New Innovations Driving the Orthopedic Device Market

The orthopedic device market constitutes about 11% of the global medical device market and is estimated at $38.634 billion in 2014, according to an IQ4I Research & Consultancy analysis.

Factors such as the rising prevalence osteoporosis and osteoarthritis, an aging population, the demand for minimally invasive surgery, increasing incidence of sports injuries and accidents and the development of robotics will drive growth in the global orthopedic device market.

The high cost of implants, increasing pricing pressure from buyers and payers, the medical device excise tax and product recalls due to manufacturing errors are some of the factors hampering market growth. Issues such as lack of availability of skilled surgeons and changes in reimbursement scenarios will significantly impact market expansion.

Cost Effective Innovations

In the orthopedic device market, new innovations are driving technological advancements that are result-oriented, yet cost effective. Innovations such as arthroscopy (a minimally invasive surgical procedure), computer-navigated and robot-assisted surgical procedures, 3D printing technology, nanotechnology and smart implants will have significant impacts on market growth.

In anatomical terms, knee-related procedures are estimated to be the largest segment, with significant Compound Annual Growth Rate (CAGR). In the consumables market, anchors are expected to show the highest growth rate during the forecast period.

External Fixation Segment Growing Fast

The trauma fixation device market is segmented into internal and external sectors. The internal segment accounted for the greatest revenue in 2014 and is expected to grow at a CAGR of 6.2%. These devices include metal plates, pins, rods, wires and screws. However, the external fixation segment is projected to emerge more quickly, growing at a strong CAGR. Such devices include Schanz pins, connecting rods and clamps.

The orthopedic device applications market is segmented into total knee replacement, total hip replacement, total shoulder replacement, arthroscopic surgery, spine surgery, ankle replacement and other surgeries. The total knee replacement segment accounted for the highest revenue in 2014 and is expected to show the strongest CAGR during the forecast period, followed by total hip replacement and spine surgery.