Skip to content
Senior Population Is on the Rise
The orthopedic devices market is experiencing significant growth. Due to the increasing number of elderly people resulting from advances in modern medicine and longer life expectancies.
The global population is aging. The World Health Organization (WHO) estimates that by 2030, one out of six people worldwide. Approximately 1.4 billion individuals, would be aged 60 years or above. This shift is expected to create far-reaching ripple effects on global industries, particularly the healthcare industry.
As population aging becomes more apparent, age-related complex health states. Commonly called geriatric syndromes, are becoming more prevalent, especially with musculoskeletal conditions and their associated functional limitations. In fact, almost 1.71 billion people worldwide are currently living with musculoskeletal conditions. Fostering the demand for orthopedic procedures, according to recent WHO figures.
COVID-19 has had a profound impact on several industries, including healthcare. The pandemic has left long-lasting health issues in its wake. Its health implications are expected to have a profound influence on the medical needs of this generation over the coming years. With respect to orthopedic devices, COVID-19 is likely to spur a strong product demand as a result of the musculoskeletal manifestations of SARS-CoV-2. A recent study published in the Medical Science journal. Cureus found that COVID-19 can cause conditions such as arthralgias, myalgias, neuropathies, myopathies, and joint and bone damage among patients.
Surgeries on Demand
While the practice of robotics-assisted surgery has been around for some time. The complexity of the procedures they can perform has grown monumentally over the years. Many orthopedic devices firms are making innovations towards robot-assisted surgery, developing robots that can assist surgeons to perform surgeries on the spine, knees, hips, and shoulders. According to Johnson & Johnson, the previous generation of surgical robots has only managed to proliferate into 5%-10% of the key orthopedic segments worldwide. This leaves a sizable opportunity for integrated robotic as well as digital surgery technology in the market.
Knee and hip replacement procedures are among the most frequently performed and effective surgeries across the globe. With osteoarthritis being the prime culprit behind them. Over 10% of men and approximately 18% of women aged 60 years and above suffer from symptomatic osteoarthritis, including severe and moderate forms of the ailment, according to the WHO.
Global Market
With respect to the region, Europe is regarded as a market that performs the highest number of knee and hip replacement procedures in the world. According to the OECD, hip and knee replacement rates have. On average, increased by 22% and 35% respectively between 2009 and 2019. A majority of this trend has been observed in European countries, with Germany, Austria, Switzerland, Belgium, and Finland leading the charge.
Over the last decade, countries across Asia, particularly India, Singapore, South Korea, Malaysia, and Thailand. They have gained a reputation for delivering high-quality medical care service at significantly more affordable rates to medical tourists. Patients from affluent countries, with high healthcare costs, find it more affordable to travel to one of these countries to get medical procedures done.
According to India’s Ministry of Tourism, the country witnessed more than 186,644 FTAs (Foreign Tourist Arrivals) in 2020 for medical purposes. Accounting for approximately 7% of the overall FTAs. The country has plans to establish itself as the world’s leading medical tourism destination, growing its revenues three-fold to $13 billion within the coming 4 years.
The global population aging trend is projected to foresee a sizable growth in its patient pool in the coming years. With increasing innovations in medical technologies and investments in healthcare facilities. The industry is likely to be more than capable of handling the expanded patient pool in the future.
Canwell Cares
As we discuss the importance of proper medical care and the impact it can have on our lives. It’s worth noting that there are companies out there dedicated to providing high-quality medical equipment and supplies to healthcare professionals.
One such company is Canwell Medical, a global provider of orthopedic devices and supplies. Their products range from orthopedic implants to surgical instruments. They strive to provide healthcare professionals with the tools they need to provide excellent care to their patients.
The importance of companies like Canwell Medical cannot be overstated. As the quality of medical equipment and supplies can have a significant impact on patient outcomes. For example, using subpar surgical instruments can increase the risk of complications during a procedure, which can ultimately lead to longer hospital stays, higher healthcare costs, and even loss of life in some cases.
That’s why it’s crucial for healthcare professionals to have access to high-quality medical equipment and supplies from companies like Canwell Medical. By using reliable and effective products, they can provide better care to their patients, improving their health outcomes and quality of life.
Canwell Medical’s commitment to innovation and research ensures that its products are continually improving and evolving to meet the changing needs of the healthcare industry. For example, they have recently launched a line of robotic-assisted surgical systems that are designed to make surgeries less invasive and more precise, reducing recovery times and improving patient outcomes.
The importance of proper medical care cannot be overstated. Whether you’re dealing with a minor ailment or a serious medical condition. Having access to reliable and effective healthcare can make all the difference in the world. Companies like Canwell Medical play a critical role in this, providing healthcare professionals with the tools they need to provide excellent care to their patients. So, the next time you or a loved one needs medical attention, remember the importance of quality medical equipment and supplies, and the companies that make them available.