WELLESLEY, Mass., Aug. 06, 2018 (GLOBE NEWSWIRE) -- Due to the high demand for medical centers that can provide care for sports related injuries, along with a general need for patient implants, the global market for orthopedic technologies is growing, according to a new report from BCC Research.
In 2018, the global market for orthopedic technologies was valued at $44.7 billion. However, BCC Research estimates that it will be worth $56.2 billion by 2023, indicating a compound annual growth rate (CAGR) of 4.7%, according to the report Advanced Orthopedic Technologies, Implants and Regenerative Products.
Human bone products will lead the repair segment of the industry with a CAGR of 5.0%, followed by synthetic bone replacements at 4.5%.
Research Highlights
- Spinal implants are anticipated to experience the highest CAGR, in terms of product, at 5.9%. In addition, these implants will reach a value of $7.0 billion by 2023.
- The Asia-Pacific region will be valued at $13.2 billion by 2023, indicating the largest geographical CAGR of 5.3%.
- In 2017, joint replacement, implants and regenerative products represented 59.3% of orthopedic technologies that were available on the market.
“Continuous technological innovation in the orthopedic implants industry is set to drive the market at an exponential rate,” the report notes. “The emergence of natural biomaterials-based orthopedic implants has revolutionized orthopedic implants as these have several advantages compared to synthetic biomaterials. These natural biomaterials are biocompatible, do not cause toxicity, and may also carry specific protein binding sites, or other biochemical signals that may assist in tissue healing or integration.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.