The global orthopedic devices market size is expected to reach USD 43.1 billion by 2024
NEW YORK, August 1, 2018 /PRNewswire/ -- Orthopedic Devices Market Size, Share & Trends Analysis Report By Application (Hip, Knee, Spine, Dental, Craniomaxillofacial, Sports Injuries, Extremities, and Trauma), By Product, And Segment Forecasts, 2018 - 2024
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The global orthopedic devices market size is expected to reach USD 43.1 billion by 2024, according to a study by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.4% over the forecast period. Major market drivers include rising demand for orthopedic surgeries owing to rise in road accidents and high prevalence of orthopedic ailments.
Growth in geriatric population prone to orthopedic conditions is primarily pushing demand for orthopedic solutions globally. Effects of aging, such as diminishing bone density and weakening bones due to excessive loss of bone mass, make their presence felt from 35 years of age and become more prominent after 55 years.
High adoption of minimally invasive surgeries and increasing number of sport-related injuries and road accidents are expected to fuel demand for orthopedic devices during the forecast period.Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries driving the market.
On the down side, stringent regulatory approval procedures are key factors restraining market growth. In addition, high cost of these devices and surgical procedures threaten the growth of the market.
Further key findings from the study suggest:
• The knee surgery segment captured the largest revenue share in 2016 accredited to rising knee surgeries, ranging from common knee injuries to total knee replacements
• The hip surgery segment captured second largest revenue share in 2016, fueled by availability of a wide range of treatment products
• North America is expected to maintain its dominance throughout the forecast period. Presence of a large number of major players and high adoption of advanced technologies are regional growth drivers
• Asia Pacific is expected to exhibit a lucrative CAGR during the forecast period. Presence of untapped opportunities, coupled with supportive government regulations, is expected to attract global players
• Some of the major market players are NuVasive, Inc.; Medtronic PLC; Zimmer-Biomet Holdings; DePuy Synthes Companies; Stryker Corporation; Aesculap Implant Systems, Inc.; Donjoy, Inc.; and Conmed Corporation.
Read the full report: https://www.reportlinker.com/p05479699
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