Global orthopedic implants market to hit $6.2B by 2024 — 7 points

Written by Megan Wood | August 26, 2016 | Print  |

The global orthopedic implants market is set to hit $6.2 billion by 2024, based on a Grand View Research report.

Here are seven points:

 

1. A growing geriatric population and increasing number of sports injuries will drive market growth.

 

2. The implants' costliness and unfavorable reimbursements will hinder market growth.  

 

3. In 2015, the knee replacement segment accounted for the largest market share, due to osteoporosis and arthritis cases.

 

4. Long bone orthopedic implants will likely witness the fastest growth between 2015 and 2024, due to an increasing number of sports injuries and accident trauma cases.

 

5. North America accounted for 53.4 percent of the global market share, and will continue to dominate through 2024. This is because of a strong regulatory framework and adoption of minimally invasive procedures.

 

6. Asia Pacific will witness the fastest growth in this market because of increasing disposable incomes, increasing awareness of orthopedic prosthetics, improving healthcare infrastructure and  a growing medical tourism industry.

 

7. Zimmer Biomet, Stryker, DePuy Synthes, Smith & Nephew, Wright Medical Group, and Medtronic lead the market.

 

More articles on devices:
AJRR reaches new milestone with 500k+ procedures in system: 4 things to know
42 spine, orthopedic devices receive FDA 510(k) clearances in July 2016
Medtronic Q1 profits hit $929M, revenue down 1% to $7.1B: 8 things to know

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