— Orthopedic Devices Market is poised to reach USD 53 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing geriatric population base along with increasing demand for minimally invasive surgeries are catalyzing orthopedic devices market demand. The sedentary lifestyles along with poor dietary intake and lack of physical activity have led to an increasing prevalence of bone disorders like osteoporosis, arthritis, which is subsequently stimulating the necessity of orthopedic devices globally.
In addition to this, medical research which has enabled advancements in osteology is also providing a significant impetus to the market growth. Considering the dominance of bio based implants in the market, governments of developing nations are also encouraging usage of cost effective equipment to bring down the cost burden of the expensive surgical procedures.
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Joint reconstruction devices market is one domain which has observed remarkable expansion in a relatively shorter span, subject to the growing need for effective treatment for bone related disorders. It covered almost 40% of the global orthopedic devices market in 2015. Technological progressions, growing occurrences of osteoarthritis and osteoporosis, along with increasing rate of road accidents have significantly influenced the business growth.
As per estimates, based on these strong grounds, joint reconstruction orthopedic devices market will register an annual growth rate of 3% over the coming seven years. Spinal devices will also witness steady gains with the introduction of innovative approaches for spine disorder treatments. The segment is expected to witness 3.5% CAGR over 2017-2024. Trauma fixation orthopedic devices market will also acquire substantial revenue of USD 7 billion by the end of 2024.
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:
Regionally, U.S. holds a strong position in the global industry subject to the growing elderly population (above 65 years) and advanced healthcare infrastructure in the country. U.S. orthopedic devices market covered 90% of the North America’s industry share having held a valuation of USD 20 billion in 2016. With rigorous research activities to develop innovative products, U.S. market is set to exceed a revenue of USD 25 billion by 2024. With Germany at the growth front, Europe orthopedic devices industry will also observe substantial growth in the years ahead. Germany represented 20% of the Europe industry share in 2016. Extensive research in the field of arthroscopic devices and orthobiologics is stimulating the regional market dynamics.
Geographical expansion, development of novel products, and business alliances are the major growth strategies adopted by the market players to sustain in the fiercely competitive scenario. Some of the prominent orthopedic devices industry participants include Medtronic, MicroPort Scientific Corporation, ConforMIS, Zimmer Biomet, DJO Global, and Stryker.
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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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