More than 3 million patients worldwide undergo surgery each year to address knee pain and deformity caused by degenerative diseases, sports injuries and arthritis. Approximately 1.2 million of these patients undergo total knee replacement for end stage knee arthritis. Over 40 percent of the over-65s suffer from arthritic diseases. In 2013, revenues generated from sales of orthopedic implants reached $48 billion worldwide. In 2013, the U.S., Europe and Japan accounted for more than 80 percent of the global orthopedic marketplace; however, less than 20 percent of the world’s 6.9 billion people live in these geographic regions. Clearly orthopedic opportunities exist outside these 3 major markets, as most of the people in underdeveloped nations will need musculoskeletal care throughout their lives. Our affordable orthopedic products ranging from bio-scaffolds to customized implants are expected to revolutionize the orthopedic industry in these markets by providing a solution to the treatment of bone and joint problems. Using confirmed reimbursement and pricing assumptions, we estimate the addressable OUS market for our knee products at over $14 billion USD. The primary medical specialists who use our orthopedic products are knee surgeons, orthopedic surgeons and interventional radiologists.
AURUM is committed to bringing to market novel products focusing on state of the art implants designed in California, USA and novel 3D printed orthopedic scaffolds to induce repair and replacement of human tissue including bone, cartilage and joints. ISAAC is embarking on groundbreaking innovative technologies to design and create personalized joint replacement technologies to address applications in orthopedic surgery, plastic reconstructive surgery and allied fields. The products designed by AURUM will both be affordable and incorporate the latest designs for which there is high demand in the medical field.
With innovation and market leadership, we have pioneered advances in medical technology to treat knee and hip problems ranging from sports injuries to degenerative diseases and arthritis. Utilizing specialized materials and 3D printing we are able to design specific scaffolds for bone and osteochondral defects. Using state of the art machining technologies we are able to produce the latest knee and hip replacement designs. We aim to manufacture reconstructive implants used to replace failed hip and knee joints. This technology can be extended to treat other limb joints in due course. We are actively broadening our portfolio of FDA cleared products. Most of our products are in the 510k class and regulatory clearance is expected to be straightforward.