According to a newly released TMR report, the orthopaedic implants market will offer much to smile about for investors during 2018-2026 period. The advent of new technologies like 3D printing has improved the implant treatment significantly. Earlier, acquisitions of new implants can take anywhere between 4-6 weeks. Additionally, conventional implants offered little room for customization, and personalization. This was essential for children due to the sensitive nature of their treatment. However, the advent of 3D printing, albeit a heavy investment, promises to provide a bone for growth with considerably reduced turnaround times, and more personalization opportunities.
According to TMR experts, the market will likely grow at a notable 4.0% CAGR during the forecast period, due to new innovations, expansion of healthcare in emerging regions, and rising elderly population in the western world. Moreover, according to recent estimates, there are over 2 million patients visit the emergency department for injuries from head trauma. However, current manufacturing techniques has led to several product recalls, and inefficiencies harmful for these patients. The advent of 3D printing not only promises to resolve earlier issues, but also result in new opportunities such as organ transplantation
Among regions, North America region will likely register highest revenues, thanks to increased push for innovation by the FDA, growing investments in research and development by major pharmaceuticals, and favourable winds for a more suitable reimbursement model. On the other hand, Asia Pacific is likely to register the fastest CAGR, thanks to expanding access to healthcare, and rising disposable income.
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Joint Replacement Products Continue to Spring Surprises with Robust Growth
Despite the growth of several product segments in the market including dental implants, trauma implants, orthobiologics, the joint replacement product segment remains most vital to growth. The joint replacement remains extremely positive in its outlook as demand for minimally invasive surgeries continue to rise. The growth of elderly population, and programs like MediCaid for medical aid, the segment continues to draw major growth. Among other product segments, dental implants are expected to witness major growth, again thanks to product innovations like new varieties of root canals, and more natural seeming tooth material. The growth of the orthobiological and spinal implants will also provide impetus for market growth during 2018-2028 period.
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Surge in Hip Replacement Procedures to Drive North America Region
Rise in illnesses such as osteoarthritis are expected to drive demand for orthopaedic implants in the North America region. The disease is the most common form of arthritis, and affects the largest single group, the rising elderly population in the region. According to Center for Disease Control and Prevention (CDC), nearly 22.7% of the adult population suffers from doctor-diagnoses arthritis. Moreover, the disease also affects women on average more as compared to men. As women generally experienced longer life spans than men, the cases of arthritis may be higher than expected. In 2014, over 400,000 hip and knee surgeries were conducted in United States. The hospitalization of these treatment resulted in over $7 bn in costs to the taxpayers. The high costs of hospitalization remains a challenge for growth. However, costs for new product replacements are likely to even out in the near future as market in Asia Pacific, Latin America, and Middle East & Africa promises more opportunities for growth.
The global orthopedic implants market has been segmented as follows:
- Joint Reconstruction
- Hip Replacement
- Knee Replacement
- Shoulder Replacement
- Spinal Implants
- Spinal Fusion Devices
- Spinal Non-fusion Devices
- Trauma Implants
- Metal Plates & Screws
- Nails and Rods
- Dental Implants
- Orthopedic Clinics
- Ambulatory Surgical Centers
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