Global orthopedic devices market to exceed $53B by 2024 — 11 observations

Spinal Tech

The global orthopedic devices market report is expected to grow at a compound annual growth rate of 3 percent between 2017 and 2024, based on a MarketStudyReport.com analysis, according to medGadget.

Here are 11 observations:

 

1. The market will likely surpass $53 billion by 2024.

 

2. An increasing geriatric population is boosting the number of arthritis and osteoporosis cases, which will spur orthopedic devices market growth. The growing popularity of minimally invasive surgery and biodegradable implants will also boost market growth.

 

3. Surgery and device costs as well as unfavorable reimbursements will work against market growth.

 

4. The joint reconstruction device segment is witnessing growth, fueled by the growing demand for minimally invasive techniques.

 

5. The trauma fixation device segment will also grow due to the geriatric population suffering bone disorders and fractures.

 

6. Orthobiologics will likely surpass $4 billion by 2024, due to increasing surgeon popularity of bone grafts and substitutes.

 

7. In 2016, the U.S. orthopedic devices market reached $20 billion.

 

8. The U.K. captured more than 15 percent of Europe's orthopedic devices market share.

 

9. Japan's market accounted for more than 40 percent of the region's market, and will likely surpass $2 billion by 2024.

 

10. Mexico's market was worth more than $300 million in 2016, and is expected to grow.

 

11. Key market players include Medtronic, Stryker, Zimmer Biomet, ConforMIS, DJO Global, MicroPort Scientific Corp., NuVasive, Medacta, Globus Medical, Smith & Nephew and DePuy Synthes.

 

 

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