Latin America to drive rapid growth for global knee and hip replacements market
According to a Grand View Research report, the global orthopedic devices market is anticipated to reach USD 43.1 billion by 2024. The knee orthopedic devices segment held the largest share of the market in 2015 followed by hip orthopedic devices. North America captured the largest market share by capturing 51.4% and is expected to maintain its leadership through 2024. An another report from Persistence Market Research represents that the global orthopedic trauma devices market is expected to hit USD 9.4 billion by 2020 from USD 5.7 billion in 2013. The global knee and hip replacements market is projected to grow at a compound annual growth rate of 5.15 percent through 2021. While the market has a strong foothold in Europe and North America, the emerging nations in the Asia Pacific region and Latin America are expected to drive rapid growth for the market. The key global players include Zimmer Biomet, Stryker, Smith & Nephew, Johnson & Johnson and Wright Medical.