NEW YORK, Feb. 19, 2017 /PRNewswire/ -- Minor orthopedic replacement implants manufacturing companies develop, market anddistribute orthopedic implant products for commercial use. Products are usually sold to hospitals, for use during orthopedic replacement surgery. The right type of implant is selected based on the patient and type of orthopedic replacement procedure.
The key drivers shaping the growth of the market include -i) Increasing Arthritis Population - According to CDC (Center for Disease Control and Prevention), arthritis population of (around) 55 million adults in 2013-15 increases to over 78 million by 2040. Of these 78 million adults around 35 million adults will report arthritis-based activity limitations. The elders in US with advanced stage arthritis are opting for joint replacement surgeries to alleviate the pain, and to restore the joint movement.
This high prevalence of arthritis drives the market. Joint replacement surgeries are not suggested for young people because of the shelf life of the implants which only lasts, in case of minor joints for 10-15 years.ii) Increasing Awareness toward Replacement Surgeries - Growing awareness of orthopedic replacement surgeries, coupled with technological advances, such as superior design of implants, advanced surgical methods helps arthritis affected people to undergo these surgical procedures which were not prominent in the past.
Around sixteen generic companies have entered the orthopedic replacement implants market in US, including Orthosolutions, Covenant orthopedics, Ortho direct USA, and Emerge Medical. With expiry of patents for implants, these generic companies are making copies of legacy implants with proven designs and biomaterials. These generic orthopedic implant companies' offers less price compared to branded implants.
The pricing structure of these generic companies in a big threat for the big orthopedic devices manufacturers. Even though the big orthopedic manufacturers fight with these generic ortho manufacturing companies, the generic implants trend will not stop
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