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Orthopaedic Devices Global Market – Forecast to 2027

Over the decade, due to the technological advancements with emerging and innovative technologies used under minimally invasive conditions has led to the rapid development of orthopaedic device.New York, Jan. 14, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Orthopaedic Devices Global Market – Forecast to 2027” – https://www.reportlinker.com/p06007767/?utm_source=GNW As a result of rapid advances, there is great expansion in the potential therapeutic application for musculoskeletal injuries, deformities and diseases. Orthopaedic devices are used to repair, reconstruct, and replacement of various bones and joints due fractures, injuries and other birth bone defects. The orthopaedic devices global market is expected to reach $53,607.2 million by 2027 growing at a high single digit CAGR. The market is primarily driven by the increase in incidence and prevalence of musculoskeletal diseases such as osteoarthritis, osteoporosis, spinal degenerative diseases, spondylitis, lower back pain, herniated spinal discs, and injuries due to trauma and sports activities, increase in the aging population, technological advancement, acquisitions and factors such as product recall, complications associated with implanted devices, lack of skilled and trained professionals to carry out minimally invasive surgery, high cost of the implant, surgery and also stringent regulatory policies for the product approval due to classification of the orthopaedic devices as class II and III devices are hindering the growth of the market. Orthopaedic devices global market is segmented based on products, surgery type, end-users and geography. The products are segmented into knee, hip, extremities, spine, craniomaxillofacial, trauma, sports medicine, and orthobiologics. Among products, the spine segment accounted the largest share in 2020 due to technological advancements in the implants, surgery type and increase in the aged population coupled with rise in number of trauma and sports injuries. The extremities segment anticipated as the fastest growing segment and expected to grow at a CAGR of high single digit CAGR from 2020 to 2027 due to increase in the road accident coupled with sports injuries and rise in the geriatric population. The extremities by product type are segmented into upper and lower extremities. Among extremities, the upper extremities accounted for the highest revenue in 2020 and the lower extremities segment is the fastest growing segment and is projected to grow at a high single digit CAGR from 2020 to 2027 as the lower extremities consisting of foot, limb, and ankle are more susceptible to injury and fractures in as a result of trauma and sports activities. The upper extremity products are further segmented into shoulder and other upper extremities. Under upper extremities, the shoulder division accounted for the largest revenue share of the…