Science has given mankind many miracles. But the most enduring and impactful of these has been the introduction and commercialization of modern medicine. It has single-handedly ended the reign of dreaded diseases, improved longevity and provided succour to those who are afflicted.
With that in mind, it comes as no surprise that the medicines, medical devices and implants industries are poised to witness consistent growth not only in 2018 but over the next 10 years.
United States is a Thriving Devices and Implants Market:
The combined value of the various players in the medical devices sector is a staggering 155 billion USD.
Implants alone account for more than 70 billion USD.
There are a few reasons why the projected expansion of this space is extremely optimistic.
– The population in the US is aging fast. Some of the Baby Boomers – the largest segment of the American population before the Millennials arrived on the scene have already touched the 70 years mark. It is estimated that more than 24% of US citizens will be 65 or older soon. The common maladies of age and bone degradation turn the elderly into busy consumers of medical services, devices, and therapy.
– The increasingly sedentary lifestyle of generation Y is preparing the stage for spine issues and organ degeneration in the relatively young workforce as well. Both are managed through surgical interventions and the introduction of implantable support systems.
– Insurance availability has peaked in the past few years. Even if the freedom to visit the doctor is curtailed because of reforms presented by the administration, there will still be people who can now afford medical devices and assistance, and they will opt for them to improve their lives further fuelling growth.
Hammill Medical is Ready to Play its Part
Market research puts orthopedic implants as a leader in the medical devices category. Hammill Medical is an ISO 13485 accredited and FDA registered manufacturer of medical devices specializing in orthopedic and spinal implants.
With the ability to see production through from original concept to high-quality finished item at our 90,000-sq. ft. state of the art facility, our name has inspired trust and embodied innovation for well over half a century.
We are the perfect partner for businesses looking to capitalize on the trend of implantable medical devices. For more information contact us today.