BLOOMINGTON, Minnesota, July 26, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Orthopedics Devices Market- Analysis and Forecast, 2017-2023", the global orthopedics devices market was valued at $40.20 billion in the year 2016 and is expected to reach $61.02 billion by the end of 2023 growing at a CAGR of 6.1% during the forecast period. Growing prevalence of various orthopedic disorders, increasing geriatric population, recent advancements in medical technology and rise in the demand of minimally invasive surgical procedures largely contributes to the growth of this market.
Browse 66 market Data Tables and 186 Figures spread through 366 Pages and in-depth TOC on "Global Orthopedics Devices Market"
The growing prevalence of osteoporosis, arthritis and other orthopedic disorders is driving this market forward. In addition to this, there has been an increase in the number of sports injuries among the younger population, which is acting as a major factor in influencing the market in a positive manner. Research and development in this field have considerably increased and companies are investing extensively in this process, which is paving the way for future technological advancement in the industry. Various companies are engaging in collaborations and strategic partnerships, which is further driving the growth of the market.
Despite the transformational factors driving the growth of the market, there are several factors restraining the growth of the market. Factors such as high cost of devices and implants, alteration in reimbursement scenarios, biocompatibility concerns, strict regulatory approval procedures, a dearth of skilled surgeons, increasing product recalls, and large scale competition in orthopedics device market are creating friction in the growth of the market.
BIS Research Report: https://bisresearch.com/requestsample?id=395&type=download
According to Pushplata, an analyst at BIS Research, "the shoulder implant market is estimated to grow at CAGR of 5.9% throughout the forecast period to generate over $1 billion in 2023. This increase in revenue can be attributed to the higher average selling prices for shoulder joint implants, improvement in implant designs and surgical techniques, and growth in shoulder osteoarthritis, shoulder fractures, and inflammatory arthropathies."
- Among various segments, joint reconstruction and replacement devices segment is currently the major revenue generator. The joint reconstruction and replacement devices segment is expected to reach $24.38 billion by 2023
- Based on end users, hospitals are an essential consumer of orthopedic devices and are anticipated to grow at a CAGR of 5.8% from 2017 to 2023.
- Based on geography, North America is the largest revenue generator for orthopedic devices and was valued at $18.90 billion in 2016
- Latin America and Asia Pacific are expected to be the fastest growing regions with a CAGR of 12.2% and 9.6% respectively for the forecast period of 2017 to 2023.
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This market intelligence report provides a multidimensional view of the global orthopedics devices market in terms of market size and growth potential. It also presents the readers with factors such as market drivers, restraints, and opportunities that exist in this field. The report is well designed to analyze and estimate the performance as well as the demand of various orthopedics devices, implants, instruments and surgical procedures which aid in making sound clinical decisions for better patient outcomes. Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with recent market activities such as product launches, regulatory clearance, certifications, partnerships, collaborations, business expansions, as well as mergers and acquisitions etc. The research report provides a comprehensive analysis of product sales, manufacturers and trend analysis by segments and demand by geographical regions.
This report is a meticulous compilation of research on more than 200 players in the orthopedic devices market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 70 leading companies, market participants and vendors. The report also profiles 15 companies including many key players such as:
• Zimmer Biomet Holdings Inc. (U.S.)
• Medtronic Public Limited Company (Ireland)
• Globus Medical Inc. (U.S.)
• Wright Medical Group N.V. (U.K.)
• Johnson & Johnson (U.S.)
• Smith & Nephew plc (U.K.)
• Stryker Corporation (U.S.)
• RTI Surgical Inc. (U.S.)
• Arthrex Inc. (U.S.)
• AlloSource (U.S.)
Key questions answered in the report:
- What are the key trends and developments taking place in the global orthopedics market?
- What are the major market drivers, challenges and opportunities in the global orthopedic devices market?
- How did the orthopedic devices market evolve and what is its scope in the future?
- What is the market share of the leading segments and sub-segments of the global orthopedic devices market in 2016 and 2023?
- How will each segment of the global orthopedic devices market grow over during the forecast period and the revenue generated by each of the segments by the end of 2023?
- Who are the leading players in the global orthopedic devices market and their respective market shares?
- What are the influencing factors that may affect the market share of the key players?
- How will the industry evolve during the forecast period between 2017 and 2023?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- Which is the geographical location contributing to the highest sales of global orthopedic devices?
- How is the China orthopedic market evolving?
- What is the expected market value for orthobiologics market by 2023?
- Which country is dominating the orthopedic devices market?
- How is China orthopedics devices market segmented on the basis of key products?
- On the basis of material, which segment is expected to grow at the highest CAGR?
- What will be the market share for hospitals in the end user segment in 2016?
- How many surgical procedures have been performed in 2016?
Related Report: Global Biomaterials Report
The global biomaterials market is expected to reach $151.65 billion by 2021. The biomaterials market is driven by a number of factors such as superior properties of biomaterials, increasing funds as well as aids by government for research purposes, rise in wound healing therapies and plastic surgeries, growing geriatric population, rising prevalence of cardiovascular diseases, increasing awareness of regenerative medicine, high rate of orthopedic disorders, and growing demand for implantable devices.
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
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