A new medical report from Global Market Insights shows the orthopedic devices market should reach $53 billion by 2024.
The report said the growing geriatric population coupled with the increasing prevalence of arthritis and osteoporosis will stimulate growth. Poor diet intake, lack of physical activity, and changing lifestyle trends should also fuel demand.
The rising number of road accidents coupled with increasing instances of sports injuries and biodegradable implants will spur orthopedic implants and devices demand.
Emerging countries should offer lucrative growth opportunities due to increasing elderly population and rising prevalence of bone disorders, the report said.
Growth could be restrained, however, due to inflated costs for surgery and devices and low per-capita income in some regions.