LONDON, Oct. 3, 2016 /PRNewswire/ -- The global orthopedic implants market is expected to reach USD 6.2 billion by 2024, according to a new report by Grand View Research, Inc. Major drivers, such as the surging geriatric population count and the increasing number of sports injuries are fueling the demand for the orthopedic prostheses globally.
The soaring number of road accidents and sports injuries is continually engendering the multitude of worldwide trauma cases. In addition, people above the age of 65 years are highly prone to orthopedic diseases and fractures since bone density progressively reduces with increasing age. Thus, the growth in the number of trauma cases and the escalating elderly population is furtherdriving the target patient base for prosthetic implants.
On the other hand, the cost prohibitive nature of these implants coupled with the inadequate reimbursement coverage is the prime factor restraining the growth of the global market. In addition, the existent stringent regulatory framework and the frequent product recalls are some of the other factors further challenging the growth.
Further key findings from the study suggest:
The knee replacement segment captured the largest share of the global market in 2015, which is attributable mainly tothe high prevalence of osteoporosis and arthritis.
The orthopedic implants for long bones are anticipated to show the fastest growth rate owing to the constantly rising sports injuries and accident trauma cases.
North America captured the largest market share of 53.4% in 2015 and is expected to maintain its dominance throughout the forecast period. The presence of a well-defined regulatory framework, recommendations of government and healthcare agencies, and the current high adoption rate of minimally invasive procedures are the major factors supporting the growth of the market in North America.
Asia Pacific is anticipated to exhibit fast paced growth during the forecast period due mainly to therising disposable income, growing awareness with regard to improved and advanced orthopedic prostheses, progressively improving healthcare infrastructure, and the flourishing medical tourism industry are some of the factors rendering the Asia Pacific region attractive to the international players.
The global orthopedic implants market is fragmented with the presence of many local players. Thus, market players are adopting strategies including mergers and acquisitions and distribution partnerships to expand their overall market share and sustain themselves in the competition.
Some key players operating in this market include Zimmer Biomet Holdings, Inc., Stryker Corporation, DepuySynthes, Smith & Nephew plc, Wright Medical Group N.V, and Medtronic Plc.
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