Press release
Orthopedic Devices Market Global Growth, Trends, And Forecast -2023
Orthopedic Devices Market
Global Orthopedic Devices Market worth USD 42.3 Billion in 2018 and it is expected to reach USD 54.3 Billion by 2023 with 5.12% CAGR. Orthopedic devices are meant to stabilize the body posture, treat the deformities and restore the normal skeletal function either by replacement or reinforcing the damaged part. The global medical science devices market has evolved from typical surgical procedures to the employment of contemporary prosthetic and fixation devices.
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Factors affecting market growth:
Increasing number of road accidents (+)
High prevalence of orthopedic conditions (+)
Technological innovations (+)
Rising old age population and increased prevalence of obesity (+)
Costly procedures and equipment (-)
Unfavorable economic conditions (-)
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Market Segmentation
Global Orthopedic Devices Market is geographically segmented into
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
North America accounted for the largest share in the global Orthopedic Devices market in 2015, with the United States spending nearly 20% of its GDP on health. Europe is the second largest market and is boosted by the rising demand for infusion pumps and drug-eluding stents. However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as growing geriatric populace and rising frequency of obesity and bone-related ailments.
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Key players:
Major players in this market are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biome, DJO Global, Arthrex, Nuvasive.
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