The global orthopedic devices market is set to grow at a compound annual growth rate of 7.38 percent between 2017 and 2023, according to a Research and Markets report.
Here are six observations:
1. The market will likely hit $11.72 billion by 2023.
2. The growing number of orthopedic disease cases as well the increasing awareness of orthopedic condition treatments are spurring market growth.
3. A boost in government healthcare spending, improved infrastructure and research centers as well as the development of manufacturing facilities will also boost market growth.
4. The spine implant segment leads the global orthopedic devices market, owing to the use of orthobiologics.
5. North America, followed by Europe, leads the global market.
6. Zimmer Biomet, DePuy Synthes, Stryker, Medtronic and Smith & Nephew dominate the space.