The Global Orthopedic Devices Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report, the Global Orthopedic Devices Market is estimated to be $38.28 billion and predicted to rise to $49.14 billion with a CAGR of 5.12%. The market is segmented by Anatomical location (Knee, Shoulder, Foot and Ankle, Hip, Spine, Elbow, Craniomaxillofacial, and Others), and by Type of Consumables (Orthopedic staples, Orthopedic suture anchors-(Resorbable suture anchors and Metallic suture anchors)). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The growth of the Global Orthopedic Devices Market is mainly driven by factors such as rise in geriatric population, growing frequency of osteoarthritis and osteoporosis, and rise in sports injuries and road accidents. However, factors such as costly procedures & equipment, recurrent product recalls, and unfavorable economic conditions are hindering the growth of the market.
The knee segment is the largest segment, by Anatomical location, whereas the Hip segment is projected to be the fastest growing segment. This is due to various factors such as rise in geriatric populace, increase in frequency of hip fractures, and mounting demand for hip replacement surgeries. The Orthopedic suture anchors segment dominates the consumables segment with a global share of around 75%.
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.
The market is categorized by the existence of diversified international and national companies, where the global players lead the market and are predicted to grow exponentially by securing regional or local companies. The major companies dominating the global Orthopedic Devices market are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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