LONDON--(BUSINESS WIRE)-- The orthopedics implant market in Singapore is expected to grow at 5.9 per cent annually. 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 in the orthopedics market Singaporean hospitals are equipped with advanced medical technology and are able to offer leading 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. 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. This was followed by hip implants accounting for 30.0 percent; ankle and shoulder implants were fairly small, with 5.0 percent and 2.0 percent of market share. Knee implant unit shipment and revenues are largely driven by revision surgeries as the previous implants are of less durable type. Also, manufacturers and designers are provided the opportunity to improve the quality, which may give further competitive advantage over others.
Medical professionals in Singapore are required to attend Continuing Medical Education (CME) events to keep in step with the latest medical advancements. 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 growth in the market. Surgical methods such as minimally invasive surgery (MIS) are further encouraging patients to opt for joint implant procedures. With the expanding ageing population in Singapore, the demand for orthopedic implant products is poised for an upsurge. Despite the high percentage of aging population, in terms of actual numbers, the aging population is relatively small, as Singapore's population is only 5.1 million in 2010. Orthopedic implant manufacturers are competing aggressively for a small share in the market.
Analysis of the Orthopedics Implant Market - Future of Joint Replacements
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KEYWORDS: United Kingdom Europe Asia Pacific Singapore
INDUSTRY KEYWORDS: Surgery Health Hospitals