The
global industry report "Orthopedic Devices
Market Size By Product (Joint Reconstruction,
Spinal Devices, Trauma Fixation Devices, Orthobiologics, Arthroscopic Devices),
Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy,
France, Spain, Poland, Russia, China, India, Japan, Australia, South Korea,
Taiwan, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, Qatar, Egypt,
UAE), Application Potential, Competitive Market Share & Forecast, 2017 -
2024" by Global Market
Insights, Inc. says orthopedic
devices industry to surpass USD 53 billion by 2024.
Breakthroughs
in osteology which has resulted in development of cost-effective equipment
coupled with rise in sports injuries will impel orthopedic devices market
growth. The new inventions in 3D printing technology and robot assisted
surgeries will also generate lucrative avenues for the orthopedic devices
industry in the years to come. The geriatric population base which is highly
susceptible to bone diseases such as arthritis, osteoporosis, etc. will
substantially drive the demand for these devices. As per the WHO, the worldwide
population above 60 years of age will reach 2 billion by 2050. With this
escalating trend, the orthopedic devices market is certain to witness a strong
growth chart ahead.
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Rising preference for minimally invasive surgical procedures and
massive usage of novel biodegradable implants for medical treatment will
contribute substantially towards orthopedic devices market share in future.
Obesity, sedentary lifestyle, irregular diet, and high consumption of alcohol
will further add to the growing popularity of the orthopedic devices. The
orthopedic devices industry is foreseen to witness remarkable growth in
developing nations as compared to developed nations, owing to large-scale acceptance
of the devices in the emerging economies plus market saturation in developed
economies.
Taking into consideration the regional trends, UK orthopedic
devices industry, which contributed more than 15% of Europe industry revenue in
2016, will exhibit an appreciable surge over the next few years. Rising
frequency of bone disorders among the increasing elderly population is
predicted to spur the revenue.
Browse
key industry insights spread across 135 pages with 48 market data tables &
8 figures & charts from this 2017 report Orthopedic Devices Market in detail along with the table of
contents at:
U.S.
Orthopedic devices market, which was estimated at USD 20 billion in 2016, is
forecast to exceed USD 25 billion by 2024. Enhanced healthcare amenities along
with burgeoning demand for orthopedic services due to high incidence of
ailments such as osteoporosis, musculoskeletal disorders, and osteoarthritis
will accelerate the business growth.
Mexico
orthopedic devices industry, worth USD 300 million in 2016, is projected to
expand remarkably over the next few years subject to escalating rate of road
accidents and increase in the number of the bone disorders. High research in
the field of arthroscopic equipment and orthobiologics is expected to drive
Germany orthopedic devices industry development which contributed over 20% to
the Europe industry share in 2016.
Brazil
orthopedic devices market, which accumulated a revenue of USD 750 million in
2016, is anticipated to experience a bulging growth over the coming years. Rise
in the disposable income and high investments in orthopedic care activities
will make the environment of the region more business & entrepreneur
friendly, thereby fostering the industry expansion.
Orthopedic devices industry in China is
forecast to grow significantly at a CAGR of 12% over 2017-2024, driven by swift
economic development and high patient consciousness about novel orthopedic
services. Japan orthopedic devices industry, which accounted for more than 40%
of the APAC industry revenue in 2016, is projected to hit USD 2 billion by
2024. Acceptance of modern technologies coupled with rise in the occurrence of
spinal cord disorders are few of the factors predicted to contribute
prominently towards the regional revenue.
Arthroscopic devices, Joint
Reconstruction, Orthobiologics, Trauma Fixation Devices, and Spinal Devices are
few of the major orthopedic devices. Joint reconstruction devices, which
accounted for more than 40% of orthopedic devices industry revenue in 2016, is
set to grow at a rate of 3% over the coming seven years. Increase in the number
of road and sports injuries will boost the product demand.
Orthopedic devices market revenue from
orthobiologics is predicted to surpass USD 4 billion by 2024, driven by its
immense usage as substitutes and bone grafts. Spinal devices are projected to
observe a notable gains of 3.5% during the period from 2017 to 2024, owing to
high occurrence of degenerative disc disorders among the aging people plus
product innovation for treating disorders of spine.
Trauma fixation devices are likely to
collect a revenue of USD 7 billion by 2024, subject to its high need in
developing regions and product differentiation in the comparatively matured
markets of developed regions.
Market players are trying to implement
major business growth strategies such as product development, joint ventures,
and strategic alliances to retain their position in the industry. Stryker
Corporation, Medtronic, Zimmer Biomet, Smith & Nephew Plc, MicroPort
Scientific Corporation, NuVasive Incorporation, DJO Global, ConforMIS, The
DePuy Synthes Companies, Globus Medical, and The Medacta Group are the major
participants of orthopedic devices industry.
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