The Prosthesis Implantation Instruments Market is expected to witness an escalation going forward. With health apps, biosensors, AI, VR, telehealth, robots, cloud computing, predictive analysis, and EHRs being rampantly used, there is nothing to hold the healthcare vertical from soaring high. The healthcare vertical, would, see its cash registers ringing on the count of digital IoT creeping in at a rapid pace.
Prosthesis Implantation Instruments: Introduction
A prosthesis is an artificial device intended to replace a diseased or damaged body part, which is expected to restore the normal functioning of the missing body part. Prosthesis implantation instruments are medical devices used to assist in the surgery of prosthesis implantation using minimal incisions. A variety of surgical instruments such as drills, prosthetic drivers, depth probes, sutures, and consumables are utilized in the process.
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Prosthesis Implantation Instruments Market: Drivers and Restraints
The rising incidences of autoimmune diseases such as arthritis, trauma, growing sports culture, occupational hazards, and geriatric population are driving the large demand for prosthesis implantation surgeries. Growing risk factors such as sedentary lifestyle and poor diet are driving the prosthesis implantation instruments market.
According to the National Joint Registry of the National Health Service (NHS), approximately 160,000 total hip and knee replacement procedures are performed every year in the U.K. According to the American Academy of Implant Dentistry, almost 3 million Americans have implants, and this is growing by 500,000 every year.
Advancements in technology such as development of miniaturized systems using advanced chrome-based materials, automated deployment of sutures, and others are driving the faster adoption of prosthesis implantation instruments. Increasing miniaturization is leading to greater adoption, owing to reduced surgery footprint and faster recovery.
The development of bio absorbable sutures has greatly aided the adoption of the prosthesis implantation instruments market. The development of lab grown artificial meniscus and imaging probes is another complementary development driving faster adoption of prosthesis implantation instruments. Thus, product development represents the largest market opportunity, and many players in the prosthesis implantation instruments market are launching ergonomic products with lower needle profiles and novel knotting techniques.
However, constraints such as lack of trained and experienced surgeons in meniscus transplantation is hampering the prosthesis implantation instruments market. The high cost of surgery coupled with complications such as risk of infection, post-operative bleeding, deep vein thrombosis, pulmonary embolism, nerve injury leading to weakness and infection pain, and post-surgery stiffness are restricting the growth of theprosthesis implantation instruments market.
The lack of consensus among surgeons concerning the indications, long-term efficacy, allograft sizing, and fixation techniques is another constraint of the prosthesis implantation instruments market. The development of alternative treatment options such as laser therapy, thermal ablation which needs only local anesthesia, endovenous chemoablation, sclerotherapy, phlebectomy, and others is the most serious threat to the prosthesis implantation instruments market.
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The high pressure on pricing owing to large market fragmentation and the high volume & low-value nature of the market, which results in price being the most significant value proposition, is another challenge facing the prosthesis implantation instruments market. However, growing efficacy rates and patient satisfaction are expected to overcome the constraints associated with the prosthesis implantation instruments market.
Research and development to bring newer materials with lower friction and microbial resisting materials in place of traditional metal prosthesis implantation instruments is the key to growth of the prosthesis implantation instruments market. Thus, a large number of products encompassing a coating of polymers such as propylene encasing the steel wire have been developed. The prosthesis implantation instruments market is also favoring disposable products over reusable ones, owing to threat of infection.
Price is the most significant value proposition that creates incentives for improvements in distribution efficiency, especially in developing regions. Close collaborations with hospitals is crucial, as they have the highest influence on buying decisions. Shelf-positioning is an extremely important and often overlooked area, which needs to be taken into account while marketing. Companies are also developing specialized franchises to develop brand image and boost customer loyalty.
Prosthesis Implantation Instruments Market: Segmentation
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Prosthesis Implantation Instruments Market: Overview
Based on region, the global prosthesis implantation instruments market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East & Africa, and Asia Pacific excluding Japan. North America, led by the U.S., is expected to account for the largest share of the global prosthesis implantation instruments market, owing to more procedures, developed healthcare infrastructure, and attractive reimbursements.
The European prosthesis implantation instruments markets is expected to be led by Germany, France, Italy, Spain, Portugal, and the U.K. Germany has a large medical devices industry, which is the prime driver of the European prosthesis implantation instruments market. The Latin American prosthesis implantation instruments market is disproportionately biased towards aesthetic implants such as the breasts and buttocks, owing to influence of the media and the tourism industry. The developing medical tourism industry of Ecuador, Brazil, and Venezuela is driving a large market.
The Middle East and Africa prosthesis implantation instruments market is expected to be driven by the Gulf economies of Saudi Arabia, Kuwait, and Qatar. However, the poor per capita income of African countries is likely to hamper the growth of the prosthesis implantation instruments market.
Some of the major players in the global prosthesis implantation instruments market are Zimmer Biomet, Arthrex, Inc., Sklar Surgical Instruments, Sharma Orthopedic (India) Pvt. Ltd., Biomedhealthtech, Surgival, Wright Medical Group N.V., Stryker, Institut Straumann AG, Smith & Nephew, and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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