Orthopedic implants have become a blessing for injured people, aging population, and athletes to improve quality of life.
Orthopedic implants have become a blessing for injured people, aging population, and athletes to improve quality of life. There is a huge scope of improvement in terms of materials and techniques used in orthopedic implants. Universities, market players, and research institutes have been taking necessary steps to help them in improvement and development of the implants. Among the major strategies adopted by them, funding and partnerships are the major strategies. They have been raising funding to expand product portfolio and speed up the time-to-market and R&D processes. Moreover, partnerships have been formed to test different methods and materials for development of implants. These strategies will lead to development of improved implants for orthopedics in the next few years. According to the report published by Allied Market Research, the global orthopedic implants market is estimated to reach $68.80 billion by 2030. Following are some of the trends taking place across the world.
Raising funding to develop new implants and increase the product portfolio is one of the major strategies adopted by market players. Companion Spine raised $55 million in funding for development of orthopedic implants for lumbar spine and degenerative disc diseases. The company raised the funding in Series A round led by Viscogliosi Brothers. This venture capital firm has been helping Companion to develop surgical implants as alternatives to spinal fusion procedures. These implants will ensure the spine’s mobility.
The preference for light, rapid, and less risky surgical implants is gaining momentum among patients. The standard spinal fusion procedures have been taking backseat. This prompted the company to expand its portfolio of orthopedic implants. With the newly-raised funding, Companion plans to start marketing of at least two devices in the U.S. market by 2023. The trend of raising funding will continue to take place for development of new devices.
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Along with the fund-raising strategy, partnership is another strategy adopted by market players to improve orthopedic implants. Universities have been joining forces with research institutes and hospitals to carry out development of improved orthopedic implants and repairs. The Carleton University joined hands with the Ottawa Hospital Research Institute and its Division of Orthopedic Surgery. They formed the Ottawa Orthopaedic Biomechanical Laboratory for developing implants that can withstand adverse conditions.
The collaborative effort will be put in evaluating various techniques and materials for developing implants and analyze the performance with accuracy. They plan to test different types of orthopedic implants to offer excellent mobility to patients after the reconstruction surgeries.