Global Orthopedics Devices Market Analysis and Forecast 2017-2023 with Emphasis on China - Market is Expected to Reach $61 Billion

DUBLIN, August 16, 2017 /PRNewswire/ --

The "Global Orthopedics Devices Market - Analysis and Forecast (2017-2023) (Focus on China Market, Market Share Analysis, Competitive Landscape, Material, Product, Country Analysis, and End User)" report has been added to Research and Markets' offering.

Global Orthopedics Devices Market - Analysis and Forecast (2017-2023)', the global orthopedics devices market is expected to reach $61 billion by 2023.

A growing geriatric population and increasing demand for non-invasive treatments are boosting the market growth. The knee segment leads the market in terms of revenue. The hip segment is growing at a CAGR of 6.1%, due to an increase in the number of hip fractures.

Technological innovations across the various segments of the Orthopedics industry have propelled the market growth. The global Orthopedics devices market is expected to reach $61 billion by 2023.

A growing geriatric population and increasing demand for non-invasive treatments are boosting the market growth. The knee segment leads the market in terms of revenue. The hip segment is growing at a CAGR of 6.1%, due to an increase in number of hip fractures. The Orthopedics devices market broadly focuses on joint reconstruction and replacement, spinal surgery and rehabilitation, trauma or fixation, arthroscopy, Orthopedics soft goods, braces and supports and ortho-biologicals. The major product groups are artificial joints, spinal implants, devices for fracture repair (mainly intramedullary nails, plates, and screws), orthobiologics, and devices or equipment for arthroscopy.

The joint reconstruction and replacement devices market is the largest segment within the Orthopedics devices market is expected to grow at a CAGR of 6% from 2017 to 2023. This segment consists of various devices used for the reconstruction or replacement of hips and knee which accounted for $5,497 million and $9,695.0 million respectively in 2016. The most important driving factor for the revenue growth in this segment is the resurfacing technology.

The growing awareness regarding the availability of innovative products among patients is pushing hospitals to constantly upgrade the devices and services they offer. In addition to this, the reimbursement coverage of Orthopedics treatments has further fuelled the adoption of Orthopedics surgeries. All the above-mentioned factors are positively impacting the market growth.