Market Trends of Orthopedic Devices Industry
Spine Orthopedic Devices Segment Holds the Largest Share in the Market
Spinal orthopedic devices are medical devices used to stabilize and support the spine in individuals with spinal conditions or injuries. They can be made from various materials, such as metals, polymers, or a combination of both. The market growth factors include the rising prevalence of spinal degenerative diseases and Scoliosis. The spinal orthopedic devices have been experiencing steady growth over the years due to factors such as the increasing prevalence of spinal disorders, advancements in surgical techniques, and a growing elderly population. The segment encompasses various types of spinal implants, including spinal fusion devices, vertebral compression fracture treatment devices, non-fusion devices, and spinal biologics.
The article published in the Journal of Korean Medicine in January 2023 mentioned that the global incidence of traumatic spinal fractures was 10.5 per 100,000 persons, with an estimated 768,473 new cases of spinal injury annually worldwide for the year 2021. Also, an article published in Vertebral Compression Fractures, updated in August 2023, mentioned that in younger patients, about 50% of spine fractures were due to motor vehicle collisions, with another 25% being due to falls. The report also mentioned that the annual incidence of vertebral compression fracture was 10.7 per 1000 women and 5.7 per 1,000 men globally. Such a high number of spinal injuries and conditions in both usages of spinal orthopedic devices boosted the segment growth.
The growing number of product approvals and launches are expected to increase the awareness of spine orthopedic devices and boost sales of the same. For instance, in January 2023, SynerFuse, Inc., announced the positive results of the study conducted to evaluate the safety and tolerability of simultaneous implant of spinal fusion and neuromodulation devices in chronic lower back pain patients. Such positive clinical studies improve the adoption of these spinal implants in the future boosting segment growth. Moreover, in October 2023, Spine Wave and eCential Robotics, entered into a long-term partnership to develop, market, and commercialize combined optimized solutions and enhance robotic spine surgery.
Thus, the increasing incidence of spinal injury and spinal conditions needing implant surgery, along with the growing product portfolio with advanced features is expected to boost the segment growth over the forecast period.
North America Expected to Witness Significant Growth
North America is expected to witness significant growth over the forecast period due to the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic devices market include using new polymer materials and the development of prosthetic devices as per the functional needs of patients.
The high incidence of orthopedic surgeries in North American countries is also driving the growth of the studied market. According to the Canadian Institute for Health Information 2023, 117,078 hip and knee replacements were performed nationwide in 2021-2022. 58,635 hip surgeries and 58,443 knee replacements were performed in 2021–2022. Such high cases of joint surgical procedures and fractures are increasing the demand for orthopedic devices, thereby driving the growth of the studied market in the region.
The increasing prevalence of orthopedic disorders in Mexico is another significant factor driving the demand for orthopedic devices. For instance, in November 2022, the American College of Rheumatology reported a rising prevalence of rheumatoid arthritis (RA) in Mexico. Furthermore, market players are focusing on developing novel orthopedic devices to satisfy users' needs. Moreover, in February 2022, Spire Orthopedic Partners entered into partnerships with Middlesex Orthopedic Surgeons, PC (MOS), and Orthopaedic Surgical Associates (OSA). Such partnerships will lead to better orthopedic and spine care services to the patients in the region, thereby driving the growth of the studied market in the region.
Similarly, in October 2023, Ortho Development, a United States-based orthopedic device manufacturer, launched its BKS Uni Partial Knee System in the United States market. This system was an addition to the company’s balanced knee implant systems portfolio. Such innovations to improve the efficiency of surgical procedures are expected to boost the market studied in the region.
Thus, the high number of orthopedic disorders, increasing joint surgical procedures, and rising technological developments are driving the growth of the studied market in the region.
