Global Orthopedic Devices Market Expected To Reach $43.5 Billion By 2020
The Global Orthopedic Devices Market is expected to reach $43.5 billion by the end of 2020 growing at a CAGR of around 5.3% from 2016 to 2020. In 2012, orthopedics devices for knees accounted for the largest share of the $29.2 billion overall revenue.
Globally, the high incidence of osteoporosis, osteoarthritis, obesity as well an aging population are just some of the key factors driving the market’s growth. In emerging markets, the increased availability of minimally invasive procedures are also helping to drive up demand for these products.
From a technological perspective, future growth will be fueled by the introduction of biodegradable implants and internal fixation devices.
North America is leading the Global Orthopedic Devices Market while Asia Pacific is the fastest upcoming market. The Global Orthopedic Devices Market is segmented on the basis of Types (Joint Replacement, Spinal Devices, Bone Repair, Trauma Fixation and Consumables & Disposables) and Region (North America, Europe, Asia Pacific and Rest of the World).
The growing awareness regarding the availability of innovative products among patients is pushing hospitals to constantly upgrade the devices and services they offer. In addition, the reimbursement coverage of orthopedic treatments has fueled the adoption of orthopedic surgeries. All the above-mentioned factors are positively impacting the market growth.
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