The global market for joint reconstruction and replacement is expected to increase to nearly $16.2 billion by 2018, according to a report by BCC Research.
Here are six key trends in the market:
1. It was worth nearly $13.2 billion in 2013, and is estimated to grow at a compound annual growth rate of 4.2 percent from 2013 through 2018.
2. The ever-increasing aging population and the introduction of improved devices and new techniques and technologies are the key drivers of this market.
3. The U.S. market is projected to increase from $8.1 billion in 2013 to $10.3 billion by 2018.
4. The market in Europe is also expected to see rapid growth, increasing from $3.8 billion in 2013 to $4.5 billion by 2018.
5. The joint reconstruction and replacement market is the largest segment within the orthopedic market and contributes more than 40 percent in terms of sales revenue.
6. Hip and knee devices account for more than 85 percent of the joint reconstruction and replacement market.
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