The emergence of advanced technologies and the rise in orthopaedic disorders will drive industry growth. Rising incidence and prevalence of orthopaedic disorders, and growing geriatric population are some of the major driving factors driving the growth of the global orthopaedic surgery equipment market. However, the high cost of treatment and challenges in reimbursement are hindering the growth of this market to a certain extent. Continuous innovations and development in the field of orthopaedic surgery helped the orthopaedic industry to maintain a steady growth over the last decade and this trend is expected to continue in the years to come. Currently available trauma management techniques are incapable of restoring body parts successfully due to the lack of efficient surgical tools. As a result, manufacturers are investing significantly in R&D to develop innovative and efficient devices. Increased R&D activities are anticipated to ensure high market growth in near future.
Technological advancements and integration of digital technologies has also triggered the changes in demand pattern as far as the patients and healthcare professional are concerned. Maintaining qualified team of professionals is becoming increasingly vital for the healthcare institutes owing to the rapid technological advancements. It is essential for the manufacturers to keep in mind the safety, comfort, and convenience of the consumers. Affordability is another factor that plays a key role in the overall growth of the market for orthopedic devices. Incorporation of cutting-edge trends have revolutionised the field of orthopedics over the last few years. For instance, medical fabrics and wearable medical devices.
Severe competition in the healthcare has forced healthcare providers to look for modern technology, equipment and devices to provide superior healthcare facility. Medical device industry is a multi-billion dollar industry whose outlook is supposed to rise in years ahead. These devices diagnose and treat a multitude of patient infirmity and work much better than drugs. Hospital care is rising and the medical device industry is being looked to provide low cost technology for home healthcare. Now, the industry seeks Healthcare medical devices that can be used by individuals with unskilled healthcare experience. Need for modern technology, equipment and devices can be leveraged through Medical device equipment, medical equipment manufacturers to afford better-quality healthcare solutions.
Manufacturers in this field must focus on factors that determine the demand trends and consumer preference for orthopaedic devices. As per the researchers, rising consumer awareness regarding the availability of the range of innovative products is something that influences the demand. Hospitals around the world are constantly on the lookout for the implementation of innovative products. Increased upgrades in terms of devices and instruments will bode well for the manufacturers of these devices.
As per the researchers, minimally invasive surgeries are gaining prominence as they cause less pain, blood loss, scarring, OT time and hospital stay. The increased accuracy rate of these surgeries is a revelation for the instrument manufacturers who want to incorporate this technique while developing orthopaedic devices. Apart from that, advanced techniques like computer-aided surgeries, robotics, and 3D printing are being adopted for better patient outcome and precision. High demand for these surgical procedures and latest technologies reflects on the changing manufacturing trends in the market for orthopaedic devices. The orthopaedic supply chain is in constant need for devices that can reduce the impact and improve accuracy while cutting into the bones, small or large.
Healthcare sector is adopting 3D printing at an astonishing pace. Irrespective of ethical and technological changes, major manufacturers are adopting 3D printing in regenerative medicine, tissue engineering, bio-printing, and other advanced processes. Inclusion of personalised prosthetics and metallic implants with the use of stainless steel, cobalt-chromium alloy, and alpha-beta titanium alloy (Ti-6Al-4V) are the most noteworthy trends in 3D printed orthopaedic devices market.
On the basis of products, the market is categorised into accessories and surgical devices. The surgical device segment is further divided into drill guide, custom clamps, guide tubes, screw drivers, and distracters, among others. The accessories segment covers products such as braces, arthroscops, and other consumables. This segment also includes other devices such as sutures, plaster materials, and screws. Accessories segment is expected to expand at the fastest CAGR over the forecast period. Advancements in these devices and tools are anticipated to further propel the demand in near future. Technologies and types of implants used in surgical procedures are expected to further impel the market growth over the forecast period. Reduced prices of older versions owing to rapid pace of innovation and upgrades are anticipated to create business opportunities, especially in emerging regions.
Innovations in diagnostic and surgical imaging are helping surgeons to better evaluate, plan and execute surgeries. 3-D imaging for 3-D evaluation before, during and after surgery could improve implant positioning; software is used for an accurate and reproducible 3-D standing reconstruction of the musculoskeletal system. In the future, full automation of 3-D imaging will be possible. Surgical navigation and imaging systems help surgeons make data-driven decisions by integrating surgical planning software, instrument tracking technologies and intraoperative imaging to accurately track instruments in relation to a patient’s anatomy during a procedure. Smart implants have embedded sensors that provide real-time information to surgeons for positioning and post-operative evaluation for better patient care throughout the treatment pathway. These implants have the potential to reduce pre prosthetic infection, which is a growing problem in orthopaedic practice. Sensor-enabled technologies have given health care providers a choice of unique, cost-effective products.Spinal devices are also expected to witness a steady growth rate during the forecast period, owing to the introduction of new technologies and products and rise in prevalence of spine-related disorders. The trauma fixation orthopaedic devices are also anticipated to witness substantial revenue by the end of 2024.
North America is expected to dominate the market, due to the increasing awareness of the minimally-invasive procedures for orthopaedic surgeries, continuous innovation in the implant technologies, and advanced healthcare facilities. High adoption rates of advanced technologies are also the factors driving the growth of the market in this region. Asia Pacific is expected to exhibit the fastest CAGR during the forecast period. China and India are expected to account for the largest geriatric population pool in the world. Hence, the demand from these countries is expected to grow tremendously in near future. In addition, booming medical tourism industry owing to the availability of advanced healthcare treatments at cost-efficient rates is expected to attract target patient population. Japan has a large number of implant manufacturers coupled with high healthcare expenditure compared to other regional countries. Moreover, high adaption of new technology is expected to further fuel regional market growth.
Arthroscopic devices, Joint Reconstruction, Regenerative Ortho, Trauma Fixation Devices, and Spinal Devices are few of the major orthopaedic devices. Joint reconstruction devices, which accounted for more than 40 per cent of orthopaedic devices industry revenue in 2016, are set to grow at a rate of 3 per cent over the coming seven years. Increase in the number of road and sports injuries will boost the product demand. Orthopaedic devices market revenue from orthobiologics is predicted to surpass USD 4 billion by 2024, driven by its immense usage as substitutes and bone grafts. Spinal devices are projected to observe notable gains of 3.5 per cent during the period from 2017 to 2024, owing to high occurrence of degenerative disc disorders among the aging people plus product innovation for treating disorders of spine. Trauma fixation devices are likely to collect revenue of USD 7 billion by 2024, subject to its high need in developing regions and product differentiation in the comparatively matured markets of developed regions.
Global Orthopaedic Device Market is anticipated to grow at a CAGR of 3.55 per cent from 2019 to 2027 and Reach US$ 58,400 Million by 2027, owing to cutting-edge Technological Advancements in booming the Orthopaedic Market across the Globe, says Absolute Markets Insights
According to the market research report published by Grand View Research, the worldwide orthopaedic devices market is anticipated to witness steady growth. By the year 2024, the market is poised to reach past around USD 43.1 billion, growing at a steady CAGR. Unavailability of effective surgical tools and ineffective trauma management tools are also anticipated to impel the demand for improved orthopaedic devices. Consumers from around the world, especially from the emerging markets are aware about the availability of innovative products. This factor is anticipated to play a crucial role in the growth of the market over the next four to five years. The high demand for knee orthopaedic devices is attributed to growth in aging population, obesity, and high prevalence of musculoskeletal conditions.
The global orthopaedic devices market is highly fragmented. Market players focus on continuous product development and offering orthopaedic devices at competitive prices, especially in the developing countries. Minimally invasive orthopaedic devices, which do not require repeat procedures, are expected to boost the number of procedures in the developed and developing regions.
Therapies and procedures that reduce time and costs and provide optimised and personalised outcomes are expected to increase as innovative technologies continue to shape the industry. Intelligent orthopaedics – a combination of traditional techniques and high-end technology—will be the future of the industry
Dr. Anindansu Basu
Consultant – Orthopaedics/Bone and Joint Surgery