Orthopedic Devices Market: Joint Reconstruction to be a Prominent Segment in the Global Market
Orthopedic devices are designed to stabilize the position of the body, process the deformities and either to replace or strengthen the damaged portion, to restore the ordinary skeletal function. From standard surgical processes to contemporary preventive and fixation systems, the worldwide orthopedic device industry has developed. These innovations combined with contemporary methods of diagnosis have decreased the need for complicated operations considerably.
The market is projected to be driven by the higher incidence of orthopedic circumstances, such as bone degeneration combined with the increasing geriatric population and the amount of car accidents. Further, the early onset of musculoskeletal ailments which are likely triggered due to sedentary lifestyles and obesity are expected to fuel the global orthopedic devices market in coming years.
Key Developments Influencing Global Orthopedic Devices Market:
- Trauma management methods currently available are ineffective owing to a absence of effective surgical instruments to restore body components effectively. As a consequence, manufactories invest considerably in the development of innovative and effective systems in research and development (R&D). An expansion of R&D operations is expected in the near future to guarantee elevated market development.
- The purchase of Blue Belt Holdings Ltd was announced by Smith and Nephew in January 2016. It offers robotic support for partial substitution of the knee. It is intended as an acquisition to speed up development in the field of operation and expand the NAVIO platform to complete knee retention, bi-cruciate knee retention and knee relocation.
- Integra Life Sciences reported in March 2017 to commercially increase its complete cadency ankle scheme, to create an ankle prosthesis in collaboration with four world leading foot and ankle surgeons and to acquire Rotation Medical Inc. in December 2017.
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Market players concentrate on the ongoing growth of products and offer orthopedic equipment at competitive prices, particularly in developing nations. The amount of operations in the advanced and developing regions is anticipated to increase, with minimally invasive orthopedic instruments which do not require repetitive operations.
Increasing Geriatric Population Base across Globe to Boost Market
The global orthopedic devices market is projected to grow at a significant pace during the forecast period. This is mainly because of the growing geriatric population across the globe. Geriatric people are highly susceptible to develop bone related disorders. This is expected to increase demand for various orthopedic implants and devices from this populaces. Apart from this, rising prevalence of diabetes and obesity, poor diet, lack of physical activity, and rising trend of smoking and alcohol consumption are some factors that can cause damage to bone health. This could pave way for the growth of sorthopedic devices market.
Along with this, innovations in the field of osteology such as advancement in 3D printing, robot-assisted surgical procedures, and smart implants are helping manufacturers cut down cost of the orthopedic devices. This is leading to an increasing adoption of orthopedic devices in the emerging economy as well thus offering a significant push to the orthopedic devices market.
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Inefficiency and Manufacturing Errors of Orthopedic Devices to Hamper Growth
Despite several drivers, the growth in the orthopedic devices market is hampered due to the rising incidence of device failure and manufacturing errors. This is preventing widespread adoption of orthopedic devices among surgeons and patients, which in turn affects sales. The recalls and associated lawsuits have criticized orthopedic companies leading to loss of reliability in the minds of customers. For example, in December 2016, Greatbatch Medical, has launched faulty offset cup impactor device in the market. The device failed sterility test, following which product recall and associated lawsuit led to criticism for the company for its reckless behavior.
However, surge in road accidents and sports injuries, and spurring demand for minimally invasive surgeries are key drivers likely to offer lucrative avenue for the growth of the global orthopedic devices market.
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