Although the economy is showing little -- if any -- signs of improvement, various markets, such as technology and healthcare, continue to show growth. One market that has analyst forecasting an increase in demand through to 2017 is Orthopedics.
Orthopedic surgery is a practice that helps patients with musculoskeletal system issues. Surgeons use traditional and non-traditional techniques to treat everything from musculoskeletal trauma, sports injuries, degenerative diseases, infections, tumors, and congenital disorders. Throughout the United States, orthopedic surgery is relatively common. Internationally, the healthcare market is still growing.
According to the latest report from the Millennium Research Group (MRG) the global authority on medical technology market intelligence will grow to be a multi-billion dollar market. MRG said the market for spinal implants and bone graft substitutes (BGS) will grow by more than $3 billion for people living in Brazil, India, and China.
In addition, other areas of orthopedics (trauma and reconstructive joint implants) will reach a total value of over $4.5 by 2017. MRG said a lot of these trends are due to increasing demand and the ability for multinational companies to acquire local manufactures.
“Manufacturers are also becoming increasingly aware that training programs on the various orthopedic procedures are a way to increase physician adoption of treatment options, especially those that are less established or novel,” said MRG. Although the report showed an increase in revenue, one MRG analyst said this industry would still struggle.
“While these markets have a lot of potential, many factors will continue to hinder procedure volumes,” said MRG Analyst, Rene Azeez. “Poverty is still widespread, and many uninsured people lack the funds to pay for procedures out-of-pocket. Premiums remain expensive and many insurance providers are reluctant to offer coverage because of the risk involved in paying for regulated healthcare,” said Azeez. “As a result, penetration of spinal implant and BGS procedures as well as trauma and reconstructive implants procedures will remain low compared to the United States and Europe.”
Edited by Rich Steeves