The orthopedic implants industry is among the fastest-growing subsets of the healthcare industry. Owing to the constant technological advancements, this industry is experiencing significant year-on-year (YOY) growth of 6.3% CAGR (2023-30). The availability of advanced orthopedic implants and the rapid development in healthcare infrastructure is making the orthopedic implants industry a crucial pillar of the medical industry. Continuing on the topic, read on as we present a brief look at developments in the orthopedic implants industry.
Recent Changes in the Orthopedic Industry
Given the rise in age related orthopedic issues, sports injuries, and traffic accidents, the orthopedic implants industry is rapidly expanding, and the demand is ubiquitous. North America leads orthopedic implants industry with a staggering 49.3% market share in 2022. Let’s take a look at some of the recent changes that will guide the course of this industry’s growth in the coming years.
Changes from MDD to MDR to obtain a CE Mark
Medical Device Directive (MDD) was changed to Medical Device Regulation (MDR), in Europe, which relates to how medical device manufacturers should develop and supply their products. This change aims to strengthen patient safety by ensuring that medical devices meet higher quality and performance standards, including the requirement for manufacturers to provide more extensive clinical data to get a device to market.
Introduction of New Materials in Orthopedic Implants
Today, new materials like composites and ceramics are being extensively used for orthopedic applications owing to their excellent wear-resistance and biocompatibility. These materials do not react with body fluids, which causes corrosion.
The aforementioned developments in the orthopedic industry will significantly impact both patients and providers. The latest revisions in MDR will ensure:
- Patients receive high-quality medical devices that meet the specified manufacturing and safety standards.
- The need for replacement surgery will be reduced.
On the other hand, MDR will require providers to expand their R&D capabilities to meet the new regulations. Providers will have to intensify investments in upscaling their technological capabilities and ensure compliance with the MDR guidelines.
Next-Gen Innovations
The orthopedic industry is continuously evolving, with new innovations on the horizon. These include:
- New Casting Systems: Traditional fibreglass and plaster-based casts are tricky to handle. New casting systems are developed using the ‘open lattice structure’ and fast-curing formula that are comfortable and easy to remove.
- Bioprinted Implants: Owing to 3D printing technology, creating highly customised implants that contour according to the anatomy of the patient is possible. These bio-printed implants are made from living cells, which offers better biocompatibility.
- Gene Therapy & Engineered Stem Cells: Gene therapy offers several benefits, and when it comes to othropedic implants, engineered stem cells allow faster bone regeneration.
This is beneficial in reducing the need for external fixation, along with an enhanced healing process.
Final Word
The orthopedic implant industry will be driven by the aforementioned technological and genetic advancements, with more focus on product quality and safety. All eyes will be on ‘Smart Implants’ as the new face of orthopedic implants. If you are searching for high-quality orthopedic implants, look no further than Madison Ortho. We are a trusted medical device manufacturer that develops and manufactures world-class implants, including external fixators, IM nails, locking plates, Spinal implants etc. To discuss your requirement or learn more about our extensive product range, call +1-787-945-5800 or email at info@madisonorthoinc.com, and we will respond at the earliest.
