A new report shows that the U.S. implantable medical devices market will grow at an annual compounded rate of 8 percent over seven years to be worth $73.9 billion by 2018.
The market was valued at $43.1 billion in 2011 by Transparency Market Research, which published the report.
The overall implant market is made up of reconstructive joint replacements, spinal implants, cardiovascular implants, dental implants, intraocular lens and breast implants. All segments are expected to see growth because of the increasing prevalence of chronic disease and an aging population. However, the orthopedic implant market will continue to remain the largest segment not only in terms of overall market value but growth rate as well.
The dominant players in the orthopedic implant market are Stryker, Zimmer, Johnson & Johnson Synthes and Biomet, while Medtronic is a top player in the spinal implant market.
But there are a whole host of small and early stage companies in the orthopedics space. Nuvasive, for instance, has been challenging Medtronic in the spine space with the two companies involved in legal scuffles. Novel methods of total knee replacements are being marketed by the likes of ConforMIS, which makes a completely custom knee joint to take into account different body types. And to treat the common wrist fracture, Conventus Orthopaedics is testing the efficacy of its Distal Radius Surgical System,an expandable implant that is meant to treat distal radius fractures without touching the region around the wrist.