The orthopedic implants market continues to be a promising avenue in the global medical technology space. Emergence of advanced technologies coupled with rise in orthopedic disorders are major growth determinants for the orthopedic implants market. A recent report by Fact.MR envisions the orthopedic implants market to record an august 6.5% CAGR over the forecast period 2018 to 2027
. Although surgeries of orthopedic implants incorporating robotics offer reproducible precision and are less invasive, expensiveness of the technology coupled with the requirement for robust, evidence-based studies continues to impede its adoption in orthopedic surgeries.
The report opines that knee reconstruction will continue to hold major revenue shares of the orthopedic implants market, trailed by hip reconstruction. Governments across the globe are taking efforts to reduce prices of orthopedic implants used in knee reconstruction surgeries. For example, the National Pharmaceutical Pricing Authority (NPPA) has announced price caps on the orthopedic implants employed in knee reconstruction surgeries, bringing the basic models’ price down by 65%.
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Revenues from sales of orthopedic implants for hip reconstructed exceeded US$ 16,800 Mn in 2017.
North America’s preeminent in the orthopedic implants market will continue to prevail, states Fact.MR study. According to American Joint Replacement Registry (AJRR), over 7 million America have been associated with knee and hip reconstruction surgeries collectively. Over half revenue share of the market will be accounted by orthopedic implants sales in North America by 2027-end.
The U.S. Food and Drug Administration (FDA) has approved a slew of robotic surgery systems for orthopedic implants, with the da Vinci Surgical System being the first one. More companies have been investing in the technology for providing a better navigation during the procedure, and obtain 3D scans to aid designing of customized joints.
3D printing technology is being leveraged by top companies in the orthopedic implants market to improve integration between metal and bone, in case of implants with the size-controlled micro-pore structures, as well as for surgical tools and anatomical models.
Modern orthopedic implants also feature embedded sensors that offer surgeons with real-time data, assisting them to improve the post-operative evaluation and positioning of the implants.
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Orthopedic Implants Market: Regulatory Barriers and Compliance Requisites to Constrain Growth Prospects
Limited reimbursement coverage options have persisted as a major challenge faced by patients in the orthopedic implants market.
Risks such as metal implants-associated adverse effects, implant dislocations, post-surgery infections, wear debris, and hypersensitivity have been endangering the patient outcomes, which in turn has led to increased incidences of product recalls.
Regulatory bodies have therefore enforced stringent product approval procedures, with patient safety being the primary agenda, which in turn has resulted in delayed timelines of product approval.
Current stringent regulatory framework is likely to confine growth prospects of the orthopedic implants market to a significant extent in the forthcoming years.
Requirement of high, initial investment and regulatory compliance requisites have been restricting entry of new participants in the orthopedic implants market. Nature of the orthopedic implants market remains fragments and competitive, with the wide distribution network and strong brand identity of few existing international players retaining their pervasive dominance.
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Orthopedic Implants Market: Growth Driven by Higher Patient Acceptance for Implants Integrated with Imaging Techniques
Dramatic paradigm shift from the conventional invasive surgical procedures toward minimally invasive procedures adopted in the treatment of various orthopedic diseases or disabilities has been positive impacting growth of the orthopedic implants market recently.
Additionally, the orthopedic implants market has been witnessing the generation of personalized and innovative 3D-printed orthopedic implants integrated with assistive imaging techniques, including (but not limited to) magnetic resonance imaging and computed tomography.
These imaging techniques employed for creating surgical designs with precision, in combination with the advent of advanced robot-assisted surgical tools have been augmenting the patient acceptance, in turn furthering growth of the orthopedic implants market.
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