The global orthopedic devices market has been evaluated as steadily growing market and it is expected that the market will continue to grow similarly in the near future. Increasing prevalence of osteoporosis, increasing cases of accidents, and increasing aging population are key driving forces for global orthopedic devices market. Technological advancement, new treatment methods, and changing medical sector are also major factors for market growth. Increasing funding for research and new product development is leading the market growth.
The market for orthopedic devices was around US$ 43.8 billion in 2016 and is expected to reach US$ 58.8 billion which is projected to grow at a CAGR of 10.4% by 2023.
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Orthopedic devices is one of the steadily growing segment of medical devices. Most of the major brands are increasing their product portfolio related to orthopedic segment. Major players are investing huge money in R&D and new product development that leading competition in this market. Top brands are holding about 60% market share of global orthopedic devices market while other medium or small players are focusing on sub segments and capturing small market share. Major companies are adopting a specific strategy to enter and create unique space in this market. The different strategies includes, product launch, agreement and collaboration, partnership and expansion, joint venture and strategic alliance etc. Most of the key players expanding their business in developing region like Asia-Pacific. All the players are trying to grab major market share that makes this market more competitive.
Regional Analysis:
Considering the global scenario of the orthopedic devices market, North America is largest market for orthopedic devices. In 2016, Europe was holding major market share in global orthopedic devices market the countries like Germany, France and UK are holding major stake in this market. The Asia-Pacific (APAC) region is witnessing fastest growth of orthopedic devices market. While Middle East and Africa orthopedic devices market is growing steadily and expected to grow at lower than global average during the forecast period.
Segmentation:
Global Orthopedic devices Market has been segmented on the basis of type which comprise Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables, Bone Repair, and Others. On the basis of application, it is segmented into, Spine, Trauma and extremities, Knee, Hip, Foot and ankle, and others. On the basis of end user, it is segmented into, Ambulatory surgery centers, Hospitals, and Medical research center
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The report for Global Orthopedic devices Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions
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