The global orthopedic devices market is anticipated to top $6.5 billion by 2026, increasing at a 3 percent compound annual growth rate, according to a Transparency Market Research report.
Here are five highlights:
1. The growth is attributed to the increasing number of geriatric patients as well as an increasing number of road accidents resulting in bone fractures.
2. Market players continue to focus on developing new devices. There has been a surge in osteoporosis devices.
3. The market will need to overcome product recalls, which have been more common in recent years. The increasing number of recalls is causing patients and surgeons to withdraw from using devices as part of their treatment procedures.
4. North America dominates the market and will continue to during the forecast period. The Middle East and Asia Pacific regions will see significant surges in the market due to larger reimbursements.
5. Key market players include Globus Medical, DePuy Synthes, Medtronic, Smith & Nephew and Arthrex.