The global orthopedic devices market is expected to see rapid growth through 2024, according to a Grand View Research report.
Here are eight trends:
1. The market is anticipated to reach $43.1 billion by 2024.
2. The increasing adoption of advanced technologies and materials as well as the rising geriatric population are driving market growth.
3. Stringent regulatory approval processes as well as high device and surgical costs are limiting the market's growth.
4. The knee orthopedic devices segment held the largest share of the market in 2015.
5. The hip orthopedic devices segment held the second largest market share in 2015.
6. In 2015, North America captured the largest market share, with 51.4 percent, and is expected to maintain its dominance through 2024.
7. The Asia Pacific segment is expected to experience a compound annual growth rate of 8.6 percent through 2024.
8. Major players in the orthopedic devices market include NuVasive, Medtronic, Zimmer-Biomet, DePuy Synthes and Stryker.