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A recent market research report from Technavio forecasts that global revenue from the global orthopedic device market will reach $44 Billion by 2022.
DePuy Synthes, DJO Global, Medtronic, Stryker, Smith & Nephew, and Zimmer Biomet are recognized as the key players in the global orthopedic device market, with other prominent manufacturers including 4WEB Medical, aap Implantate, Acumed, Advanced orthopedics, Aesculap Implant Systems, AlloSource, Alphatec Spine, AMEDICA, Anika Therapeutics, Arthrex, Arthrosurface, Baxter, BBS-Bioactive Bone Substitutes, Barkeley Advanced Biomaterial, Bioretec, bioventus, Bone therapeutics, camber Spine technologies, ConforMIS, CONMED, Corin, DGIMED Ortho, Emerge Medical, Exactech, Flower orthopedics, Graftys, Hip Innovation Technology, Integra LifeSciences, Intelligent Implant Systems, Internal Fixation Systems, ISTO Biologics, K2M, Keramat, LDR Holding, Medartis, MicroPort Scientific, Nextremity Solutions, NovaBone, NuTech Medical, NuVasive, Orthofix International, orthogem, OsteoMed, Paragon 28, RTI Surgical, SHOULDER INNOVATIONS, Spinal Analytics & Geometrical Implant, Tyber Medical, Vilex, Virak Orthopedics, and XTANT Medical.
Market Driver: Technology
One driver in the market is continuous advancements in technology. Orthopedic devices have been witnessing a drastic advancement in past three decades through product innovation. The rapid advancement in technology was due to the extensive research and developmen (R&D) activities led by the key manufacturers and thereby contributing largely toward the market growth. A large number of key orthopedic implants manufacturers are increasingly focusing on research and developmental activities, which has resulted in the introduction of innovative products and advancements in orthopedic devices. The recent major advancements involve the development of robotic-assisted smart surgery for the spine, knee, shoulder, and hip-related implants. Several specialists and surgeons are recommending the adoption of minimally invasive surgery (MIS) since these surgeries are highly accurate, precise, and result in enhanced patient outputs.The key advancement witnessed recently are robotic-assisted smart surgery for hip, knee, shoulder, and spine-related implants. Apart from these, surgeons emphasis more on MIS owing to the high accuracy, precision, and better patient outcomes. The MIS for orthopedic implants has reduced the total cost and minimized the time for recovery.
As reported in our blog posts, Stryker, Smith & Nephew Square Off Over Total Knee Replacements and Stryker Marks Robotic Joint Replacement Milestone, innovative product designs and advancements in robotics, computer-navigated surgeries, smart implants, nanotechnology, 3D printing, biologics and tissue engineering will contribute to market growth. Hospitals are adopting robotic surgical devices to be used by trained physicians to improve their outcomes. Many universities worldwide have research programs in robotics and are awarding degrees on the subject, leading to roboticists increasingly being hired by top companies to link mobile robots into existing IT systems. The hip and knee surgical robot device market stood at $84 million in 2015, and is anticipated to reach $4.6 billion by 2022.
Market Trend: Merger and Acquisitions (M&A)
A key trend in the market is merger and acquisition (M&A) deals. Key players, DePuy Synthes, Zimmer Biomet, Stryker, and Smith & Nephew, are facing increasing competition from other emerging players which is affecting their organic growth. In response, they are changing their market strategies and focusing on M&A to increase their market presence. As also reported in our blog post, Smith & Nephew BHR MDL, Recalls & News, Smith & Nephew recently agreed to acquire tissue regeneration company, Rotation Medical, for $125 million in cash upfront, with another $85 million is payable if certain financial milestones are achieved. The Plymouth, Minnesota-based Rotation Medical has developed a collagen-based bioinductive implant derived from bovine Achilles tendon to transform how rotator cuff tears are treated. About the size of a postage stamp, the implant is delivered arthroscopically. It is designed to foster the growth of new, tendonlike tissue in the rotator cuff and earned FDA clearance in 2014. The treatment boosts the body’s natural healing response and has the potential to stop tears from getting worse and reduce the likelihood of re-tears. Said Smith & Nephew CEO Olivier Bohuon, “Rotation Medical furthers our strategy to invest in disruptive technologies that accelerate the transformation of Smith & Nephew to higher growth. The Rotation Medical Rotator Cuff System is an innovative technology serving unmet clinical needs. It is highly complementary to our Sports Medicine portfolio and provides a compelling new treatment option for our customers.”
Market Challenge: Defective Product Recalls
Further, the report states that one challenge in the market is rising product recalls. Orthopedic medical devices are susceptible to manufacturing errors, leading to product liability claims. Regulatory agencies evaluate all medical devices for potential risk by conducting health hazard evaluation. With respect to this, many orthopedic devices and implants have been recalled from the market due to their risk factor. Between 2002 and 2013, consumer’s union reported 578 recalls alone from six key global key players of the global orthopedic devices market. The biggest recall was reported by the Stryker with 231 recalls and followed by DuPuy Synthes with 150 recalls. By the time the adversities of the recall were noticed, tens of thousands of people have already received the problematic devices. The following is our recently reported status of pending multidistrict litigation (MDL) and defective product recalls:
#zimmer #biomet #stryker #hip #knee #shoulder #implant #recall #lawsuit #productliability
If you or a family member have suffered injury from an orthopedic medical device such as a hip, knee or shoulder implant, or have had revision surgery to remove and replace a hip, knee or shoulder implant, you and/or your family member may be entitled to money damages.
We take your calls and meet with your family personally to answer all your questions. We will press your insurance company for the coverage you are entitled to and help you recover the compensation you deserve. Personal injury cases require a wealth of experience, and a network of proven experts, including doctors and medical experts, accident recreation experts, insurance investigators, private investigators, and the resources necessary to fight large insurance companies.
All of our personal injury cases are contingency cases, which means you pay nothing out of pocket and we do not get paid unless you get paid.