Artificial Joints and Reconstruction Devices Market Demand And Trends Till 2020
Post 1950, people had options to have artificial joints implanted for repair of joints even in knuckles, elbows and ankles. Most implant joints are made from sterile and non-reactive metals such as stainless steel, cobalt, titanium and zirconium which is the latest trend in the orthopaedic industry. Joints are also made from biomaterials and certain forms of plastic such as polyethylene. Around 500,000 knee replacements and 200,000 hip replacements take place each year across the globe. Due to the aging population which comprises the largest segment of patients with the implants, the market for artificial joints is expected to further expand in coming years. Although the market was hurt significantly in the last recession, it is now slowly gaining pace again. Reconstruction of joints involves damage repair to torn ligaments and tendons through the use of arthroscopic technologies. Reconstruction is heavily involved in sports medicine, where accidents and injuries can be severe and occur across all ages. Joints are also chosen for the age of the person to be implanted with the device. Total uncemented joints are typically used for the older generation where bone growth is very low. Total cemented joints use porous material that can act as a scaffold for growth of bone mass.
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Hemiarthroplasties are done for a partial replacement of affected joints. The procedure is also called joint resurfacing. With increasing number of accidents and trauma incidences rising, the market is now gaining pace again. Manufacturers have been facing several hurdles in terms of regulations and failures in technologies. Stryker recall of its Rejuvenate hip joints has decimated the company performance for 2012 and is expected to affect the company growth in 2013 as well. Johnson & Johnson DePuy Synthes and Zimmer have not been much better off, as both companies have been facing a salvo of legal battles in past few years on failed orthopaedic implants particularly for hip replacement.
The artificial joint replacement and reconstruction market is highly fragmented with over 20 market players spread across globally. The companies operate on highly competitive pricing strategies and cost of devices in emerging economies of Middle-East, Latin America and Asia-Pacific is less than a third of that in United States. This has led to a significant increase in medical tourism for orthopaedic procedures. Many factors such as obesity, diabetes, genetic disorders and increasing aging population over the world drive the market and it is also expected to gain from next generation total replacement joints for smaller extremity joints such as toes and fingers. DePuy Synthes, Stryker, Zimmer, Smith & Nephew, Biomet, Orthofix, Wright Medical and Arthrocare are key players in this largely fragmented market. Global estimates indicate that there may be over 200 companies with a large fraction local and regional device manufacturers particularly in Asia-Pacific and Latin America.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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