It is a common consensus that the spine and orthopedic device market is set to grow in the coming years — but to what extent? Market research firms attempt to give the those in the industry a sense of what to expect.
Here are five illuminating market reports on the spine and orthopedic device market:
1. The U.S. implantable medical devices market is expected to reach $73.9 billion by 2018, according to a Transparency Market Research report. It was valued at $43.1 billion in 2011, and is expected to grow at a compound annual growth rate of 8 percent from 2012 to 2018.
The market for these implants is influenced by demographic factors such as increase in the aging population, rise in the incidence of chronic cardiovascular and musculoskeletal diseases and per capita increase in healthcare expenditure.
2. The U.S. knee reconstruction device market is expected to grow to more than $5 billion by 2020, according to a new report by iData Research. This market is comprised of primary knee implants, partial knee implants, revision implants and cutting blocks. Main players driving the market's growth are Zimmer, DePuy Synthes, Stryker and Smith & Nephew.
3. The U.S. market for nonfusion spinal technologies and disc diagnostic devices is projected to reach $1.1 billion by 2017, according to a new report from Global Information. The largest segment of this market is minimally invasive discectomy devices, which accounted for approximately 46.5 percent of sales in 2012. The second largest segment is spinal diagnostic/visualization devices, which accounted for around 28.6 percent of sales.
4. The global orthopedic devices market is expected to reach $41.2 billion in 2019, according to a report released by Research and Markets. The market was valued at $29.2 billion in 2012 and is expected to grow at a compound annual growth rate of 4.9 percent from 2013 to 2019.
5. The global medical robot systems market is expected to reach $3.8 billion by 2018, according to a MarketsandMarkets report. The market was valued at $1.8 billion in 2013, and is estimated to grow at a compound annual growth rate of 16.1 percent from 2013 to 2018. The key players in the market include Intuitive Surgical, Accuray, MAKO Surgical, Mazor Robotics, Hansen Medical, Titan Medical and Health Robotics, among others.
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