The orthopedic industry has seen a significant reduction in new product development and approvals in the past few years due to the global financial crisis.
Global Orthopedic Contract Manufacturing Market: Introduction
The orthopedic industry has seen a significant reduction in new product development and approvals in the past few years due to the global financial crisis. Utilization of business process outsourcing services has proven to be an effective way of minimizing operational, management, and infrastructure costs. Medical device companies are increasing their outsourcing activities as a strategy to reduce capital expenditure and labor costs. Additionally, intense competition in the health care industry compels these companies to recalibrate their marketing strategies and explore new opportunities in product design, development, and manufacturing. Consequently, most orthopedic device manufacturers have adopted the strategy of outsourcing to specialist service providers such as contract manufacturing organizations (CMOs). Contract manufacturing could involve the manufacturing of either a whole product or a single component of a larger device. Companies adhere to their expertise, which includes assembly, CNC machining services, computer integrated products, consulting, converting, die-cutting, forming & finishing services, joining & sealing services, lyophilization services, machining services, medical device prototyping, molding & casting services, packaging services, R&D design, and stamping. With such varied services, the contract manufacturing industry is able to serve a range of businesses\customers.
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Key Drivers of Global Orthopedic Contract Manufacturing Market
Rise in Musculoskeletal Disorders
Musculoskeletal conditions are the leading contributors to disability across the world, with low back pain being the single leading cause of disability globally. Musculoskeletal conditions significantly limit mobility and dexterity, leading to early retirement from work, reduced accumulated wealth, and reduced ability to participate in social roles. According to the World Health Organization (WHO), as stated in a 2017 GBD study, musculoskeletal conditions were the highest contributors to global disability (accounting for 16% of all years lived with disability), and lower back pain was the single leading cause of disability. Prevalence of musculoskeletal conditions varies by age and diagnosis; however, 20% to 33% of people across the globe live with a painful musculoskeletal condition.
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Increase in Number of Sports Injuries
According to the U.S. Centers for Disease Control and Prevention (CDC), participation in organized sports is on the rise. Nearly 30 million children and adolescents participate in youth sports in the U.S. According to the American Orthopedic Society for Sports Medicine, high school athletes account for an estimated 2 million injuries, 500,000 doctor visits, and 30,000 hospitalizations each year. More than 3.5 million children under 14 receive medical treatment for sports injuries each year. Recent data from the U.S. Department of Health and Human Services revealed an estimated 8.6 million sports injuries occur each year.
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North America to Account for Major Share of Global Orthopedic Contract Manufacturing Market
North America dominated the global orthopedic contract manufacturing market in 2020. The region is projected to account for significant share of the global orthopedic contract manufacturing market during the forecast period due to the increased requirement of advanced orthopedic devices and rise in health care expenditure. Surge in medical requirements of an aging population and increase in the number of surgeries are anticipated to boost the growth of the orthopedic contract manufacturing market in Europe. Countries in Asia, such as China, are lucrative markets for orthopedic contract manufacturing activity due to advantages such as low labor cost and low overhead cost. Moreover, the number of orthopedic disorders is increasing in Asia Pacific, which makes the region more attractive to players. The demand for orthopedic devices in countries such as Brazil and South Africa is increasing because of the presence of large patient pool. Moreover, government support and an improving economy help companies outsource their orthopedic devices to Middle East & Africa. This factor drives the orthopedic contract manufacturing market in Middle East & Africa.
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