Orthopedic Devices Market will reach $55bn by 2025
Global Orthopedic Devices Market is set to surpass USD 55 billion by 2025, according to a new research report by Global Market Insights, Inc. Rising prevalence of degenerative bone diseases such as osteoporosis and osteoarthritis will be the key drivers of orthopedic devices market growth. As per the Center for Disease Control and Prevention, in the U.S. about 54 million people suffer from some form of arthritis annually. With a growing number of people suffering from degenerative bone diseases, the demand for orthopedic devices is poised to grow in the future.
Increasing proportion of geriatric population at a rapid pace is the major factor for growth of orthopedic devices market. Geriatric population base requires more medical attention and have low bone density, thus leading to high chances of bone and joint fractures. With increasing age, the risk of joint damage increases, thereby leading to market growth.
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Joint reconstruction market is expected to reach USD 22.4 billion by 2025. Joint reconstruction procedures such as ankle, hip, shoulder and knee replacement are gaining popularity around the world. These procedures are becoming more common and less costly with time and therefore despite of being among the oldest orthopedic therapeutic offering, their market is still growing at a steady pace.
The U.S. orthopedic devices market accounted for largest share in 2018 and is forecasted to grow at 2.4% CAGR over the projected period. As per the American Journal of Orthopedics Musculoskeletal disorders represent the most common and costly health issues in US, affecting individuals economically and medically. The escalating prevalence of degenerative bone disease, obesity, steep rise of sports injuries and sedentary lifestyles resulting in early musculoskeletal disorders boost the market growth.
China’s orthopedic devices market is estimated to reach USD 2,783.3 million by 2025. China constitutes over 100 million people over the age of 65, suffering from ailments that require orthopedic treatment. Medical insurance coverage, improved healthcare, rise in incomes and urbanization is anticipated to bolster the demand for devices in this region.
Few of the prominent market players involved in global orthopedic devices market are Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, NuVasive, MicroPort Scientific Corporation (Wright Medical Group), Globus Medical, Medacta, DePuy Synthes and Smith & Nephew.