Global orthopedic devices market set to reach $49.1B by 2021: 7 takeaways

Spinal Tech

The global orthopedic devices market is set to grow at a compound annual growth rate of 5.12 percent through 2021, based on a Market Data Forecast report, according to medGadget.

Here are seven takeaways:

 

1. The market will likely hit $49.14 billion by 2021.

 

2. An increasing geriatric population, growing number of osteoporosis cases and increasing number of sports injuries will boost the global orthopedic devices market.

 

3. The costliness of orthopedic devices, product recalls and poor economic conditions will stunt market growth, though.

 

4. The knee segment dominated the market by anatomical location in 2016. The hip segment, however, will see the most rapid growth through 2021.

 

5. In 2015, North America dominated the market, with Europe coming in second. Demand for infusion pumps and stents is driving the European market.

 

6. The Asia-Pacific region will see the greatest growth through 2021, due to an increasing geriatric population, obesity cases and bone conditions.

 

7. Major market companies include: Medtronic, Stryker, DePuy Synthes, Smith & Nephew and Zimmer Biomet.

 

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