Spurt of Technological Advancements pushes Orthopedic Implants Market to new Heights
Published On : Mar 01, 2019 | Category : Healthcare
Owing to breakthrough product development of orthopedic implants every now and then, the global orthopedic implants market is making strides. In a recent development, orthopedic implants to lengthen and correct deformations of long tubular bones in children passed preclinical trials at the Ilizarov Orthopedic Center, Russia. Prior to this, during research stage when the implants were undergoing preclinical tests, they displayed the capability to reduce the terms of limb lengthening two times. Such developments are pushing the orthopedic implants market to reach new heights.
Meanwhile, research initiatives for product advancements are well-received by key players in the orthopedic implants market. To aid such initiatives, savvy players are collaborating among themselves to consolidate their technological expertise. The acquisition of U.S.-based Ellipse Technologies Inc. by NuVasive Inc. in January 2016 is a case in point. With this acquisition, Nuvasive Inc.’s technical expertise expanded with Ellipse’s novel technology pertaining to magnetic adjustable implant systems.
Orthopedic implants are used to treat deformities and injuries of the musculoskeletal system. Orthopedic implants are mainly fabricated using stainless steel and titanium alloys for the desired strength. The plastic coating on the base material acts as an artificial cartilage. As a piece of information, the surgical procedure for fitting implants in place of a broken bone is called internal fixation.
Technological Expertise coupled with State-of-the-art Research Infrastructure makes North America Prominent
The growth of global orthopedic implants market is attributed to several factors. Firstly, technological advancements for highly effective products is driving the orthopedic implants market. Savvy players are making substantial efforts both in terms of research and funding to manufacture products that address the loopholes of predecessor products. For this, leading players in the orthopedic implants market are collaborating with research organizations for their technical expertise.
For reasons such as availability of state-of-the-art research infrastructure, coupled with technical expertise North America holds prominence in the global orthopedic implants market. The rising geriatric population is also adding the prominence of this region for orthopedic implants. Osteoporosis, osteoarthritis, rheumatoid arthritis, osteonecrosis, and Perthes Disease are some major musculoskeletal disorders among geriatrics of the region.
Moreover, favorable reimbursement policies for orthopedic implants favors the growth of orthopedic implants market in North America. According to statistics, in 2014, Medicare covered more than 400,000 hip and knee replacement procedures at a cost of US$ 7 bn taxpayers’ money.
High Magnitude of Product Recalls hinders Market Growth
The global orthopedic implants market faces growth challenges too. Product recalls due to manufacturing errors or device inefficacy are key restraints to the growth of this market. In some cases, serial recall of products by manufacturers of orthopedic implants could lead to business repercussions for these manufacturers. Such products lose credibility in the minds of physicians and surgeons to be used for correction surgeries. For example, Greatbatch Medical, whose parent company is Integer Holdings Corporation, announced a recall for standard offset cup impactor device in December 2016.. The device intended for hip joint replacement failed sterility test, which carried the risk of infection to the patient during surgery. Such incidence result into holding back the market’s growth.