The Smart Magazine About Medical Technology Innovations

#13 - Rehacare Special Issue

New Innovations Driving the Orthopedic Device Market

Courtesy of Medifa

The orthopedic device market constitutes about 11% of the global medical device market and is estimated at $38.634 billion in 2014, according to an IQ4I Research & Consultancy analysis. Factors such as the rising prevalence osteoporosis and osteoarthritis, an aging population, the demand for minimally invasive surgery, increasing incidence of sports injuries and accidents and the development of robotics will drive growth in the global orthopedic device market.

The high cost of implants, increasing pricing pressure from buyers and payers, the medical device excise tax and product recalls due to manufacturing errors are some of the factors hampering market growth. Issues such as lack of availability of skilled surgeons and changes in reimbursement scenarios will significantly impact market expansion.

Cost Effective Innovations

In the orthopedic device market, new innovations are driving technological advancements that are result-oriented, yet cost effective. Innovations such as arthroscopy (a minimally invasive surgical procedure), computer-navigated and robot-assisted surgical procedures, 3D printing technology, nanotechnology and smart implants will have significant impacts on market growth.

In anatomical terms, knee-related procedures are estimated to be the largest segment, with significant Compound Annual Growth Rate (CAGR). In the consumables market, anchors are expected to show the highest growth rate during the forecast period.

External Fixation Segment Growing Fast

The trauma fixation device market is segmented into internal and external sectors. The internal segment accounted for the greatest revenue in 2014 and is expected to grow at a CAGR of 6.2%. These devices include metal plates, pins, rods, wires and screws. However, the external fixation segment is projected to emerge more quickly, growing at a strong CAGR. Such devices include Schanz pins, connecting rods and clamps.

The orthopedic device applications market is segmented into total knee replacement, total hip replacement, total shoulder replacement, arthroscopic surgery, spine surgery, ankle replacement and other surgeries. The total knee replacement segment accounted for the highest revenue in 2014 and is expected to show the strongest CAGR during the forecast period, followed by total hip replacement and spine surgery.

Asia-Pacific the Fastest Growing

North America held the largest share of the global market in 2014. Asia-Pacific is projected to be the fastest growing region with the highest CAGR during the forecast period.

The key players in this market include Zimmer Biomet Holdings, Aesculap, DePuy Synthes, DJO Global, Stryker Corporation, Medtronic, Smith & Nephe, Globus Medical, NuVasive, Integra LifeSciences Corporation, AAP Implantate, Exactech, Orthofix Holdings and Wright Medical Technology.

New technology-driven companies such as Arthrocare, Orthropro, VertiFlex, Omnilife Sciences, Orthosensor, MedShape, ArCAM AB, ConfirMIS, Schwartz Biomedical, Soft Tissue Regeneration, Surgacoll Technologies, Theken Disc, Nanovis Spine, LLC and RTI Surgical have created niche markets in their areas of expertise and are accelerating innovations along with established players.


About the Author

Nishita Chandra is a research associate at IQ4I Research and Consultancy pvt, Ltd.

Related Posts

Artificial intelligence could revolutionize gene therapy and precision medicine, making...

French echotherapy specialist Theraclion presented its flagship Echopulse device at this year’s...

Another interesting innovation presented at MEDICA was the GastroPanel quick test. This diagnostic...

Style Switcher

Highlight Color:

               

Backgrounds:

                    

You can also set your own colors or background from the Admin Panel.