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Frost&Sullivan: Orthopedics Implant Market Grow as Singapore Emerge as Joint Replacement Surgery Hub

Increasing Aging Population and Revision Surgeries Help Sustain Market Momentum

 
PRLog - Nov. 2, 2011 - Singapore – The orthopedics implant market in Singapore is slated to grow at a compound annual growth rate (CAGR) of 5.9 percent. As a leading biocluster in Asia, Singapore provides access to global talent, world-class scientific and clinical excellence, as well as excellent connectivity to key regional markets. Singaporean hospitals are equipped with advanced medical technology and are able to offer edge treatments with outcomes comparable to renowned institutions worldwide.

Some milestones in the Singaporean orthopedics market include the success of Singapore General Hospital as the first hospital in Southeast Asia to perform minimally invasive spine surgery. The Medical Tourism Association has identified Singapore as the most prominent hub for foreigners to travel and receive surgical care.

New analysis from Frost & Sullivan, Analysis of the Orthopedics Implant Market - Future of Joint Replacements, finds that the market earned revenue of US$7.1 million in 2010 and estimates this to reach US$9.3 million in 2015.

“Knee procedures were the highest among the segmented market with 63.0 percent as knee injuries affect all ages of population, not just the elderly community,” says Frost & Sullivan Research Analyst Yamunah Kandasamy. “This was followed by hip implants, accounting for 30.0 per cent; ankle and shoulder implants were fairly small segments, with 5.0 per cent and 2.0 per cent, respectively of the market share.”

Knee implant unit shipment and revenues are largely driven by revision surgeries as the previous implants are of a less durable type. Also, manufacturers and designers are provided the opportunity to improve the quality, which may give further competitive advantage over others.

Orthopedic surgeons are continually updating themselves on new surgical procedures. Medical device companies and medical organizations are educating surgeons and popularizing new surgical techniques, indirectly spurring demand for orthopedic implants.

High awareness of the surgical option among patients is another factor stoking market growth. Surgical methods such as minimally invasive surgery (MIS) are encouraging patients to opt for joint implant procedures.

Large government hospitals prefer purchasing on a tender basis, causing price wars among participants. Tenders affect the Singapore market to a greater extent since companies in the market tend to compete on price. Key participants hold sway over the concentrated market and all of them compete for tenders.

To penetrate this market, companies must focus on specialized niche areas, such as stem cell enabled implants. Considering that the market is mature, continuous efforts may be required to differentiate products in this space.

“Going forward, robotic surgery in orthopedics would be preferred by most surgeons as it is less invasive and the recovery time is shorter,” concludes Kandasamy. “Despite the high cost, reimbursements and insurance will make it possible for most patients to have access to robotic surgery in the future.”

If you are interested in more information on this study, please send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah@frost.com, with your contact details.

Analysis of the Orthopedics Implant Market - Future of Joint Replacements is part of the Medical Devices Growth Partnership Service program, which also includes research in the following markets: Wound Care Market in Malaysia, Wound Care Market in Taiwan, SMBG market for Thailand, SMBG market for Hong Kong as well as Endoscope and Surgical Products Market for Vietnam. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

Analysis of the Orthopedics Implant Market - Future of Joint Replacements
P55B

Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +603 6204 5832
F: +603 6201 7402
E: djeremiah@frost.com

Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
E: carrie.low@frost.com

Jessie Loh
Corporate Communications – Asia Pacific
P: +65 6890 0942
E: jessie.loh@frost.com

http://www.frost.com

# # #

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's research and consulting services empower clients to generate, evaluate, and implement effective growth strategies.

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Contact Email:
***@frost.com
Source:Frost & Sullivan
Country:United States
Industry:Health, Medical, Fitness
Tags:singapore, orthopedics, hospital, medical technology, spine, implants, joint replacement, knee, surgery, robotic surgery
Shortcut:prlog.org/11713312
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