Use of Composites in Orthopedic Industry to Reach $596 Million by 2020
The US has highest consumption in terms of value and volume. Hip, knee and spine surgeries are the common orthopedic procedures in the developed world while in emerging economies they have a lower penetration
Press Release Follows.
SOURCE: ABMRG, www.ABMRG.com
NEW YORK and LONDON, December 24, 2014 /PRNewswire/ —
Composites in global orthopedic industry are expected to grow at an average rate of 8.1%. The US has highest consumption in terms of value and volume. Hip, knee and spine surgeries are the common orthopedic procedures in the developed world while in emerging economies they have a lower penetration. Increased number of product recalls and failure rates are challenging the use of composites. Non-metallic orthopedic devices have gained popularity in the industry as they offer reduced failures, light weight, and last longer than their metallic counterparts.
‘Opportunities for Composites in Orthopedic Applications: 2014-2020’, a strategic market report published by ABMRG recently, provides a comprehensive analysis of the global composites in orthopedic market. The global market for composites in orthopedic industry has been studied from various perspectives. The study includes the current market, trends (2007-2013) and forecasts (2014-2020) for composite materials in orthopedic industry. The report tracks the market by fixture type, raw materials used, applications, and geographic regions. It also provides statistical analysis in terms of value ($ million) and volume (million tons). The study also highlights the trends, unmet needs, drivers, and restrains affecting the use of composites in orthopedic industry.
Aging population and rising living standards have enhanced the growth of the orthopedic industry. A reduction in curing time, along with an increase in performance of these devices, has necessitated the need for innovation for new materials. “The future market will be challenged by emerging materials, technologies, applications, and procedures. Strong learning curve and experience of the metallic substitutes also challenge the growth of composites in the orthopedic industry,” said ABMRG analyst Purva Jain.
The composites market for global orthopedic industry is segmented as follows:
By Fixture Type
– External Fixation Devices
By Raw Materials
By Geographic Region
– The US
– APAC and MEA
The study also analyses the competition among the key players and illustrates their market shares for 2013. Major players in the industry include Arthrex Inc., DJO Global Inc. (DJO, LLC), Invibio, Johnson & Johnson (NYSE: JNJ), Medtronic, Inc.(NYSE: MDT), NuVasive, Inc. (NASDAQ: NUVA), Orchid Orthopedic, Paragon Medical, Smith & Nephew plc (LSE: SN) and Stryker Corporation (NYSE: SYK).
ABMRG (Ace Business and Market Research Group) is a research and consulting firm focused on medical technology and pharmaceuticals. It offers comprehensive research and analytical studies targeting company, country and therapeutic sector, highlighting market dynamics, vital trends, business strategies, clinical pipeline and technology advancements. Its cutting edge reports empower companies to make smarter, effective and faster strategic decisions for business growth.