Michael Barbella, Managing Editor01.17.24
The market for pediatric orthopedic implants may not be very big, but its profit potential is huge.
According to a Market Data Library analysis, the market is expected to grow 10.2% annually over the next seven years and more than double in value—going from $1.504 billion in 2022 to $3.607 billion in 2031. Various factors will drive the expansion, including:
Pricing pressures, regulatory challenges, and ethical considerations are forecast to restrain the pediatric orthopedic implants market growth. It can be challenging to balance the need for affordable solutions against the cost of research, development, and production. Also, high pricing reduces the overall market size.
Regulatory procedures for pediatric surgical instruments can be tedious and time-consuming to ensure proper safety. In addition, a long approval process can restrict the entry of new implants and procedures for patients.
Also impacting the markets growth is the complexity of pediatric surgical procedures. Orthopedic surgeries for children tend to be more complex because their bones are growing, and implants must be precisely placed. The effective performance of these procedures requires specialized training by surgeons. Similarly, implant designs suitable for different ages and anatomical variations has proved to be a challenging task. Fit and function are crucially affected by customization.
Despite the aforementioned challenges, the market is rife with opportunity for pediatric orthopedic implant manufacturers. Partnerships with key healthcare stakeholders and renowned pediatric surgeons can assist in timely diagnosis and follow-up. This can prevent diseases from worsening and leading to critical conditions like paralysis and fractures. Long-term monitoring and data collection can provide crucial data about the success rate and side effects of several orthopedic implants, techniques, and approaches. Telemedicine also can help increase the market reach for these implants and allow access to care and management of disorders.
North America is the most prominent and lucrative market for pediatric orthopedic implants, thanks to the enormous number of children suffering from severe injuries or birth defects who require surgery, according to the Market Data Library analysis. Europe is ranked third in the market due to the prevalence of such conditions as osteomyelitis, spinal deformities, femur cracks, and bone dislocation. Asia Pacific is forecast to experience remarkable growth in near future due to rising bone infection rates from malnutrition and negligence, a growing population. China is the leading region from Asia Pacific pediatric orthopedic implants market. Owing to the number of individuals suffering from mobility and bone-related issues and the need for surgery to improve their lives, Latin America occupies the penultimate market position.
Among the major markets, the Middle East and Africa is forecast to have the lowest growth rate through 2031 due to fewer patients, lack of technologies and equipment, and a shortage of skilled practitioners.
The orthopedic market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These firms are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability. The companies include OrthoPediatrics, WishBone Medical, Pega Medical, PediTST, Orthofix, Stryker Corp., NuVasive Inc., Zimmer Biomet Holdings Inc., and Merete USA.
According to a Market Data Library analysis, the market is expected to grow 10.2% annually over the next seven years and more than double in value—going from $1.504 billion in 2022 to $3.607 billion in 2031. Various factors will drive the expansion, including:
- Increasing prevalence of orthopedic diseases/injuries in children: The number of children suffering from bone and cartilage diseases due to lifestyle habits, hereditary factors etc., has steadily been rising. Diseases such as hip dysplasia and clubfoot are becoming common among teenagers, fueling market demand for advanced therapy and procedures.
- Technological advancements: Material and design advancements have enabled implant materials and designs to become more effective and safer. The use of materials like titanium that are compatible with other biological systems reduces the probability of bodily reactions, yielding better results and gaining patients' trust.
- Rising healthcare spending: A growing global economy and improved healthcare infrastructure pave the way for increased investment in pediatric orthopedic procedures.
- Growing awareness and diagnosis: Easy access to medical information and guidance through digital media and online consultations are helping patients become more proactive in using these surgical procedures to improve their musculoskeletal issues.
- Government initiatives and reimbursement policies: The U.S. government is implementing initiatives to improve pediatric healthcare, including favorable reimbursement policies for pediatric orthopedic procedures. Reducing the financial burden on patient access to healthcare facilities will help elevate both demand and opportunities.
- Minimally invasive surgical techniques: Many implants can now be placed in the body with minimal incisions and less damage to tissues and cartilage.
Pricing pressures, regulatory challenges, and ethical considerations are forecast to restrain the pediatric orthopedic implants market growth. It can be challenging to balance the need for affordable solutions against the cost of research, development, and production. Also, high pricing reduces the overall market size.
Regulatory procedures for pediatric surgical instruments can be tedious and time-consuming to ensure proper safety. In addition, a long approval process can restrict the entry of new implants and procedures for patients.
Also impacting the markets growth is the complexity of pediatric surgical procedures. Orthopedic surgeries for children tend to be more complex because their bones are growing, and implants must be precisely placed. The effective performance of these procedures requires specialized training by surgeons. Similarly, implant designs suitable for different ages and anatomical variations has proved to be a challenging task. Fit and function are crucially affected by customization.
Despite the aforementioned challenges, the market is rife with opportunity for pediatric orthopedic implant manufacturers. Partnerships with key healthcare stakeholders and renowned pediatric surgeons can assist in timely diagnosis and follow-up. This can prevent diseases from worsening and leading to critical conditions like paralysis and fractures. Long-term monitoring and data collection can provide crucial data about the success rate and side effects of several orthopedic implants, techniques, and approaches. Telemedicine also can help increase the market reach for these implants and allow access to care and management of disorders.
North America is the most prominent and lucrative market for pediatric orthopedic implants, thanks to the enormous number of children suffering from severe injuries or birth defects who require surgery, according to the Market Data Library analysis. Europe is ranked third in the market due to the prevalence of such conditions as osteomyelitis, spinal deformities, femur cracks, and bone dislocation. Asia Pacific is forecast to experience remarkable growth in near future due to rising bone infection rates from malnutrition and negligence, a growing population. China is the leading region from Asia Pacific pediatric orthopedic implants market. Owing to the number of individuals suffering from mobility and bone-related issues and the need for surgery to improve their lives, Latin America occupies the penultimate market position.
Among the major markets, the Middle East and Africa is forecast to have the lowest growth rate through 2031 due to fewer patients, lack of technologies and equipment, and a shortage of skilled practitioners.
The orthopedic market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These firms are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability. The companies include OrthoPediatrics, WishBone Medical, Pega Medical, PediTST, Orthofix, Stryker Corp., NuVasive Inc., Zimmer Biomet Holdings Inc., and Merete USA.