An increase in injuries, shift towards healthier lifestyle by younger people and higher healthcare expenditure in the U.S. are among the major factors driving what is projected to be a $15.2 billion market by 2027, according to a new report by Grand View Research, Inc.
The report from one of the largest market research and consulting firms in the U.S., singled out the accessories segment as having the potential for the fastest compound annual growth rate, or CAGR, an investment tern noting the rate of return over time.
While the study is concerned with the market from the investment perspective, it’s interesting to note some of the healthcare trends leading to its conclusions. For example, according to the announcement of the study, “…the knee application segment is anticipated to exhibit the fastest CAGR of 8.9%, owing to the increase in the number of cruciate ligament injuries.”
The body reconstruction and repair devices segment is driven by both professional and amateur athletes’ desires to get back into action after significant injuries, in as timely a fashion as possible.
The segments studied include the following product types: body reconstruction and repair, body support and recovery, body monitoring and evaluation, and accessories. Areas studies include knees, shoulders, ankle & foot, back & spine, elbow & wrist, hips and others. The regions encompass a limited number of countries in North America, Europe, Asia Pacific, Latin America and Africa.