By Amruta Joshi, Senior Technical Writer, Grand View Research Inc.
Cleveland, Ohio – Orthopedic devices play a crucial role in providing pain relief, improving mobility, and enhancing the quality of life of the patients suffering from musculoskeletal disorders. These medical devices and procedures used in orthopedics keep on evolving in the light of changing consumer needs. 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 revolutionized the field of orthopedics over the last few years. For instance, medical fabrics and wearable medical devices.
Trends in orthopedic devices
Manufacturers in this field must focus on factors that determine the demand trends and consumer preference for orthopedic 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. Here are some of the major trends observed in the way manufacturing, distribution, and sales of orthopedic devices work:
- Cost control – Expanding regulatory requirements and stringency in terms of the government mandates have pushed manufacturers towards making careful decisions when it comes reducing cost-drivers that do not add value to the devices. Mitigating regulatory expenses and supply chain charges is vital for the companies to reduce the cost of instruments. As a result of these prerequisites, some of the top manufacturers in the orthopedic devices market are focused on commoditization in terms of devices, delivery systems, and instruments. Rising investments in cost effective designs and compliant designs is expected to encourage manufacturers to reduce to the cost of orthopedic medical devices and make them easily available for the majority of consumers in need.
- Technological advancements – As per the researchers, minimally invasive surgeries are gaining prominence as they cause less pain, scarring, 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 orthopedic devices. Apart from that, advanced techniques like computer-aided surgeries, robotics, and 3D printing are being adopted for the patient outcome and precision. High demand for these surgical procedures and latest technologies reflects on the changing manufacturing trends in the market for orthopedic devices. The orthopedic supply chain is in constant need for devices that can reduce the impact and improve accuracy while cutting into the bones, small or large.
Microprocessor controlled (MPC) prosthetics are anticipated to witness high demand on account of easy availability and increased clinical research. Source: www.grandviewresearch.com
- 3D printing and manufacturing – 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. The Caritas Europe (CE) and the US Food and Drug Administration (FDA) have approved the use of 3D printing based orthopedic implants. Countries like China have also shown vital signs in terms of demand, number of patients, and surgical skills. Inclusion of personalized 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 orthopedic devices market.
- Product innovations – Reduced procedure time seems to be one of the primary requirements from patients as well as healthcare professionals. Growing demand for orthopedic procedures from geriatric population makes it essential for advanced and highly accurate products. Advanced technology makes these devices simple, user-friendly, and accurate. The toughest part here is to develop devices that have all these features and yet can be available at affordable prices. This remains one of the major challenges for the top players operating in the global orthopedic devices market. As per the researchers, a rise in research and development and investments in collaborations for enhanced product portfolio can be expected in near future.
How will the global market respond?
According to the market research report published by Grand View Research, the worldwide orthopedic 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 compound annual growth rate (CAGR). Following are the major market drivers:
- Steady rise in the prevalence of degenerative diseases
- High number of geriatric population
- Rise in sedentary lifestyles
- High prevalence of obesity
- Early onset of musculoskeletal disorders
Unavailability of effective surgical tools and ineffective trauma management tools are also anticipated to impel the demand for improved orthopedic 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 orthopedic devices is attributed to growth in aging population, obesity, and high prevalence of musculoskeletal conditions.
Foot and ankle segment on the other hand is anticipated to witness a steady rise in demand owing to the rise in sports injuries and high awareness among athletes regarding the availability of treatments for immediate care. This is also anticipated to propel innovation and R&D in the years to come. Source: www.grandviewresearch.com
Market performance in Asia Pacific and North America
Asia Pacific is projected to witness steady rise in demand for these devices in near future. As per the researchers, the region is anticipated to register the fastest growth owing to rising number of geriatric population. Booming medical tourism in the countries like India due to the availability of advanced healthcare solutions at affordable prices can also bode well for the market in the years to come. The North America market for orthopedic devices held over 51.4% in the year 2015. The reporters expect this region to maintain its dominance even in the years to come owing to technological advancements and the presence of all highly developed healthcare infrastructure. Supportive reimbursement policies and rise in target population can further propel the regional market.
The region is also expected to register high demand for foot and ankle devices in the years to come. Source: www.grandviewresearch.com
Finding advanced and the most suitable devices is the primary challenge faced by the surgeons. As a result, the manufacturers in the orthopedic devices market need to focus on orthobiological interventions to develop the most effective instruments at affordable prices. Utilization of innovative materials like optimized plastics, metals, and synthetic as well as natural cells, scaffolds, tissues, and other regenerative items is anticipated to assist the manufacturers to design devices and tools suitable for different age groups and genders.