The small bone and joint devices market is expected to grow over the next few years, according to a Transparency Market Research Report posted in medGadget.
Here are five key notes from the report:
1. The market was valued at $4.1 billion in 2014 and expected to grow at an 8.1 percent compound annual growth rate through 2023. The market would reach $8.2 billion by 2023.
2. Fracture fixation and replacement systems is the largest segment in the market. The segment was valued at $1.5 billion and projected to reach $3.2 billion by 2023.
3. The external fixation devices segment was the fastest-growing segment of the market in 2014, and is expected to grow at an 8.2 percent CAGR through 2023.
4. Key players in the market include DePuy Synthes, Zimmer Biomet, Stryker, Smith & Nephew and Wright Medical Group. Product differentiation will enable companies to stay competent in the market.
5. Research analysts recommended companies operating in the market to focus on innovative technology to improve accuracy and product safety.