Advanced Technologies in Orthopaedic Equipment
The emergence of advanced technologies and therefore the rise in orthopedic disorders will drive industry growth. The rising incidence and prevalence of orthopedic disorders and therefore the growing geriatric population are a number of the main driving factors driving the expansion of the worldwide orthopedic surgery equipment market. However, the high cost of treatment and challenges in reimbursement are hindering the expansion of this market to a particular extent. Continuous innovations in advanced technologies within the field of orthopedic surgery helped the orthopedic industry to take care of a gentle growth over the last decade and this trend is predicted to continue within the years to return. Currently, available trauma management techniques are incapable of restoring body parts successfully thanks to the shortage of efficient surgical tools. As a result, manufacturers are investing significantly in R&D to develop innovative and efficient devices. Increased R&D activities are anticipated to make sure high market growth within the near future.
Technological advancements and therefore the integration of digital technologies have also triggered the changes in demand patterns as far because the patients and healthcare professionals are concerned. Maintaining a professional team of execs is becoming increasingly vital for the healthcare institutes due to the rapid technological advancements. it’s essential for the manufacturers to stay in mind the security , comfort, and convenience of the consumers. Affordability is another factor that plays a key role within the overall growth of the marketplace for orthopedic devices. The incorporation of cutting-edge trends has revolutionized the sector of orthopedics over the previous couple of years. as an example , medical fabrics and wearable medical devices.
Severe competition in healthcare has forced healthcare providers to seem for contemporary technology, equipment, and devices to supply superior healthcare facilities. The medical device industry may be a multi-billion dollar industry whose outlook is meant to rise within the years ahead. These devices diagnose and treat a mess of patient infirmities and work far better than drugs. hospitalization is rising and therefore the medical device industry is being checked out to supply low-cost technology for home healthcare. Now, the industry seeks Healthcare medical devices which will be employed by individuals with unskilled healthcare experience. the necessity for contemporary technology, equipment and devices are often leveraged through Medical device equipment, medical equipment manufacturers to afford better-quality healthcare solutions.
Manufacturers during this field must specialize in factors that determine the demand trends and consumer preference for orthopedic devices. As per the researchers, rising consumer awareness regarding the supply of the range of innovative products is some things that influence 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 those devices.
According to the researchers, negligibly obtrusive medical procedures are picking up unmistakable quality as they cause less agony, blood misfortune, scarring, OT time and emergency clinic remain. The expanded exactness pace of these medical procedures is disclosure for the instrument producers who need to join this method while creating muscular gadgets. Aside from that, exceptional methods like PC supported medical procedures, mechanical technology, and 3D printing are being received for better patient result and exactness. Appeal for these surgeries and most recent innovations thinks about the changing assembling patterns on the lookout for muscular gadgets. The muscular flexibly chain is in the steady requirement for gadgets that can decrease the effect and improve precision while cutting into the bones, little or huge.
The medical services area is embracing 3D printing at an amazing movement. Regardless of moral and mechanical changes, significant producers are embracing 3D imprinting in regenerative medication, tissue designing, bio-printing, and other progressed measures. Consideration of customized prosthetics and metallic inserts with the utilization of treated steel, cobalt-chromium amalgam, and alpha-beta titanium composite (Ti-6Al-4V) is the most essential patterns in 3D printed muscular gadgets market.
On the basis of products, the market is categorized into accessories and surgical devices. The surgical device segment is further divided into the drill guide, custom clamps, guide tubes, screwdrivers, and distracters, among others. The accessories segment covers products such as braces, arthroscopes, and other consumables. This segment also includes other devices such as sutures, plaster materials, and screws. The accessories segment is expected to expand at the fastest CAGR over the forecast period. Advancements in these devices and tools are anticipated to further propel the demand in near future. Technologies and types of implants used in surgical procedures are expected to further impel the market growth over the forecast period. Reduced prices of older versions owing to the rapid pace of innovation and upgrades are anticipated to create business opportunities, especially in emerging regions.
Innovations in diagnostic and surgical imaging are helping surgeons to better evaluate, plan, and execute surgeries. 3-D imaging for 3-D evaluation before, during, and after surgery could improve implant positioning; software is used for an accurate and reproducible 3-D standing reconstruction of the musculoskeletal system. In the future, full automation of 3-D imaging will be possible. Surgical navigation and imaging systems help surgeons make data-driven decisions by integrating surgical planning software, instrument tracking technologies, and intraoperative imaging to accurately track instruments in relation to a patient’s anatomy during a procedure. Smart implants have embedded sensors that provide real-time information to surgeons for positioning and post-operative evaluation for better patient care throughout the treatment pathway. These implants have the potential to reduce pre-prosthetic infection, which is a growing problem in orthopedic practice. Sensor-enabled technologies have given health care providers a choice of unique, cost-effective products. Spinal devices are also expected to witness a steady growth rate during the forecast period, owing to the introduction of new technologies and products and the rise in the prevalence of spine-related disorders. The trauma fixation orthopedic devices are also anticipated to witness substantial revenue by the end of 2024.
North America is expected to dominate the market, due to the increasing awareness of the minimally-invasive procedures for orthopedic surgeries, continuous innovation in implant technologies, and advanced healthcare facilities. High adoption rates of advanced technologies are also the factors driving the growth of the market in this region. Asia Pacific is expected to exhibit the fastest CAGR during the forecast period. China and India are expected to account for the largest geriatric population pool in the world. Hence, the demand from these countries is expected to grow tremendously in near future. In addition, the booming medical tourism industry owing to the availability of advanced healthcare treatments at cost-efficient rates is expected to attract the target patient population. Japan has a large number of implant manufacturers coupled with high healthcare expenditure compared to other regional countries. Moreover, the high adaption of advanced technologies is expected to further fuel regional market growth.
Arthroscopic devices, Joint Reconstruction, Regenerative Ortho, Trauma Fixation Devices, and Spinal Devices are a few of the major orthopedic devices. Joint reconstruction devices, which accounted for more than 40% of orthopedic devices industry revenue in 2016, are set to grow at a rate of 3% over the coming seven years. An increase in the number of road and sports injuries will boost product demand. Orthopedic devices market revenue from orthobiologics is predicted to surpass USD 4 billion by 2024, driven by its immense usage as substitutes and bone grafts. Spinal devices are projected to observe notable gains of 3.5% during the period from 2017 to 2024, owing to the high occurrence of degenerative disc disorders among aging people plus product innovation for treating disorders of the spine. Trauma fixation devices are likely to collect revenue of USD 7 billion by 2024, subject to its high need in developing regions and product differentiation in the comparatively matured markets of developed regions.
Global Orthopaedic Device Market is anticipated to grow at a CAGR of 3.55% from 2019 to 2027 and Reach US$ 58,400 Million by 2027, owing to cutting-edge Technological Advancements in booming the Orthopaedic Market across the Globe, says Absolute Markets Insights
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 CAGR. 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 of 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 the aging population, obesity, and the high prevalence of musculoskeletal conditions.
The global orthopedic devices market is highly fragmented. Market players focus on continuous product development and offering orthopedic devices at competitive prices, especially in developing countries. Minimally invasive orthopedic devices, which do not require repeat procedures, are expected to boost the number of procedures in the developed and developing regions.
Therapies and procedures that reduce time and costs and provide optimized and personalized outcomes are expected to increase as innovative technologies continue to shape the industry. Intelligent orthopedics – a combination of traditional techniques and high-end advanced technologies —will be the future of the industry