Craniomaxillofacial Devices Market Analysis

In-depth Analysis of Craniomaxillofacial Devices Market Industry Landscape

Investments in the orthopedic care sector have reached notable heights, fueled by increasing health spending globally. Accurate estimates of health expenditures are crucial for effective health policy and planning, playing a pivotal role in attaining national and international health objectives. A report from the World Health Organization (WHO) released on February 20, 2019, highlighted a 6% increase in global health spending in low- and middle-income countries and a 4% increase in high-income countries. However, governments contribute less than 40% to primary health care spending, creating opportunities for private sector involvement.

The allure of the orthopedic care sector is drawing numerous companies due to its high market potential. Existing players are actively investing in research and development to incorporate advanced technologies into their portfolios, ensuring they remain competitive and maintain their market share.

In the United States, healthcare spending in 2018 was estimated to exceed $10,000 per resident. A significant portion of this spending is directed toward planned knee and hip replacement procedures, a trend noted in a review of medical claims data from 2010 to 2017 by the Blue Cross Blue Shield Association. Knee replacements have seen a 17% increase, while hip replacements have surged by 33%. Orthopedic surgeries, particularly planned ones, accounted for over $25 billion in 2017, constituting 47% of total orthopedic spending—a substantial 44% rise since 2010.

In response to the growing demand, healthcare companies are establishing orthopedic care centers globally. For instance, Hartford HealthCare launched its $150 million, 130,000-square-foot Bone and Joint Institute in early 2017, while Bristol Hospital is opening a $25.3 million, 60,000-square-foot ambulatory care center in Bristol, focusing on orthopedic and other services. Projections from the American Academy of Orthopaedic Surgeons (AAOS) indicate a 189% increase in total knee replacements, reaching nearly 1.3 million by 2030 and surging to approximately 2.6 million by 2060. This anticipated growth presents significant opportunities for the bone graft substitute market in the forecast years.

In conclusion, the orthopedic care sector is experiencing substantial investments and growth, driven by increased health spending globally. Private sector participation is rising, and companies are channeling resources into research and development to stay ahead in this competitive landscape. The surge in planned orthopedic surgeries, especially knee and hip replacements, is contributing to a burgeoning market with the establishment of orthopedic care centers to meet the growing demand. Projections for the future underscore the continued expansion of the orthopedic care sector, presenting considerable opportunities for the bone graft substitute market.