The global orthopedics industry approached $30 billion in 2010, with an annual growth rate of about 5 to 7 percent, according to a Pharma Life report, based on research from UBM Canon.
The key segments driving sales growth and attracting global interest are artificial joints, spinal implants and orthobiologics. According to the research, the joint reconstruction market will reach $22.9 billion alone by 2016, and the global orthopedic implant market will reach $41 billion.
One of the fastest-growing markets reported was the biodegradable medical implants, and biomaterials are currently used in joint replacements, fracture fixation plates, bone defect fillers, artificial tendons and bone cements. The extremities hardware devices are another fist growing sector.
Minimally invasive procedures are expected to contribute to important advancements in the future.
Read the Pharma Life report on the orthopedics industry.