Orthopedics Industry Reached $30 Billion in 2010

The global orthopedics industry has an annual growth rate of about 5% to 7% and approached $30 billion in 2010, says Orthopedics Review and Outlook 2011, a report from PharmaLive. The report says that one of the fastest-growing areas within the global orthopedics market is extremity hardware devices that replace or reconstruct joints and bones in the foot, ankle, hand, wrist, elbow, and shoulder.

Key segments driving sales growth and attracting investor interest in the global orthopedic device sector include artificial joints, spinal implants and orthobiologics. The joint reconstruction market will remain the largest orthopedic implant category and is expected to reach $22.9 billion by 2016. The global orthopedic implants market is expected to top $41 billion by 2016.
Biodegradable medical implants represent one of the fastest-growing areas in the global orthopedics market. Biomaterials are used in a range of surgical applications, including joint replacement, fracture-fixation plates, bone-defect fillers, artificial tendons, and ligaments and bone cements.

“One of the largest growth segments in orthopedics for years to come is orthobiologics," says Andrew Humphreys, editor-in-chief of UBM Canon Data Products. "These substances are used by orthopedic surgeons to assist in quicker healing of patient injuries. This fast-growing segment unites reasonable costs with the most reliable and newest technology."
Minimally invasive procedures represent some of the most important advancements within the orthopedic sector. These procedures allow patients to receive care with less serious surgeries and treatments, and help to reduce the impact of surgery on patients.

Robotic surgery, an advanced form of minimally invasive surgery, is emerging in hospitals across the U.S. This type of surgery provides magnified, three-dimensional views of the surgical site and gives surgeons greater precision, flexibility and control. Important benefits for patients include less blood loss, reduced scarring, and considerably faster and less painful recovery.