In recent years, there have been noticeable developments in drug therapies and implantable devices. Associated with the musculoskeletal system of the human body, Orthopedic implants are surgically implanted by trained surgeons and are intended to reinstate function by restoring or strengthening a damaged bone structure. For instance, bone plates, bone screws, connectors are utilized to treat a backache by spinal fusion surgery. Likewise, implant components are used for hip, knee and any other joint replacement where bone fragments are damaged due to age-related wear or other problems. It is critically important that the material used for orthopedic implants is biocompatible to ensure its long and stable life without risk of rejection by the body.
What are Orthopedic Implants:
A Survey by Mayo Clinic Organization of knee and hip arthroplasty has discovered that about 7.2 million Americans are living with implants. Majority of orthopedic implants present in the market are classified under class III category of medical devices. Individuals suffering from mobility problems due to accident or trauma cases have no other option but to go for major joint replacement surgeries. This is eventually bringing about a radical change in people’s quality of life by relieving pain and reviving their physical independence.
Market Growth:
Rising elderly population prone to increased risk of osteoarthritis, osteoporosis, and obesity lowered bone density; increased body mass index and other musculoskeletal disorders are the main factors responsible for global orthopedic implants market growth. In addition, a rising trend in road accident cases combined with sports-related injuries are also contributing to the market growth. A rapidly growing healthcare industry supported by technological breakthroughs and innovations in procedures have further fueled the market growth.
Introduction of internal fixation devices and biodegradable implants are promising developments in the field of orthopedic implants. Though, escalating cost of treatment has triggered unfavorable reimbursement policies and rigid guidelines for authorization procedures by the Insurance Companies hampering market growth.
Other factors having a negative impact on the market are risks associated with orthopedic implants like inflammation and infections, incidences of implants coming loose or breakage in the bone and in isolated cases the possibility of implant rejection. However, with rapid strides made by technology and evolution of regulatory framework focusing on risk management, these risks are better managed and brought down significantly.
Geographical Market Segments:
The global market for Orthopedic implants can be geographically segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East & Africa. Greater incidences of bone injuries, continuous technological innovations and cost reduction efforts of total joint arthroplasty has significantly increased the market of orthopedic implants in North America.
What is Orthopedics and Orthopedic Surgery?
The growth in the Asian-Pacific market is due to increased medical tourism, growing & better awareness of the availability of the orthopedic implants and development in healthcare infrastructure. On the other hand, the market in Latin America is displaying sluggish growth due to poor healthcare infrastructure, low gross income and correspondingly lower expenditure on technical advancements.
Global Scenario:
The global orthopedic implants market is highly competitive and diversified as there is several established manufacturers like siiora.com, having a global and regional presence. Innovation in technology to keep ahead of the competition and merger & acquisition are the strategies adopted by leading players of the market.
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