The global orthopedic devices market is
expected to reach USD 43.1 billion by 2024, according to a new report published
by Grand View Research, Inc. Major drivers of the market include the rising
demand for orthopedic surgeries owing to the growth in road accidents and the
prevalence of orthopedic diseases.
The introduction
of new products made of materials, such as various types of ceramics and
polymers, has led to a rise in the success rates of surgeries. In addition,
these products are available at affordable costs and customizable sizes and
shapes. As a result, the adoption of these advanced products is swiftly
increasing. In addition, the rising geriatric population prone to orthopedic
diseases, such as osteoporosis and arthritis, is augmenting the growth of the
market.
Hip and knee
applications together accounted for the largest market share in 2015. A
relatively high rate of hip and knee replacement surgeries coupled with the
constant innovations in the treatment of hip and knee injuries is contributing
towards the growth of these application segments.
Stringent
regulatory approval procedures are the prime factors restraining the growth of
the market. In addition, a high device cost and expensive surgical costs are
some other factors impeding the market growth.
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Further key findings from the study suggest:
- The knee orthopedic devices segment captured the largest share of the market in 2015. This was attributed to the factors such as a high rate of knee surgeries including common knee injuries to total knee replacements.
- The hip orthopedic devices segment was the second largest market in 2015. The large portfolio for hip injury management is expected to result in a significant share in the global market.
- North America captured the largest market share of 51.4% in 2015 and is expected to maintain its dominance over the forecast period. The presence of a large number of major market players and a high adoption rate of advanced technologies are the factors driving the growth of the market in the region.
- The Asia Pacific market is expected to witness a lucrative CAGR of 8.6% during the forecast period. The presence of a large untapped market and the availability of supportive government regulations are expected to attract the attention of the global players.
- Some major players in the orthopedic devices market include NuVasive, Inc., Medtronic PLC, Zimmer-Biomet Holdings, DePuySynthes, Stryker, Aesculap Implant Systems, LLC, Donjoy, Inc., and Conmed Corporation
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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