SAN FRANCISCO, August 14, 2018 /PRNewswire/ --
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.
Browse full research report with TOC on "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" at: https://www.grandviewresearch.com/industry-analysis/orthopedic-devices-market
Further Key Findings From the Report 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.
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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 - 2024)
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Craniomaxillofacial Orthopedic Devices
- Dental Orthopedic Devices
- Sports Injuries, Extremities and Trauma (SET) Orthopedic Devices
- Orthopedic Devices Product Outlook (Revenue, USD Million, 2014 - 2024)
- Surgical Devices
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Screw Drivers
- Orthopedic Devices Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- North America
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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.
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