Successful Discoveries & Technological Advancements Drive Device Sectors: PharmaLive Special Report
NEWTOWN, Pa., July 27, 2011 - The global orthopedics industry has an annual growth rate of about 5% to 7% and approached $30 billion in 2010. Growth is driven by technological advancements in implant design and materials, which are resulting in improved durability and younger patients undergoing surgery.
“One of the largest growth segments in orthopedics for years to come is orthobiologics," says Andrew Humphreys, editor-in-chief of UBM Canon Data Products. "These substances are used by orthopedic surgeons to assist in quicker healing of patient injuries. This fast-growing segment unites reasonable costs with the most reliable and newest technology."
The U.S. implantable medical device market is predicted to grow more than 8% annually through 2015, resulting from highly anticipated devices for the treatment and management of cardiovascular, orthopedic, neurological, ophthalmic, and other chronic disorders.
The molecular diagnostics market was valued at more than $10 billion in 2010 and is expected to exceed $40 billion by the end of the decade. Advancements in medical imaging have significantly increased early detection and improved outcomes in the area of women's health. More than 50% of the $2.1 billion category is generated from services related to imaging, including more than 40 million mammogram screenings performed each year.
Although U.S. companies make up more than half of the listing of the top 100 medical device companies, the proliferation of international giants shows that the industry is generating more profits from global outreach efforts. Emerging medical device markets are anticipated to grow at much faster rates than the United States in the years to come. China and India are forecasted to generate double-digit annual growth during the next five years due to their manufacturers' ability to develop quality devices at a lower cost.
Companies able to use technological advancements to make medical devices more intelligent, faster, and cost effective have made great strides in the industry. Breakthrough advancements have improved patient monitoring, safety and outcomes, reduced recovery time, and prevented costly complications.
A novel implant capable of detecting a number of neurological symptoms, including those associated with epileptic seizures, has recently been tested by researchers from the University of Pittsburgh. The researchers demonstrated that tiny electrodes can be coated with drug-loaded polymers and electronically released into cultured neurons. This implant allows for researchers to gain a more precise understanding of cellular mechanisms of neuronal networks.
InfraReDx Inc., a medical device company providing intelligent cardiovascular diagnostic imaging technologies, received CE Mark approval to begin commercialization of the LipiScan IVUS Coronary Imaging System throughout Europe in April 2011. With CE Mark approval, the LipiScan IVUS system is the only device available in both the United States and Europe for the detection of plaques known to complicate stenting, as well as believed to be the reason for most heart attacks.
Hybrid modalities and CAD systems are among the new technology trends expected to emerge in 2011. Hybrid PET/MR systems, such as Siemens' Biograph mMR, are highly anticipated among industry analysts. The full-body PET/MR scanner combines a solid-state PET camera into the isocenter of a 3T MR scanner, allowing simultaneous acquisition of MR and PET data. Merging PET and MR is expected to have potential use for detecting cardiovascular disease and breast cancer.
More information is available in Orthopedics Review and Outlook 2011, Implants Review and Outlook 2011, Diagnostic Imaging and Monitoring Devices Review and Outlook 2011, Top 100 Medical Device Companies 2011 Combination Report located at www.pharmalive.com/specialreports.
For additional information, contact Sandra Baker at +1-215-944-9836 or Sandra.Baker@ubm.com.
About UBM Canon Data Products
UBM Canon Data Products provide financial, company, and product statistical data and qualitative analysis for the global pharmaceutical, biotechnology, medical device, and appliance industries through PharmaLive Special Reports and Appliance Market Research Reports; maintains eKnowledgeBase and MDRWeb, comprehensive market intelligence tools serving the pharmaceutical, biotechnology, and medical-device sectors; and manages company-wide Site Licenses for PharmaLive.com, Med Ad News, and R&D Directions.
About UBM Canon
UBM Canon is a business-to-business media company serving the worldwide advanced manufacturing sector through its publications, trade events, and electronic media.
Posted: July 2011