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Orthopedic Devices Market will see steady growth to cross 53 billion USD by 2024

Global Market Insights,Inc.
Posted on: 17 Aug 17
Orthopedic Devices Market will see steady growth to cross 53 billion USD by 2024 U.S held 90% of orthopedic devices market share in terms of regional revenue and the estimated market value is poised to exceed USD 25 billion by 2024, led by increasing adoption of advanced orthopedic solutions & improved healthcare infrastructure.

PR Newswire

OCEAN VIEW, Del., Aug. 17, 2017

OCEAN VIEW, Del., Aug. 17, 2017 /PRNewswire-iReach/ -- The Industry Growth report "Orthopedic Devices MarketBy 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. forecast Orthopedic Devices Market is expected to exceed $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 the report, "Orthopedic Devices Market" in detail along with the table of contents:

Trauma fixation devices should witness lucrative growth due to rising geriatric population susceptible to bone disorders and growing instances of road accidents, leading to bone fractures and spinal injuries. However, high devices cost and expensive nature of surgeries may hamper industry growth over forecast years.

Orthobiologics is set to exceed USD 4 billion by 2024, owing to its rising demand among surgeons as a bone grafts and substitutes. Growing geriatric population, increasing prevalence of musculoskeletal disorders, changing lifestyle and availability of innovative products will trigger industry growth.

 U.S. orthopedic devices market was valued at over USD 20 billion in 2016 and is anticipated to witness significant growth over the coming years. Rising prevalence of osteoporosis, osteoarthritis, and musculoskeletal disorders, growing geriatric population, adoption of advanced technologies and presence of sophisticated healthcare infrastructure should boost orthopedic devices industry growth.

UK orthopedic devices market accounted for more than 15% of Europe revenue share, owing to huge geriatric population base and rising prevalence of bone diseases. Increasing economic burden of fractures and other bone related ailments should accelerate growth.

Japan orthopedic devices market held over 40% of regional revenue share with the target market size set to exceed USD 2 billion by 2024. Rapidly growing geriatric population base and increasing incidence of spine disorders and bone injuries should stimulate business growth. Adoption of advanced technologies and growing patient awareness will also propel industry growth.

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Mexico orthopedic devices market size was valued over USD 300 million in 2016. Increasing prevalence of osteoporosis, growing number of accidents, increasing economic burden of bone ailments, and improvement in healthcare infrastructure should stimulate industry growth.

Some of the companies operating in the orthopedic devices market include Medtronic, Stryker, Zimmer Biomet, ConforMIS, DJO Global, MicroPort Scientific Corporation, NuVasive, Medacta, Globus Medical, Smith & Nephew, and DePuy Synthes. The industry is primarily driven by strategic acquisitions coupled with new product launches and geographical expansion. Industry participants strive to retain their market position in high profitable areas and high growth verticals by adoption these strategies.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Last updated on: 17/08/2017

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