The global ORTHOPEDIC DEVICES MARKET size is projected to reach a valuation of USD 43.1 billion by 2024, according to a new report published by Grand View Research, Inc. Rising need for improved access to patient health history is a crucial factor driving health information exchange. Moreover, growing awareness thanks to initiatives undertaken by a government as well as non-profit organizations such as the Healthcare Information and Management Systems Society (HIMSS) can boost market growth during the forecast period.
There has been a rise in government funding for an expansion of the healthcare sector. This is primarily to provide better healthcare solutions to patients around the world. This has also had a positive impact on the adoption of HIE systems in the coming years. For instance, the Agency for Healthcare Research and Quality (AHRQ) has been funding the implementation of HIE systems in U.S.
The introduction of new products made of materials, such as various types of ceramics and polymers, has led to a rise in the success rates of surgeries. In addition, these products are available at affordable costs and customizable sizes and shapes. As a result, the adoption of these advanced products is swiftly increasing. In addition, the rising geriatric population prone to orthopedic diseases, such as osteoporosis and arthritis, is augmenting the growth of the market.
Hip and knee applications together accounted for the largest market share in 2015. A relatively high rate of hip and knee replacement surgeries coupled with the constant innovations in the treatment of hip and knee injuries is contributing towards the growth of these application segments.
Stringent regulatory approval procedures are the prime factors restraining the growth of the market. In addition, a high device cost and expensive surgical costs are some other factors impeding the market growth.
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Further key findings from the study suggest:
- The knee orthopedic devices segment captured the largest share of the market in 2015. This was attributed to the factors such as a high rate of knee surgeries including common knee injuries to total knee replacements.
- The hip orthopedic devices segment was the second largest market in 2015. The large portfolio for hip injury management is expected to result in a significant share in the global market.
- North America captured the largest market share of 51.4% in 2015 and is expected to maintain its dominance over the forecast period. The presence of a large number of major market players and a high adoption rate of advanced technologies are the factors driving the growth of the market in the region.
- The Asia Pacific market is expected to witness a lucrative CAGR of 8.6% during the forecast period. The presence of a large untapped market and the availability of supportive government regulations are expected to attract the attention of the global players.
- Some major players in the orthopedic devices market include NuVasive, Inc., Medtronic PLC, Zimmer-Biomet Holdings, DePuySynthes, Stryker, Aesculap Implant Systems, LLC, Donjoy, Inc., and Conmed Corporation
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Grand View Research has segmented the orthopedic devices market on the basis of applications, product type and geography.
Orthopedic Devices, by Application, 2013 - 2024 (USD Million)
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Craniomaxillofacial Orthopedic Devices
- Dental Orthopedic Devices
- Sports Injuries, Extremities and Trauma(SET) Orthopedic Devices
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
