Global Orthopedic Devices Market Size and Share Report, 2018 to 2026by Susan Hill Business Consultant
The global orthopedic device market size is expected to reach USD 47.7 billion by 2026, according to the study performed by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1% over the forecast period. Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and prevalence of orthopedic diseases.
Rise in geriatric population prone to orthopedic conditions is primarily pushing the demand for orthopedic solutions globally. Effects of aging such as lowering of bone density and weakening of bones due to excessive loss of bone mass is prominent in people from 25 to 54 years age group that become more noticeable after 55 years.
High adoption of minimally invasive surgeries and increasing number of sports and road traffic accidents are expected to fuel growth of the orthopedic devices market growth during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
Stringent procedures of regulatory approvals are anticipated to hinder market growth in near future. In addition, high cost of devices and surgeries are some other factors likely to impede the growth.
Further key findings from the study suggest:
- Knee orthopedic devices captured the largest market share in 2017 attributed to rise in knee surgeries including common knee injuries and total knee replacements
- North America captured the largest market share in 2017 and is expected to continue leading over the forecast period. The presence of a large number of major market players and high adoption of advanced technologies are the major driving factors.
- Asia Pacific is expected to exhibit a lucrative CAGR during the forecast period. The presence of a large untapped market and supportive government regulations are expected to attract attention of the global market players.
- Some of the major players in the orthopedic devices market include NuVasive, Inc.; Medtronic PLC; Zimmer-Biomet Holdings; DePuy Synthes; Stryker; Aesculap Implant Systems, LLC; Donjoy, Inc.; and Conmed Corporation.
Grand View Research has segmented the global orthopedic devices market on the basis of application, product, and region:
Orthopedic Devices Application Outlook (Revenue, USD Million, 2014 - 2026)
- Cranio-Maxillofacial (CMF)
- Sports Injuries, Extremities and Trauma (SET)
Orthopedic Devices Product Outlook (Revenue, USD Million, 2014 - 2026)
- Surgical Devices
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Screw Drivers
Orthopedic Devices Regional Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
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Created on Jul 3rd 2019 08:32. Viewed 211 times.