The worldwide orthopedic devices market is projected to reach approximately $43.1 billion by 2024, according to Amruta Joshi, a senior technical writer at Grand View Research.
Orthopedic device manufacturers should be aware of rising consumer awareness of the wide range of products available, he said. Here are four major trends Mr. Joshi pointed out in a recent article on Today's Medical Developments.
1. Cost control. Due to compounding regulatory requirements, manufacturers have become more focused on reducing costs that don't enhance the value of devices. Increased investments in cost-effective and compliant designs encourage manufacturers to improve consumer access to medical devices.
"As a result of these prerequisites, some of the top manufacturers in the orthopedic devices market are focused on commoditization in terms of devices, delivery systems and instruments," Mr. Joshi told Today's Medical Developments.
2. Technological advancements. Manufacturers are taking into consideration the growing prominence of minimally invasive surgeries when designing devices. They have also adjusted to high demand for techniques such as computer-aided surgeries, robotics and 3D printing, focusing on devices with improved precision and reduced impact.
3. 3D printing and manufacturing. With FDA approval for the use of 3D-printing-based orthopedic implants, many major manufacturers are using the technology for regenerative medicine, tissue engineering and other processes.
The most noteworthy 3D-printing trends in orthopedic devices are "inclusion of personalized prosthetics and metallic implants with the use of stainless steel, cobalt-chromium alloy and alpha-beta titanium alloy," Mr. Joshi said.
4. Product innovations. Patient demand for reduced procedure times and a growing number of geriatric patients undergoing orthopedic procedures requires manufacturers to develop advanced, highly accurate and user-friendly products. Mr. Joshi said to expect a rise in research and development, as well as investments in collaborations for product portfolio enhancements.