Outsourced orthopaedic manufacturing: Key market research findings
- Increased adoption of orthopaedic implants
- Upgradation of manufacturing technology
Technavio has released a new market research report on the global outsourced orthopaedic manufacturing market, which is expected to grow at a CAGR of 7% between 2016 and 2020. The upgradation of manufacturing technology among the contract manufacturers is anticipated to play a key role in increasing the preference for outsourcing among original equipment manufacturers (OEMs). The Americas is the largest market for outsourced orthopaedic manufacturing, owing to factors like the high prevalence of obesity and a rise in the number of minimally invasive orthopaedic procedures.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Currently, the market is witnessing augmented global demand for orthopedic implants. Factors like the recent increase in geriatric population and advances in technology have prompted the demand for orthopaedic implants from across the globe. Also, the new developments in the design of implants for knee, hip, and spinal replacements such as customized implants, and metal-on-ceramic and metal-on-metal implants offer better quality, resulting in an increased adoption of orthopedic implants,” says Brahadeesh Chandrasekaran, Lead Analyst, Healthcare & Lifesciences, Technavio Research
Innovative orthopaedic products need advanced material, machining, and tooling, which has pushed the OEMs to focus on adopting new manufacturing technologies such as tooling and CNC machines, to upgrade their manufacturing services. To keep up with upgrades in technology, OEMs orthopaedic vendors rely on contract manufacturers. Several OEMs outsource their manufacturing processes to orthopaedic contract manufacturers to minimise their manufacturing expenses.
The key vendors in the global outsourced orthopaedic manufacturing market include Greatbatch, Paragon Medical, Orchid, and Tecomet. This market is highly fragmented and is characterized by the presence of intense vendor competition during the predicted period. The players that focus on upgrading their technical capabilities, so as to deliver high-quality products on par with the OEM players are expected to gain maximum market traction during the forecast period.
A more detailed analysis is available in the Technavio report, Global Outsourced Orthopaedic Manufacturing Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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