The global orthopedic devices market is expected to reach $53.3 billion by 2021, according to a report published by IQ4I Research & Consultancy.
The report analyzes the orthopedic devices market in terms of market revenue for all segments. The market analysis is performed by type, application, end-users and region.
DePuy Synthes accounts for the major orthopedic market share followed by Zimmer Biomet and Stryker, according to the report, announced by the research firm Thursday. The report notes that Medtronic is a leading company in the spine implant market while DePuy Synthes has a major market share in hip implant.
North America accounted for the largest share in 2014, according to the announcement. Market growth in the region was driven by high investments in healthcare infrastructures and demand for quality services.
But the Asia-pacific region is expected to grow at the highest compound annual growth rate during the forecast period, the announcement states, due to increased healthcare awareness, improved economic growth and increasing government funds. Significant mergers and acquisitions, collaborations and joint ventures are some of the industry trends that are playing a major role for the market growth.
The orthopedic devices market is driven by such factors as high prevalence of osteoporosis/osteoarthritis and increase in aging population, increase in preference for biologic implants, increasing awareness of minimally invasive surgeries, increasing number of outpatient procedures and an increase in sports and accident injuries, according to the report. Increasing pricing pressure from buyer and payer and the high cost of implants are the factors hampering the market growth, the announcement adds.
The report also cites advancements in the field of robotics, computer navigated surgeries, smart implants, nanotechnology, 3D printings, biologics and tissue engineering as being recognized as “the future of orthopedics.” The use of customized implants is increasing in the market as patient demands more comfortable product fit for implantation, the report states.
(Story By The Times Union)
