O&P Business News, Spring 2011, carried a report from Global Industry Analysts (GIA) which provided a review of the global prosthetics industry, market trends, product innovations, industry activity and profiles of market organisations. Orthopedic Prosthetics: A Global Strategic Business Report, projected that the global orthopedic prosthetics market will reach $19.4 billion by 2015. The projections took into consideration an aging global population, rising diagnoses of degenerative joint diseases and a patients' willingness to pursue a more active lifestyle. The pace of growth slowed for the orthopedic prosthetics industry due to the economic downturn in 2008 and 2009. The global knee and hip implants market was greatly affected as more patients delayed their costly surgeries. According to GIA's report, the knee and hip implant market is ready for an uptick in part due to the recession ending. The combination of an ending recession and the rising awareness of the procedure will likely create long-term growth. Favourable reimbursement scenarios and the surgeon's familiarity of the surgical procedures are likely to improve growth as well, according to the report. The report found that minimally invasive hip surgeries are gaining popularity due to the patient's desire to maintain an active lifestyle as well as their desire to avoid major surgery. Sales of knee prosthetics in the US are driven by a shift towards customised devices and the growing popularity of knee replacements in younger patients, the report found. The development of advanced prosthetic implants involving better design and wear-resistant materials will likely enhance the growth impact of the industry, the report predicted. “Our heritage is innovation and developing clinically sound solutions for not only diseases of the joints but the spine, cranial facial, dental, fractures, biologic and sports medicine," Bill Kolter, senior vice-president of corporate communications, Biomet Inc. told O&P Business News. “As long as bone and joint disorders continue to be the number one source of disability in this country, we are going to continue to find innovative ways to deliver solutions to patients." Globally, India, China and Latin America offer growth potential in the prosthetics market due to their economic growth and elderly population. The United States and Europe account for the majority of the global orthopedic prosthetics market. European countries were also hit hard by the recession. Like the United States, European patients were likely to wait for surgical procedures. Patients' unwillingness for surgery impacted revenue streams in the prosthetic and orthopedic markets, the report found. Russia and Eastern Europe were found to be underserved in prosthetic and orthopedic devices. The report indicated these countries offer potential growth opportunities for the marketplace. Along with Russia and Eastern Europe, the report predicted that Latin America will enjoy the fastest growth rate in the hip prosthesis market. The report projects an 8.5 per cent growth over the analysis period, which was 2007 to 2015. The global orthopedic orthotics market consists of ancillary devices used post-operatively or for non-surgical procedures. According to the report titled “Orthopedic Orthotics: A Global Strategic Business Report," the orthotics market consists of a variety of products ranging from those that meet specifically clinical needs to over-the-counter devices and the market will reach $4.7 billion by 2015. The report indicated that the US, Europe and Japan account for the majority of the orthopedic orthotics market. The largest market for orthopedic braces is the United States repetitive stress injuries and the increasing number of implant surgeries will boost sales for orthotic braces, the report predicted. The active aging population and their growing incidence of injuries is one of the major factors for this sales boost. Along with the active aging population, the rise in vascular diseases and obesity, coupled with rise in disposable income and the expansion of health insurance coverage are signs of growth in the orthopedic orthotics market. Market projections consistently point towards a bright future for the orthopaedics industry as a growing patient base seeks treatment for debilitating joint and back pain. Aging populations and increased sedentary lifestyles in many developed markets are leading to higher rates of osteoarthritis. In addition, a number of emerging markets, including China, India and Russia, offer great potential for growth. We are excited to be a global leader in this impactful business, providing tools, training and technologies that help surgeons restore their patients to active and productive lives. Dear Egyptian Mail readers, Your comments and/or contributions are welcome. We promise to publish whatever is deemed publishable at the end of each series of articles. [email protected]
