To understand current trends in today’s medical device industry, consider the growing demand for total knee replacements.
A study by the American Academy of Orthopaedic Surgeons found more than 600,000 knee replacements are performed each year in the United States.
That number is projected to exceed three million by 2030, an increase of 400 percent.
This surge in demand is attributed to the aging of the U.S. population, along with advancements in surgical technologies and knee replacement devices that have led to improved results.
This, in turn, has spurred demand among osteoarthritis patients and other long-suffering knee patients.
The U.S. is not alone in this dramatic surge in full knee replacements. Demand is up by almost 20 percent in Canada, 7 percent in Japan, and 16 percent in China. The global market for knee devices was valued at $8.8 billion during 2015 and is projected to grow at an annual rate of 4 percent. United States manufacturers dominate the market, according to Kalorama Information, with the three industry leaders – Zimmer Biomet, DuPuy.
Synthes (part of the Johnson & Johnson family of companies), and Stryker – accounting for 75 percent of global market share.
And in a sign of where the industry is headed, a new company, Burlington, Massachusetts-based ConforMIS, offers a “patient specific” knee that uses a patient’s CT scan for a customized joint manufactured using 3-D additive printing.