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The global healthcare industry is undergoing rapid changes, with advances in numerous aspects of the industry. Companies operating in the spine and orthopedic device industry are currently studying and adapting to the changes in the industry.
Spine devices are primarily used to treat various spine disorders through stabilization and decompression capabilities, through non-invasive or minimally invasive medical procedures for pain reduction and faster recovery rates. Rapid innovations in technology such as such as 3D printing and nanotechnology are expected to gain substantial traction in the near future, which will aid in reducing the complexity of the spinal surgeries.
Robotics and 3D printing Gain Importance
As the spine devices industry moves towards customization and personalization to suit the exact needs of individual patients, device companies are pushing to include 3D printing technologies for the development of implants. This technology is being viewed widely as a major area of opportunity for spine implant innovation.
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In addition, hospitals with spine ailment specializations are also increasingly focusing adopting robotic tools and systems for the performance to efficiently perform a range of minimally invasive medical procedures, increasing scope for competitiveness and device development, while specialists get better options to choose from.
Introduction of Biologics and Reducing Opioid Use
The opioid epidemic is a key matter of conversation for the spine device implementation industry as well. As a result, spine device manufacturers have been focusing their research on developing alternatives that require the least use of opioids.
In addition, options which involve the use of biologics are displaying improvements in rates of performance. With regulatory bodies such as the FDA increasing the stringency of rules biologics including doctor training and safety requirements in gaining increased attention as companies study these materials and their effects on improvements for their devices in terms of costs and performances, especially for high risk devices.
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In addition, since most spinal devices companies in North America have ties of production with partners in China, the new tariffs imposed by President Trump on fracture appliances and orthopedic devices are expected to be impacted in the near future.
Manufacturers Look towards Developments in Ambulatory Surgery Centers
A number of spine device manufacturers are focusing their efforts towards the transition of patients and healthcare specialists from conventional inpatient health care settings to alternatives such as ambulatory surgery centers and outpatient surgery centers, as these treatments provide improved opportunity for growth.
In addition, manufacturers are also moving away from conventional product portfolios, with the introduction of new durable and sterile materials in addition to increased autonomy in device functions. As the requirements of global markets continue to change, spine device developers are expected to make changes to maintain efficient supply chains, focusing on increasing investments and resources in critical capabilities to manage the incorporation of new technologies while meeting the needs of patients for the long term.
In addition, service providers are working towards the inclusion of value based plans, which allow the patient to pay on the successful performance of the devices, instead of a prepaid fixed cost for the treatments and devices, which is expected to increase adoption rates on the whole.
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