Europe Orthopedic Devices Market is estimated to reach $13.34 billion by 2021 | Market Data Forecast
The
Europe Orthopedic Devices Market was worth $10.35 billion in 2016 and estimated
to be growing at a CAGR of 5.22%, to reach $13.34 billion by 2021. People who
are afflicted with chronic wounds, which take significant amount of time to
heal and are expensive to treat have received a much-needed relief in the form
of Orthopedic Devices.
Orthopedic
Devices market caters feasible and user-friendly products to the afflicted
patients. In order to acquire a biocompatible tool, several properties of
musco-skeletal tissues such as tendon, bone, ligament, and cartilage need to be
properly comprehended. The materials utilized in the devices must be adjustable
to the body in order to prevent rejection.
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The growth of the Europe Orthopedic Devices
market is mainly due to growing prevalence of orthopedic conditions, rising
number of road accidents, continuous innovation in the implants technology, and
increasing awareness of minimally invasive procedures. However, factors such as
costly procedures & equipment, recurrent product recalls, biocompatibility
issues, and stringent regulatory approval procedures in the EU are restraining
the growth of the market in this region.
The Europe Orthopedic Devices market is
segmented based on anatomical location and type of Consumables. The market for
Orthopedic Devices, on the basis of anatomical location is segmented into Knee,
Shoulder, Foot and Ankle, Hip, Spine, Elbow, Craniomaxillofacial, and others.
The knee segment is the largest segment, by anatomical location, whereas the
Hip segment is projected to be the fastest growing segment. This is due to
various factors such as rise in geriatric populace, increase in frequency of
hip fractures, and mounting demand for hip replacement surgeries. On the basis
of type of Consumables, the Orthopedic Devices market is segmented into
Orthopedic staples and Orthopedic suture anchors. Orthopedic suture anchors are
further segmented into resorbable suture anchors and metallic suture anchors.
The Orthopedic suture anchors segment dominates the market under this segment
with a share of around 75%.
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The Europe market has been geographically
segmented into Germany, U.K, France, Spain, and Italy. Europe is the second
largest market with a global share of 27% and is boosted by the rising demand
for infusion pumps and drug-eluding stents. Germany is the largest market share
holder for the Orthopedic Devices market in this region, followed by the UK and
France. Other significant markets in the region are Spain, Italy, Netherlands,
and Greece.
The market is categorized by the existence of
diversified international and national companies, where the global players lead
the market and are predicted to grow exponentially by securing regional or
local companies. The major companies dominating the Orthopedic Devices market
in this region are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith &
Nephew, and Biomet.
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