BURNABY, Canada, February 1, 2016 /PRNewswire/ --
Growing geriatric population and escalating number of road accidents to drive China orthopedic devices and materials market
According to recently published Pharmaion report, "China Orthopedic Devices and Materials Market Opportunities, 2011-2021", the orthopedic devices and materials market in China is anticipated to grow at a CAGR of over 18% during 2016 - 2021. Few of the major factors anticipated to influence the growth of orthopedic devices and materials market in China include increasing number of elderly population suffering from orthopedic conditions, such as osteoporosis, osteoarthritis, rheumatoid arthritis, etc., coupled with escalating number of road accidents in the country. Moreover, increasing purchasing power and introduction of government aided public medical insurance schemes has reduced the financial burden on patients, thereby positively influencing their willingness to receive orthopedic care.
On the basis of type, the orthopedic devices and materials market has been segmented into two categories, namely, orthopedic devices and orthopedic materials. Out of these categories, orthopedic devices dominated the market in 2015 on account of higher prices of implantable orthopedic devices, such as joint replacement devices or spinal fusion devices. In 2015, hospitals were the major end user of orthopedic devices and materials in the country, and the same trend is anticipated to continue through 2021.
Increasing incidence of musculoskeletal injuries is also boosting demand for orthopedic devices and materials that enhance joint mobilization and flexibility of muscles. Moreover, growing preference for minimally invasive and effective surgeries that require less incision is also contributing towards the rising demand for orthopedic devices and materials in China. Region-wise, the largest share in the orthopedic devices and materials market in China was captured by North & North East, followed by East, South Central, South West and North West regions.
"China orthopedic devices and materials market will continue to exhibit robust growth over the next five years. The government is also increasing its focus on domestically developed innovative orthopedic implants, and has consequently issued Special Approval Process for Innovative Medical Devices Regulation, which is encouraging manufacturers to develop highly advanced orthopedic device in the country." said Mr. Brijesh Khurana, Consultant with Pharmaion Consultants, a research based global management consulting firm.
Johnson & Johnson Medical (Suzhou) Ltd., Medtronic Medical Appliance Technology & Service (Shanghai) Limited, Stryker (Suzhou) Medical Technology Co. Ltd., Zimmer Biomet, Smith and Nephew China, etc., are some of the major players operating in China orthopedic devices and materials market.
"China Orthopedic Devices and Materials Market Opportunities, 2011-2021" has analyzed the potential of orthopedic devices and materials market in China and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the China orthopedic devices and materials market.
Pharmaion is a research based management consulting firm focused exclusively on Healthcare & Pharmaceutical industry. Led by a team of dynamic industry experts, Pharmaion provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, Pharmaion's clients lead rather than follow market trends. Pharmaion has developed a proprietary database which focuses on identifying the unexplored opportunities in Healthcare and Pharmaceutical industry.
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