Indian Orthopedic Joint Replacement Market Gaining Ground with a Rise in Arthritis Population and Booming Economy
The Market is Expected to Grow at a Compound Annual Growth Rate of 26.7 per cent during 2010-2017
The joint replacement market in India is projected to grow impressively at about 25-30 per cent over the next five to seven years, owing to an increase in the aging population, sedentary lifestyle, booming economy, better healthcare infrastructure and the opening up of the insurance sector. With over 70,000 hip and knee replacements being performed every year, the growth rate of the orthopedic implants is estimated to be more than 25 per cent per annum for the next five to six years.
With a growing population of potential patients, rising awareness about the impact of joint problems, and the importance of surgical treatments, the market for orthopedic implants promises to be one of the most lucrative segments in the Indian medical device market, observes the analyst of this research service. The reduced price of implants could extend the products’ reach to various classes and sections of the population, thereby creating a wider customer base.
However, not many people are willing to undergo surgery, mainly due to the risks involved – a prolonged recovery period and the fear of whether the surgery will be successful or not. Joint replacement surgery is believed to be associated with complications, including infections and the risk of implant failure. Most patients prefer alternative treatment methods or other non-surgical procedures such as physiotherapy, exercises, or yoga, observes the analyst. Therefore, the penetration of joint replacement products in the market is limited.
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