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Among the seven segments covered in the report, spinal devices are the fastest growing segment, with a compound annual growth rate (CAGR) of 9.3% during the study period. Smart implants, customized implants and tissue engineering have been identified as the future of orthopedics.
Continuous innovations in the implants’ technologies have helped the orthopedic industry to maintain a steady growth of 7-10% over the last decade; this trend is expected to continue in the years to come. Innovations in the design and efficiency of the equipment for spinal, hip, and knee replacement, such as the introduction of customized implants, smart implants with advanced sensors for real time data transfer, metal-on-metal, and metal-on-ceramic implants, have helped to maintain the growth momentum. In the future, novelties in the field of customized implants for individual needs, smart implants with microprocessors to deliver real-time feedback, and other tracking devices are expected to create niche segments for these technologies. In addition, tissue engineering and gene therapy techniques are expected to add potential customers looking for preventive, rather than curative measures.
According to the report, the U.S. contributes about 60% of the global orthopedic devices market, while emerging economies such as India and China offer immense growth opportunities due to medical tourism and huge untapped patient populations.
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