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(Medical-NewsWire.com, September 20, 2018 ) In the year 2018, Europe Orthopedic Devices Market was valued at USD 11.44 Billion. By the year 2023, it is expected to reach USD 14.75 Billion at pace of 5.22% CAGR.
Orthopedic devices are meant to stabilize the body posture, treat the deformities and restore the normal skeletal function either by replacement or reinforcing the damaged part. The medical implant is mainly fabricated using stainless steel and titanium alloys for strength and the plastic coating that is done on it acts as an artificial cartilage. These devices include bandages, splints, prostheses, and special apparatus.
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Underlying Causes
The growth for Orthopedic Devices market is driven due to factors like rising prevalence of orthopedic conditions such as degenerative bone diseases, growing geriatric population, increasing number of road accidents, and growing awareness of minimally invasive surgeries among people. In addition, increasing healthcare expenditure, advancement of technologies in the healthcare services, introduction of advanced implants technology and increasing investments for R&D activities are expected to drive the market growth. However, high cost of devices and stringent regulatory policies are expected to hinder the growth rate for Europe Orthopedic Devices Market during the forecast period.
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Geographic Segmentation:
Based on geography the Europe Orthopedic Devices market has been primarily divided into United Kingdom, France, Spain, Germany and Italy. Germany holds the largest market share in the Europe Orthopedic Devices market followed by France and United Kingdom during the forecast period.
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Key Players:
Leading companies for Europe Orthopedic Devices market are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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