Orthopedic devices are primarily used to treat individuals with a view to improve overall quality of life. These devices function by replacing or reinforcing the damaged body parts.
Increasing incidence of sports injuries, accidental injuries, and various orthopedic disorders coupled with technological advancements in equipment are major factors boosting growth of the global orthopedic devices market currently. But, high costs associated with treatments and long terms problems associated with implants are major factors hampering growth of the global market.
On the basis of application. the global orthopedic devices market is segmented into hip, knee, spine, craniomaxillofacial, dental, and sports injuries, extremities, and trauma (SET). The spine segment is anticipated to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. Also, SET segment is projected to witness moderate growth over the forecast period.
The global orthopedic devices market report has been segmented on the basis of product, application, and region. On the basis of region, the global orthopedic devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to presence of proper medical infrastructure in countries in the region. Moreover, increasing number of medical implant procedures and rising demand for long lasting orthopedic implants are other major factors anticipated to propel growth of the North America market over the forecast period. Revenue from the market in Europe accounted for second-highest share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to high disposable income and increasing government initiatives for spreading awareness about medical implants in the region. Furthermore, the market in Asia Pacific is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This can be attributed to rising demand for cost-effective and long lasting medical implants, and presence of a large geriatric population pool in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global orthopedic devices market include NuVasive, Inc., Medtronic PLC, Zimmer-Biomet Holdings, DePuy Synthes Companies, Stryker Corporation, Aesculap Implant Systems, Inc., Donjoy, Inc., and Conmed Corporation.