The orthopedic devices market is expected to grow significantly over the next eight years, according to Grand View Research.
Here are six key trends from the report:
1. The orthopedic device market is expected to reach $43.1 billion by 2024. The growth in roadside accidents and orthopedic disease is the driving force.
2. New products including various ceramic and polymers is leading to a higher success rate of surgeries. The products are also becoming more affordable and customizable, and adoption of new products is increasing.
3. Hip and knee surgeries were the largest market share in 2015. There is a high rate of hip and knee replacements, and constant innovation contributes to growth. However, regulatory approval and high costs could stifle some of the growth.
4. North America captured the most market share — at 51.4 percent — last year, and its dominance is expected to continue. There are several major market players in the United States and a high adoption rate for advanced technology.
5. The Asia Pacific market is expected to grow at 8.6 percent during the forecast period. There is a largely untapped market in the Asia Pacific and supportive government regulations.
6. NuVasive Medtronic, Zimmer-Biomet, DePuy Synthes, Stryker, Aesculap Implant Systems, DJO and Conmed were listed as major players in the report.