Patient-specific implant market development forecast
The conservative assessment of the Patient-specific implants (further PSI) market only includes the clinical cases where the use of PSI has no alternative among standard implants, which occurs in about 2% cases. However, the potential PSI applications should also include cases, where (A) the use of PSI leads to better treatment results than standard implants, and (B) the use of PSI decreases the total pathology treatment costs more than the price difference between PSI and standard implants. Therefore, the potential size of the PSI market assessing it within the projection of the global 2014 market of joint, spine, head and trauma implants (40 billion USD) is 6 billion USD (or 15% of the entire implant market). In 2014-2015, the number of PSI implanted in the EU comprised between 18,000 and 22,000 per year, and their value – 160-200 million EUR.
The PSI market is projected to grow organically grow together with standard implant market by 7% per year on average. On the other hand, a gap between current PSI market and its potential is observed. The period during which it is eliminated depends on the extent of success in removing barriers for a wider employability of PSIs. According to our prognosis, in the upcoming 10 years this gap should decrease by 2/3 of the entire demand, and the world PSI market will be growing by 26% a year on average.
This market growth was forecasted assuming that the mass customization of implants business model is implemented. This implies building mass-customization technology platform providing fine-tuning of communication between a surgeon and PSI producer, as well as creation of a web-based PSI dynamic purchasing system that will grant surgeons PSI order access to all certified producers in EU and increase competition between them. Other critical aspect that would significantly contribute to lowering PSI prices is economies of scale.
This together will lead to a decreased average PSI price by 36% and twice shortened of supply lead times. From other side analysis of academic research concludes that using PSI instead of standard implants leads to shorter surgery time, decreases the need for surgical instruments along with corresponding sterilization costs, shortens post-surgery hospitalization and rehab duration, decreases the risk of post-surgery complications. This significant (but often not accounted) outlay economy from using PSIs should ensure the competitive advantage of the latter in comparison with standard implants in the long-run.
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