The advanced orthopedic technologies, implants and regenerative products market is expected to make significant changes over the next four years, according to a BCC Research report.
Here are the key findings from the report:
1. The global market for advanced orthopedics is expected to reach nearly $36.4 billion in 2014, continuing growth to reach $42.2 billion by 2019.
2. The market is expected to grow at a compound annual growth rate of 3 percent over the next four years.
3. The global joint replacement, implant and regenerative products market is projected at $30.1 billion in 2014 and will grow to $34.4 billion by 2019.
4. The global joint replacement, implant and regenerative products market is expected to grow at a compound annual growth rate of 2.7 percent through 2019.
5. The global cartilage, soft tissue repair and regenerative products market is projected at $1.8 billion in 2014 and expected to reach $2.5 billion by 2019.
6. The global cartilage, soft tissue repair and regeneration products market is expected to grow at a compound annual growth rate of 6.6 percent over the next five years.
7. Although there are many conventional and less expensive products out there, new items and biotechnological advancements are beginning to revolutionize future growth in the orthopedics device market.
8. New technological products are competing in a fast track market to improve quality of life for patients.
9. Ongoing patient management studies and a drive to produce technologically superior products is increasing access to these technologies in the advanced orthopedics product market.