The “Orthopaedic devices market size, share and trends analysis report by application (hip, knee, spine, cranio-maxillofacial, dental, SET), by product (accessories, surgical devices), and segment forecasts, 2018 – 2026” report has been added to ResearchAndMarkets.com’s offering.
The global orthopaedic device market size is expected to reach US$47.7 billion by 2026.
It is anticipated to expand at a CAGR of 3.1% over the forecast period. Major factors driving the market include high demand for orthopaedic surgeries owing to rising incidents of road accidents and the prevalence of orthopaedic diseases.
A rise in the geriatric population prone to orthopaedic conditions is primarily pushing the demand for orthopaedic solutions globally. Effects of ageing such as the lowering of bone density and the weakening of bones due to the excessive loss of bone mass becomes more noticeable after 55 years.
High adoption of minimally invasive surgeries and increasing numbers of sports and road traffic accidents are expected to fuel growth of the orthopaedic devices market growth during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
Stringent procedures of regulatory approvals are anticipated to hinder market growth in the near future. In addition, the high cost of devices and surgeries are some other factors likely to impede growth.
The study suggests that North America captured the largest market share in 2017 and is expected to continue leading over the forecast period. The presence of a large number of major market players and high adoption of advanced technologies are the major driving forces.