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European Markets for Orthopaedic Surgical Instruments
Frost & Sullivan, Jan 2007, Pages: 58
This Frost & Sullivan research service titled European Markets for Orthopaedic Surgical Instruments provides a detailed analysis of market drivers and restraints. It also describes the challenges faced by orthopaedic surgical instruments manufacturers and provides strategic recommendations to overcome them. In this research, Frost & Sullivan’s expert analysts thoroughly examine the following markets: general orthopaedic instruments, instruments used in spinal surgery, instruments used in minimally invasive surgery.
Technologies
The following technologies are covered in this research:
-Image guided orthopaedic surgery (IGOS)
-Kneelogics
-Intradiscal electrothermal (IDET) procedure
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
-General orthopaedic instruments
-Instruments used in spinal surgery
-Instruments used in minimally invasive surgery
Market Overview
Increasing Incidence of Musculoskeletal Problems to Promote Expansion of Orthopaedic Surgical Instruments Market
Currently, the European markets for orthopaedic surgical instruments are in their growth phase and are expected to nearly double in revenues over the next seven years. In recent years, orthopaedic surgery has made rapid progress. This has been attributed to the increasing incidence of musculoskeletal problems such as osteoarthritis and rheumatoid arthritis. Almost a quarter of the European population suffer from some form of rheumatism or arthritis. Around 19 million people in Europe are considered to suffer from osteoporosis and the incidence of fractures is estimated to increase exponentially with age. These factors are resulting in an increase in the number of orthopaedic surgeries, thereby leading to enhanced demand for orthopaedic surgical instruments.
'The European orthopaedic surgical instruments markets are currently expanding and this trend is expected to continue at least for the next five years,' notes the analyst of this research service, 'Strong factors influencing the markets include the rising incidence of diseases such as arthritis, increasing aging population and the changing lifestyles that are leading to obesity, which is yet another risk factor for osteoarthritis.' In addition, growing awareness of orthopaedic replacements and surgical procedures among the patient population is resulting in an increase in the number of orthopaedic surgeries, thus influencing market expansion. Over the next seven years, the minimally invasive surgeries (MIS) market is likely to contribute more than 65 per cent of the total market revenues. With the MIS market poised to witness high growth, the future market for associated surgical instruments is also anticipated to earn high revenues. While the MIS market is estimated to grow at a faster rate in comparison to the open orthopaedic surgery market, this does not imply a redundancy in open orthopaedic surgical techniques.
Focus on Price Issues Essential for Market Success
As surgical instruments are complementary devices used in implant procedures, the rise in the number of implant operations is positively impacting the orthopaedic surgical instruments markets. Contract manufacturers are playing an increasingly important role in the markets due to the growing trend of implant manufacturers outsourcing their orthopaedic surgical equipment needs to regional and local manufacturers. Accordingly, about 65 per cent of the market is held by contract manufacturers that deal directly with implant manufacturers.
Despite positive trends, rising costs and the growing inability of the patient population to pay for expensive treatments for musculoskeletal problems are exerting downward pressure on the markets. 'Increasing prices constitute a major challenge to sustained market expansion,' explains the analyst. 'In addition, reimbursement regulations in some European countries are acting as a major restraint to revenue growth.' In view of these factors, several market participants are striving to branch out into eastern Europe, which is not as heavily regulated as western Europe. Asia too, is a lucrative market, where demand for these devices is high.
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