The global orthopedic devices market is anticipated to grow at a compound annual growth rate of 4.9 percent between 2013 and 2019, according to a Transparency Market Research analysis.
Here are six highlights:
1. By 2019, the global orthopedic devices market is expected to hit $41.2 billion.
2. A growing number of osteoporosis and osteoarthritis cases as well as an increase in sports activities will spur market growth.
3. The hip external fixation devices segment is positioned to grow at the highest CAGR of 8.2 percent, due to the increasing geriatric population needing hip replacements.
4. North America will lead the global market, accounting for a $16 billion market share by 2019.
5. Governments are pushing for reduced healthcare costs, making it difficult for healthcare organizations to obtain high-quality orthopedic devices. Also, product recalls because of strict regulatory processes are hindering market growth.
6. DePuy Synthes, Stryker, Medtronic and Zimmer Biomet dominate the market.