LONDON--(BUSINESS WIRE)--The pediatric orthopedic implants market in North America is expected to grow at a CAGR of above 3% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the pediatric orthopedic implants market in North America by product, including trauma and deformity, spine, sports medicine, and smart implants. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as the US and Canada.
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Market driver: rise in number of children in North America with sports injuries and bone deformities
In the pediatric orthopedic implants market in North America, the increase in number of sports injuries among children is a major driver. A major reason leading to this is the high focus on the regular sports training for children in the age group of 5-16 years. In North America, football, basketball, soccer, and baseball contribute to over 70% of the overall sports injuries in children. Among children in North America, sports and recreational injuries account for over 20% of the traumatic brain injuries.
According to a senior analyst at Technavio for orthopedics and medical devices research, “The need for orthopedic implants in children is increasing in North America due to the increasing instances of injuries, which result in bone injury and fracture. Young athletes may also suffer from tendon and ligament ailments such as tennis elbow and other stress-related bone deformities. To continue playing, children undergo surgeries for these ailments, which drive the pediatric orthopedic implants market in the region.”
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Market trend: commoditization of pediatric orthopedic implants
The increasing contribution of government agencies to standardize pediatric orthopedic implants increases the focus on cost-effective implants, instrumentation, and delivery systems. Players are compelled to reduce the cost of their products, owing to the ongoing pricing pressure and growing demand for pediatric orthopedic procedures. Players are finding it difficult to maintain their profit margin due to the expanding regulatory requirements by various government bodies, which is resulting in the need for increased investment. However, to offer products at a profitable price, companies are focusing on managing their supply chain and eliminating non-value-added cost drivers.
Market challenge: premium pricing
One of the major challenges for the pediatric orthopedic implants market in North America is the premium pricing involved in the process of pediatric orthopedic implant surgeries. Owing to the high cost of material and the cost involved in manufacturing pediatric orthopedic implants, the cost of the orthopedic implants accounts for nearly one-third of the overall cost of the procedure.
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