Growing Market Demand for The Orthopedic MedTech Industry
During the pandemic, the market for orthopedic equipment had a significant drop in sales. The market has, nevertheless, steadily improved and internationally surpassed the pre-Covid level. The market for orthopedic devices is expected to expand in 2023, and there has been a significant increase in demand for the manufacturing of orthopedic medical devices.
Orthopedic Medical Devices have become crucial for providing pain relief, promoting mobility, and improving the quality of life for individuals with orthopedic conditions and anomalies.
When taking into account the shifting needs of the consumer, orthopedic medical devices and methods undergo changes virtually daily.
Digital technology integration and technological improvements are currently the main factors driving the growth of the orthopedic devices market despite the fact that the orthopedic medical technology sector is prospering, manufacturers are interested to understand more.
How Will the Global Demand for Orthopedic Devices Respond to the Current Technological Advancements?
For the healthcare organizations impacted by the rapid growth of technology, maintaining a trained and experienced team of experts is becoming more important.
The comfort, safety, and convenience of patients should be taken into consideration by designers and manufacturers when developing prototype medical equipment. However, over the past few years, the area of orthopedics has seen a true revolution brought on by the incorporation of cutting-edge developments, such as the development of wearable medical technology and surgical supplies.
Is 2023 Going to Be an Exciting Year for Orthopedic Devices?
Artificial intelligence and machine learning have strengthened orthopedic medtech.The healthcare outcomes for this industry have been boosted by the latest generation of robots. Many top-rated companies are touching the sky with the advanced technology in the sector, which will definitely help the orthopedic medical device market grow faster. So, one can say that the future of the industry is bright.
How Is the Trend of the Orthopedic Market in India ?
Orthopedic medical devices are expected to grow steadily in developing countries like India. Advanced medical devices are in high demand in densely populated countries such as India. The aging population and a lack of market players drive up demand in the business. Orthopedic medical devices segment is among top ten fastest growing segments.
What Are the Challenges Faced by the Orthopedic Medical Device Segment?
Every industry is surrounded by challenges; overcoming them leads to better outcomes. For manufacturing process consultation of Orthopedic Implant, contact Operon Strategist as a consultant. Few to list out like
- Regulatory compliance
- Quality of products
- Lack of skilled and expertise Human resources.
- Supply chain challenges
- Adaptive environment etc.
What Are the Top Trends of the Orthopedic Med-tech Industry?
During the pandemic, the orthopedic device market faced a significant revenue loss. However, the market has progressively rebounded and internationally surpassed the pre-Covid level.the top orthopedic trends that are developed and will continue this year are:
- Recent developments in robotic surgery
In 2023, robotic-assisted procedures will be more common in orthopaedic operating rooms. Orthopaedic robotic surgical systems are designed to improve surgical results in orthopaedic surgery. They let surgeons conduct surgeries more regularly and accurately than manual techniques, such as partial knee replacement, total knee replacement, and total hip replacement.
- 3D printing
Custom made orthopedic devices, such as joint replacement and artificial limbs, have been manufactured using 3D printing. 3D printing, also known as additive manufacturing, is the technique of connecting materials to generate three-dimensional objects. Read the complete guide for 3D printing in medical device manufacturing
- Difficulties with supply chain and inflation
Recent years have seen a dramatic increase in the cost of medical device raw materials. The market has experienced a sharp increase in transportation expenses as well as lengthier and more unreliable delivery periods. Both the Covid-19 pandemic and the Russo-Ukrainian war have an impact on prices, which has increased over the past two years. Manufacturers of orthopedic implants devices with more commodity-based product lines, such hip and knee implants, will have less pricing power and a more constrained ability to pass pricing along to hospitals. They do not want to raise prices because doing so could result in market share being taken by their rivals.
Despite the rise in the industry, manufacturers of orthopedic medical devices should assess market trends and risk factors specific to the sector, get the right assistance from an experienced medical device consultant, and embrace the opportunity. We’ve just covered a few topics in the segments if you’d want to talk about more, get in touch with Operon Strategist right away! We are a medical device regulatory consultancy firm.
