The global orthopedic devices market will likely reach $53 billion by 2024, according to a Global Market Insights report.
Here are 12 observations:
1. An increasing aging population in conjunction with a rising number of arthritis and osteoporosis cases will boost the market.
2. The shift toward minimally invasive surgical techniques as well as adoption of biodegradable implants will also spur market growth.
3. The orthopedic devices market will also see the growth of robot-assisted surgical interventions, implants and 3-D printing.
4. Devices' costliness and unfavorable reimbursement may stunt growth, though.
5. The orthobiologics segment will likely surpass $4 billion by 2024, due to its increasing use in bone grafts and substitutes.
6. Within the market, the joint reconstruction segment will see significant advancements as more patients suffer from bone ailments.
7. The trauma fixation devices segment will also experience growth because of a growing number of bone disorders and road accidents.
8. In the United States, the market was worth more than $20 million in 2016.
9. The United Kingdom market captured more than 15 percent of the European market.
10. Japan dominated its regional market, expected to surpass $2 billion by 2024.
11. In 2016, the Mexican market was valued at more than $300 million.
12. Medtronic, Stryker, Zimmer Biomet, ConforMIS, DJO Global, MicroPort Scientific Corporation, NuVasive, Medacta, Globus Medical, Smith & Nephew and DePuy Synthes lead the market.