What is the Potential of Global Orthopedic Reconstruction Market?
Posted on 27 February 2017 by KenResearch Healthcare,
Orthopedic reconstruction market is observed to grow at a steady pace recording a CAGR of ~% in between 2011 and 2016. Aging population with increasing number of baby boomers is the major factor which has driven the orthopedic reconstruction market globally, since the people above 65 years of age demands for orthopedic implants owing to degenerative diseases, osteoarthritis and low bone density. It has been observed that number of people above 65 years of age has increased at a CAGR of ~% from 2011 to 2016. This has impacted the orthopedic reconstruction market in a positive manner as growing age results in weakening of bones, resulting in more number of orthopedic disorders.
In addition to that, the rising prevalence of osteoarthritis among youth population and children and lack of vitamin D is further resulting into inclined number of trauma and sports injuries, hence leading to increased demand for orthopedic reconstruction products. Osteoarthritis impacts large number of people all across the globe with calculated prevalence of approximately ~ million in 2011, which increased to ~ million in 2016. Osteoarthritis results in degeneration of bones leading to severe pain and easy breakage, and sometimes through demand for replacement, especially in case of knees, hence driving the orthopedic reconstruction market. High prevalence of diabetes and obesity further acted as the additional driving factor for the market. The orthopedic reconstruction market was worth USD ~ million in 2011 which increased to USD ~ million.
Which product type is Generating Maximum Revenue for the Orthopedic Reconstruction Market?
Joint reconstruction including hip, knees and shoulder reconstruction dominated the total orthopedic reconstruction market with revenue share of ~% in year 2016. The fact that osteoarthritis impacts majorly joints resulting in requirement of their replacement is the major factor which has resulted in high revenue share of joint reconstruction. Half of the osteoarthritis patients suffer from arthritis of knees, resulting in necessity of knee replacement. The fact that every pound of exerts weight exerts six pounds of extra weight on knee is the major factor responsible for high number of knee surgeries. Knees dominated the joint reconstruction market with revenue share of ~% in 2016 owing to the rising prevalence of obesity and overweighing across the globe.
Additionally, availability of reimbursement for joint reconstruction in developed economies and technological advancement happening in the market is other major factor which has fueled the market for joint reconstruction products. ~% of the cost of hip replacement surgery in the US is reimbursed by the government, allowing people to undergo surgery without any tension.
Which Geographical Region Dominated the Global Orthopedic Reconstruction Market?
North America dominated the market with revenue share of ~% in 2016. High prevalence of osteoarthritis, elevated incidence rate of sports and road accident injuries, awareness among people and economic stability to undergo expensive treatment options are the major factors which have driven the orthopedic reconstruction market in North America. ~% of the adults living in the US were suffering from arthritis in year 2012. Similarly, osteoarthritis is observed to impact one out of every 10 people in Canada in year 2015. Low cost of the products in Europe with strong reimbursement and high presence of patient pool in Asia Pacific regions helped these respective regions capture second and third position in the global orthopedic reconstruction market respectively. Europe captured ~% share, by revenue followed by Asia Pacific with revenue share of ~% in the global market in 2015. With rising awareness and purchasing power of the people especially in India and China, Asia Pacific region has also been observed as the most opportunistic market for orthopedic reconstruction globally.