To meet unprecedented demand for artificial hips, knees and other types of implantable joints, many orthopedic device manufacturers are attempting to adopt new types of materials, improve productivity and shorten time to market.
Human bones constantly undergo severe stress and strain. If you live long enough, chances are that you’ll eventually need to replace one or more joints due to injury, general wear and tear, or arthritis.
Demand for artificial hips, knees, shoulders, spines and other types of implantable joints is skyrocketing, making orthopedics one of the hottest segments in the medical device industry. To meet unprecedented demand, many orthopedic device manufacturers are attempting to adopt new types of materials, improve productivity and shorten time to market.
According to the National Center for Health Statistics (Atlanta), knee and hip replacement surgery has become much more common over the last decade. In fact, hospitalization rates for knee replacement procedures rose nearly 90 percent between 1992 and 2004 among people 65 and older. Today, the average age for total joint replacement patients is about 60, while 20 years ago it was about 70.
The market for reconstructive joint replacements is expected to increase steadily over the next decade. A recent study conducted by the Freedonia Group Inc. (Cleveland) claims the industry will grow 8 percent annually, from $6 billion in 2007 to $13 billion by 2017.
“The market will gain upward momentum from an aging population and the widespread prevalence of physically active lifestyles,” says Bill Martineau, healthcare industry analyst at the Freedonia Group. “These trends will expand the number of persons suffering from degenerative and injured joints.”
Knees and hips, which are highly vulnerable to degeneration caused by arthritic conditions, will continue to account for the vast majority of reconstructive joint replacements. “Continuing advances in materials and design will improve the safety and performance features of knee and hip implants and encourage their expanding use in the treatment of severe arthritis,” Martineau points out.
“Among other reconstructive joint replacements, shoulder systems will post the strongest demand and realize the best growth opportunities based on advantages over alternative therapies in the reduction of pain and restoration of mobility,” adds Martineau. “Advances in product technologies and related surgical techniques, coupled with an increasing prevalence of chronic back conditions, will also create strong growth opportunities for spinal implants.”
The orthopedic device market is dominated by a handful of manufacturers, including Biomet Inc. (Warsaw, IN), DePuy Inc. (Warsaw, IN), Medtronic Inc. (Minneapolis), Smith & Nephew (London), Stryker Corp. (Kalamazoo, MI), Synthes Inc. (Solothurn, Switzerland) and Zimmer Holdings Inc. (Warsaw, IN). Martineau says those seven companies control more than 80 percent of the U.S. market.
At next month’s annual American Academy of Orthopedic Surgeons (Rosemont, IL) meeting in Las Vegas, implant manufacturers are expected to unveil new products that address the following trends: