Orthopedic Implants Market: Sales in Knee Reconstruction Pre-eminent, Hip Reconstruction to Gain Steady Momentum, Slates Fact.MR
ROCKVILLE, Maryland, July 6, 2018 /PRNewswire/ --
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.
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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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Additionally, the NPPA has also passed off most of the margins in trade, thereby alleviating concerns regarding impact of the orthopedic implants' reduced prices on research & innovation. Such efforts from the government will further underpin growth of the orthopedic implants market in the near future. Orthopedic implant sales for knee reconstruction are envisaged to increase at 6.3% CAGR through 2027, according to Fact.MR study. In case of hip reconstruction surgeries, dislocation of orthopedic implants has prevailed as a prominent concern among patients and healthcare professionals alike.
A recent study carried out by a well-known research director, Geoffrey Westrich, unveiled that patients receiving newer implants, referred to "dual mobility," has zero dislocation tendency in hip reconstruction and replacement. Researchers have found out dual-mobility orthopedic implants to have no dislocations post three-year follow-up of patients.
Results of the study are considered encouraging to meet active, high demand for orthopedic implants among patients, and are likely to lessen concerns apropos of dislocation. Such novel revelations and discoveries will continue to propel demand for orthopedic implants associated with hip reconstruction. 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.
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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.
Acquisitions and mergers continue to be key strategic expansion methods adopted by companies operating in the orthopedic implants market. Acquisition of Mako Surgical Corp. by Stryker - for total hip and knee construction robotic products for orthopedic implants, and Blue Belt Holdings by Smith & Nephew for robot-assisted orthopedic implant surgery product for partial knee replacements are prime instances of such strategic expansions.
Continues advancements in orthopedics have resulted in the development of new, novel implants, with several of them being employed in clinical practices with none or little evidence on their effectiveness and safety. Appropriate staging of new orthopedic implants implementation is therefore gaining emphasis in the market, to eliminate relevant adverse effects on patients. Methodologies for evaluation of new orthopedic implants are now being used as a base for contemplating their success and resolving observed drawbacks.
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