Orthopaedic devices: Key market research findings
- Technological advancements in medical technologies
- Growing use of titanium in orthopaedic implants
Technavio has released a new market research report on the global orthopaedic devices market, which is expected to grow at a CAGR of 4% between 2016 and 2020. Factors such as the increasing aging population and the augmented incidence of orthopaedic diseases, such as arthritis, bursitis, fibromyalgia, hip pain, knee pain, trauma, and osteoporosis, are anticipated to bolster the prospects for growth in this market during the predicted period. The Americas account for more than 61% of the total market share, due to the rise in aging population, increasing number of orthopaedic disorder patients, and the launch of new products.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the market is witnessing various technological advancement pertaining to medical technology. Bioabsorbable implants and titanium-based orthopaedic devices are examples of technologically advanced products, which help to diminish the complications associated with the use of bioabsorbable materials. The ability of such implants to offer advantages like rigidity, strength, fracture toughness, and increased mechanical performance is a key factor that fosters its adoption during the predicted period,” says Brahadeesh Chandrasekaran, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
Presently, manufacturers are increasingly using titanium to develop orthopaedic implants such as cages, rods, screws, hooks, wires, plates and bolts. Titanium is light weight and is more effective than stainless steel. Moreover, the market is expected to witness the launch of novel products during the forecast period. For instance, Linvatec 4.5mm Smart Screw is currently in phase IV clinical trial, sponsored by Rothman Institute of Orthopedics.
The key vendors in the global orthopaedic devices market include DePuy Synthes, Medtronic, Smith & Nephew, Stryker, and Zimmer-Biomet. This market is fragmented due to the presence of large, medium, and small sized vendors. This market is likely to experience rapid growth and development owing to the launch of new products and marketing activities by key industry participants.
A more detailed analysis is available in the Technavio report, Global Orthopaedic Devices Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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