It seems new and exciting medical breakthroughs are constantly being revealed on television programs and in newspapers—and there’s a reason for it: The 21st century has offered amazing opportunities for the medical industry. This sector is expected to be worth a staggering $127.1 billion this year in the U.S.
Thanks to the growing interest in health and life-extension, the U.S. ranks as the world’s largest spenders per capita on medical devices—and within the medical device market, the orthopedics industry is a major player. As the massive “Baby Boomer” generation ages, the demand for orthopedics (such as knee and hip replacements) grows as well, and according to the Millennium Research Group, the U.S. orthopedic extremity device market should be worth $4.2 billion by 2016.
While knee and hip replacements make up a large share of the orthopedics industry, plenty of other innovations and inventions are in the spotlight as well, including:
- A push toward generic over name-brand devices, making these technologies more accessible.
- The fundamental change brought by the emergence of 3-D printing.
- The growth of the sports medicine industry.
- The exoskeleton suit.
These are just a few of the interesting and exciting trends that will help orthopedics in the U.S. grow over the next decade, and we’re working to continue to boost the industry. For more information on how our products function in this growing sector, check out Metal Craft and Riverside Machine & Engineering.