A recent analysis from Transparency Market Research projects that the global orthopedic device market was valued at $29.2 billion in 2012 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2013 to 2019 to reach an estimated value of $41.2 billion in 2019. The report, titled “Orthopedic Devices Market (Hip, Knee, Spine, Shoulder, Elbow, Foot and Ankle, Craniomaxillofacial and Other Extremities) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” aims to provide a detailed analysis of orthopedic devices, including the hip, knee, and shoulder.
According to the Transparency Market Research report, knee orthopedic devices accounted for the largest share by revenue of the total orthopedic devices market. However, the analysis reveals that product recalls are expected to have a significant impact on the overall market revenue. As such, the US and European markets anticipated a decline in growth during the forecast period. The market for hip orthopedic products accounted for the second largest share in 2012.
In addition, the analysis report estimates that the global market for hip devices will grow at a CAGR of over 5.9% from 2013 to 2019, owing to its high incidence rate of hip fractures and demand for hip replacement procedures. The Transparency Market Research report also provides market estimations for orthopedic consumables during the forecast period of 2013 to 2019. The market for overall orthopedic consumables is expected to grow to reach a value of USD 457 million by 2019.
Source: Transparency Market Research