants Market, By Biomaterial, 2020-2033 (USD Billion)

77. South Africa Orthopedic Implants Market, By Product Type, 2020-2033 (USD Billion)

List of Figures 

1. Global Orthopedic Implants Market Segmentation

2. Global Orthopedic Implants Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Orthopedic Implants Market Attractiveness Analysis By Type

9. Global Orthopedic Implants Market Attractiveness Analysis By Biomaterial 

10. Global Orthopedic Implants Market Attractiveness Analysis By Product Type

11. Global Orthopedic Implants Market Attractiveness Analysis By Region

12. Global Orthopedic Implants Market: Dynamics

13. Global Orthopedic Implants Market Share By Type (2023 & 2033)

14. Global Orthopedic Implants Market Share By Biomaterial (2023 & 2033) 

15. Global Orthopedic Implants Market Share By Product Type (2023 & 2033)

16. Global Orthopedic Implants Market Share by Regions (2023 & 2033)

17. Global Orthopedic Implants Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global orthopedic implants based on below mentioned segments:

Global Orthopedic Implants by Type:

  • Wrist & Shoulder
  • Ankle
  • Hip
  • Dental
  • Spine
  • Knee
  • Others

Global Orthopedic Implants by Biomaterial:

  • Ceramic Biomaterials
  • Polymeric Biomaterials
  • Metallic Biomaterials
  • Others

Global Orthopedic Implants by Product Type:

  • Dental Implants
  • Reconstructive Joint Replacements
  • Trauma
  • Spinal Implants
  • Orthobiologics
  • Others

Global Orthopedic Implants by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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