Orthopedic medical devices have been remarkably successful in reducing pain, restoring mobility, and improving the quality of life for millions of people every year. Globally, factors like the high incidence of osteoarthritis, osteoporosis, and obesity, as well as a growing aging population, are some of the key factors driving the orthopedics medical device market. In emerging markets, the increased availability of minimally invasive surgical procedures is also helping drive up demand for these devices.
Even though the market has faced some challenges like infection risks and manufacturing flaws in metal-on-metal hip implants, the overall orthopedics industry has been growing at a significant pace. Future growth will be powered by the introduction of biodegradable implants and internal fixation devices. Companies such as Johnson & Johnson, Stryker, Zimmer, Biomet, DePuy Synthes, Medtronic, Smith & Nephew, and Arthrex are offering a range of diversified orthopedic devices such as pins, screws, and plates.
General medical devices include devices for diagnosis and treatment of diseases and abnormal physical conditions. They can range from simple curative devices to complex programmable devices such as laser surgical devices and pacemakers. Minimally invasive devices are gaining popularity because of benefits like reduced blood loss, less pain, smaller incisions, faster recovery, and lower cost.
The general medical devices market is highly consolidated, and there is intense competition among existing vendors in the industry. This may result in high pressure on pricing strategies, and eventually have an impact on vendors’ profit margins.