The landscape of the orthopedic system is evolving rapidly with constant upgrades in the creation and manufacturing of implants and instrument sets. According to research, it is estimated that in the next decade, the Indian orthopedic products market will see a staggering increase of around 20%, which indicates enormous growth. One of the reasons for such an extensive increment in the market volume is that the percentage of senior citizens will double to over 20% by 2050, as reported by the United Nations Population Fund, India (UNFPA). Besides this, lifestyle-related diseases and accidental injuries are an extra contributor to the promising growth of this sector.
However, there are ample numbers of challenges that this medical branch faces, be it the regulatory standards, high-end material costs, or execution of advanced technology. Simultaneously, healthcare government bodies and med-tech multinational companies are coming together as a helping hand to promote research and development.
In this article, we shall have an in-depth look at the infrastructure of the orthopedic market, its growth, hurdles, and opportunities that the future holds.
Analysis of the Orthopedic Market in India
The increasing demand for orthopedic implants and other products in the Indian market is credited to the clinical treatment of various orthopedic illnesses and injuries, such as arthritis, fractures, sports injuries, carpal tunnel syndrome, or flat foot. The tremendous rise in orthopedic-related conditions has triggered the development and demand for implants among surgeons and patients.
Market size is estimated to grow at an annual growth rate of 4.9% during the coming decade. The hip and knee replacement implants are the leading segments that will lead to increased revenue from this sector, given the rise in cases of arthritis and frail bony structures due to aging.
The Indian market comprises both international and domestic companies that are contributing to this growth. They promise excellent quality medical products at an affordable price for the population in the country. Also, another important attribute of this growth is the orthopedic surgeons who are looking towards such technologically innovative orthopedic products for their patient’s well-being.
Key Features of the Indian Orthopedic Market
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The Indian market is segmented into four categories: Joint Replacement, Trauma Repair, Spinal Surgeries, and Bone Fixation. Amongst four of these, joint replacement has overpowered the other three segments due to its demand amongst patients with osteoarthritis, weakened hip bones, stiff joints, and reduced quality of life.
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Joint replacement, such as hip and total knee replacement implants are an effective solution that helps patients get rid of pain and discomfort.
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It is mainly the multinational corporations that control the dominating sector of knee and hip replacements, while domestic manufacturers are the primary experts in the trauma and spine market.
Let’s Talk About the Growth Indicators of Orthopedic Market
1. Advancements in Technology
Innovations in orthopedic devices, such as the invention of minimally invasive surgical methods and the application of modern materials, are altering the range of available treatments. Computer-assisted surgery and 3D printing are two examples of the technology that are making orthopedic procedures more accurate and efficient. There has also been a constant evolution in the implant material that is being used for manufacturing them. The emergence of biocompatible material is yet another reason for the growth of these products.
2. Increase in Orthopedic Disorder Cases
An important factor boosting market expansion is the growing rate of orthopedic conditions such as arthritis, osteoporosis, and injuries sustained during sports or accidents. There is an increasing need for orthopedic therapy as the population ages because degenerative joint diseases are more likely to occur.
3. Rise in Elderly Population
The increase in the number of geriatric populations has a significant impact on the annual growth rate of the orthopedic product market. Orthopedic surgeries must be performed for older people as they are more susceptible to fractures, joint disorders, and functional challenges. The market continues to expand faster as a consequence of this shift in generations leading to demand for treatments using spinal implants, knee and hip replacement implants for fracture repair or age-related bone disorder.
Key Challenges for the Implant Market
i. Regulatory Surveillance – It is believed that stringent rules decided by the government will hurt the market expansion for orthopedic devices. To generate revenue, medical facilities are increasingly using these instrument sets and equipment. Apart from this, the use of poor-quality material by several physicians and institutions has an impact on patients' health. Because of these reasons, the government has been forced to implement strict laws governing the use of orthopedic devices, which has slowed the market's expansion.
ii. Increasing Costs – Research and development demands hefty amounts of investment which can be a struggle for the orthopedic implant manufacturers. This can prevent small domestic companies from entering the market space or may deter their ability to create innovative and advanced lines of products. This economic stress might also lead to higher expenses for final consumers, which would limit their access to necessary orthopedic treatments.
iii. Product Reliability – It becomes a major task for the companies to gain credibility amongst the patients and orthopedic surgeons due to product revisions and recalls. Such incidents can happen due to various things such as poor patient results, manufacturing errors, or design defects, which can lead to legal disputes and a decline in consumer volume.
iv. Not deliverable to Rural India – The urban part of the country can make complete use of the advanced equipment, but the same does not apply to rural towns. Due to the unavailability of resources, required infrastructure, and trained professionals, the market is not able to reach these areas.
Opportunities in the Orthopedic Implant Market
i. Constant Upgrades in Tech and Innovation: The introduction of new concepts for products and the rise in outpatient procedures are driving the orthopedic implant manufacturing industry. Advancements in both the production and operation of devices for joint replacements or fracture repairs are driving the market. Improved gene editing and tissue engineering technologies also contribute to the industry's expansion.
ii. Efforts to Expand the Domestic Market: With the incoming “Make in India’ initiative, we certainly see a positive outlook for the implant manufacturing industry. The government is making huge efforts to ensure that consumers prefer domestic products over international ones. Also, local manufacturing can increase the chances of making these orthopedic instrument sets available to rural areas.
iii. Medical Awareness among Rural Population: The government is planning new plans and programs to help rural people become aware of serious bone-related disorders and how implants can help them deal with such severe conditions. These initiatives to educate the rural population will benefit orthopedic implant manufacturers in the coming decade
Conclusion
Due to growing demand as well as enhanced technological opportunities and entry into new markets, the orthopedic implant market in India is expanding year by year. Regardless of the fact that there are certain challenges like stringent regulations, expensive materials, and limited access to rural areas, it is evident that government initiatives and advanced tech are at the rescue of orthopedic companies.
To overcome these obstacles, important members such as the government, medical professionals, and manufacturers must cooperate. The Indian orthopedic market will certainly gain global recognition if it keeps prioritizing quality, affordability, and accessibility to the users.