The increasing demand for total joint replacement procedures is driving the global hip and knee orthopedic surgical implants market.
Here are five trends in the market, according to a Medical Market Research report:
1. The market was valued at $18.26 billion in 2015.
2. It is expected to grow at a compound annual growth rate of 9.54 percent to reach $34.57 billion by 2022.
3. Specifically, technological advancements and the rising global geriatric population are some key factors driving market growth.
4. However, insurance companies' abridged reimbursements are stemming the market growth.
5. Zimmer Biomet is the market leader in the hip and knee orthopedic implant market. Other key players include ConforMIS, Johnson & Johnson, Stryker and Smith & Nephew.