Medical Manufacturing’s Future

Unless noted, all statistics and forecast numbers are from Precedence Research, https://www.precedence research.com.

The global medical devices market was valued at $550 billion in 2021 and is expected to reach $850 billion by 2030, showing 5.5% compound annual growth rate (CAGR). Drivers of the market include the rapid integration of advanced technologies, such as medical devices using artificial intelligence (AI) and a shift in consumer demand where patients are requesting more personalized devices and insights from those devices. There’s also the push to address the growing burden of chronic diseases which is costly to healthcare systems. Next is increased healthcare spending as the use of medical care rises with income, so as people and nations become wealthier, it’s a fertile market for new medical innovations. There are also emerging global markets – which should grow from $81.9 billion in 2020 to $146.2 billion by 2025, a 12.3% CAGR.

Orthopedics

The global orthopedic implant market was valued at $47.8 billion in 2021 and is projected to reach $72.1 billion by 2030 with a 4.67% CAGR. More specifically, the North American orthopedic implant market was $26.78 billion in 2021 with a 4.3% CAGR through 2030. By product, the reconstructive joint replacements segment has a market share around 42% while the spinal implant segment had 18% market share in 2021. North America’s revenue share in 2021 was around 42.5%.

Within orthopedics, the global knee replacement market size was $9.8 billion in 2021, is estimated to be $10.36 billion this year, and will reach $16.1 billion by 2030, a 5.67% CAGR. Looking at it from a procedure approach, the total knee arthroplasty segment accounted for 85% revenue share in 2021, the revision knee arthroplasty segment reached 9% revenue share in 2021, and North America captured 37% revenue share in 2021.

Some of the key drivers in the knee replacement market include the increasing number of cases of osteoarthritis – young and old alike, as prevalence of osteoarthritis among people increased around 5% in recent years, helping the market record considerable revenue. Another driver is the increasing geriatric population – Baby Boomers.

To advance surgeries with more successful procedures, some recent developments in the field of surgical procedures include adoption of artificial intelligence (AI) into systems – the use of robotics and AI for knee replacement surgeries has improved procedure efficiency, minimized chances of human error, and enabled surgeons to carry out the process with more precision and accuracy – while also handling more procedures in a day.

The global hip replacement market size was $6.3 billion in 2021, is projected to reach $6.69 billion this year, and should come in around $10.8 billion by 2030 with a CAGR of 6.17%. Key takeaways from this segment for 2021 are:

• By procedures, the total hip replacement segment has contributed 32% revenue share
• By material, the metal-on-polyethylene segment has a 35% revenue share
• North America holds the highest revenue share at 40.5%

Additionally, increased research and development in hip replacement surgery, along with increased efficiency and efficacy of the surgery, is driving market growth. Advanced developments in hip replacements along with the integration of 3D printing technology developments means these procedures require less time to perform. Some examples include: The 510K clearance of Zimmer Biomet’s Rosa Hip System, an integrated robotic system for total hip replacement & Microport Orthopedics’ hip replacement technology that offers a coated collared hip stem and cemented collared hip stem for improved surgeon placement and patient satisfaction.

As orthopedics continue to advance, so do the materials and designs. As an example, many companies are moving to 3D-printed orthopedic implants, such as Stryker’s Monterey AL Interbody System produced with its Tritanium In-Growth Technology. Tritanium is a 3D-printed, highly porous titanium material designed for bone in-growth and biological fixation, built using AMagine, Stryker’s proprietary approach to implant creation via additive manufacturing (AM). Along with the implant, Stryker delivers the instruments and a variety of screwdriver options designed to facilitate clear visualization of and easier access to the surgical site, once the approach is complete and a retractor is in place.

However, the metalworking industry doesn’t need to worry as the screws used to secure these implants as well as many of the surgical instruments remain manufactured from metals.

3D printing (3DP)

3D printing (3DP) is all around medtech, used to produce implants, dental parts, tools, and more. The global 3DP in healthcare market size was $1.45 billion in 2021, 2022 is estimated to come in at $1.7 billion, and the market’s expected to reach $6.21 billion by 2030, a 17.54% CAGR.

This rapidly increasing demand for personalized healthcare is delivered by customized medical devices that match the patient – a major growth factor for 3DP. Looking at 2021 numbers:

• By component type, the system segment generated 51% revenue share and the materials segment is projected to have a CAGR of 21.3%
• By technology, droplet deposition held 29% revenue share
• By application, the external wearable devices segment accounted for 38.7% market share
• By region, North America garnered the highest revenue share at 43% and should register a CAGR of 19.5% through 2030.

Cardiology

With a market size of $20.79 billion in 2021 the cardiology market should reach more than $46.72 billion by 2030, a CAGR of 9.4%.

A crucial element driving the interventional cardiology devices market expansion is technological improvements with leading interventional cardiology device companies investing heavily in new technology and acquiring numerous start-up companies to advance their approach.

Recently introduced interventional cardiology devices include Boston Scientific’s VeriFLEX Bare-Metal Coronary Stent System, Terumo Medical Corp.’s Heartrail III Coronary Guiding Catheters, and Cordis Corp.’s INFINITI line.

Diagnostics

This segment was $19.18 billion in 2021 and is expected to reach $34.04 billion by 2030, poised for a CAGR of 6.6%. By product type, the ultrasound segment accounted for around 30% market share, attributed to the increased adoption of this equipment due to its lower cost, instant and accurate results, safety, improved radiation-free imaging, and non-invasiveness. It’s one of the most popular and extensively used diagnostic imaging devices globally. Computed tomography (CT) is estimated to be the most opportunistic segment through 2023 and it witnessed strong growth in 2020 for diagnosis of COVID-19 in patients. High-precision CT scanners and their integration with technology such as AI is anticipated to further drive growth.

Based on region, North America accounted for more than 35% of the market share in 2020. The increased adoption rate of the advanced technologies in the healthcare industry and the increased demand among the population for the advanced diagnostic imaging solutions has significantly boosted growth in North America.

Other trends

Wearables, such as health trackers and remote patient monitoring (RPM) devices, will be a must-have in healthcare delivery. According to Juniper Research, there’s a projected annual spend of $20 billion on these devices this year.

AI and VR devices, specifically, continue to gain traction, as the market size for AI in healthcare is expected to reach $120 billion by 2028. AI devices can advance diagnostics and assist in robotic surgery, while VR devices can train surgeons and treat depression. By 2025, the use of extended reality devices is expected to reach $5.1 billion.

About the author: Elizabeth Engler Modic is editorial director for GIE Media’s Manufacturing Group of magazines. She can be reached at 216.393.0264 or emodic@gie.net.