Extremity Products Market Trends
Growth Drivers
- Rising Elderly Population - In older adults’ muscles and bones deteriorate with age, which makes them more vulnerable to falls and accidents that may cause major injuries including fractures. For instance, more than 85% of all fractures in the elderly are caused by falls. According to the World Health Organization (WHO), the number of individuals 60 years of age and over will reach around 2.1 billion worldwide by 2050.
- Growing Rate of Road Accidents- Many orthopedic injuries can result from auto accidents, such as whiplash, fractures, dislocations, torn ligaments, and injuries to the spinal cord which can be the leading cause of mortality and disability for many people.
For instance, road crashes claim the lives of more than 1 million people annually, injuring up to 45 million more, and filling over 35% of orthopedic beds in hospitals in underdeveloped nations.
- Increasing Number of Sports-Related Injuries- Children and younger adults frequently sustain sports-related injuries which may impact both soft tissues and developing bone. Particularly, in the US, every year, over 3 million kids and teenagers get injuries from organized sports or physical activities.
Challenges
- Exorbitant Cost of Implant Surgeries - Strict government regulations and the high expense of orthopedic implant therapy techniques have raised the overall cost of the procedure for the patient. For instance, in almost the last ten years, the average cost of hip and knee implants has climbed by more than 90%. Moreover, orthopedic implants function differently from other medical devices, which has a unique cost associated with instrumentation, high inventory costs, surgeon training, and specialized sales force.
- Stringent Regulatory Requirements Leading to Delays in Introducing New Products to the Market
- Presence of Alternative Treatment Methods May Limit the Adoption of extremity products.
