Across the Atlantic: 5 Key Observations on Asian Orthobiologics Market
Friday, October 10, 2014
Source: Becker's Spine Review
The orthobiologics market in Asia is estimated to grow to around $0.7 billion by 2018, according to a MicroMarket Monitor report.
Here are five things to know about the Asian orthobiologics market:
- The market is expected to develop at a compound annual growth rate of 5.2 percent from 2013 to 2018.
- The major factors driving the growth of the Asian orthopedic devices market is the increase in the middle class population, which now have higher disposable income and spending capabilities for orthopedic conditions.
- The aging population is the main demographic of the orthobiologics market.
- The major markets in this region include China, Japan and India. Japan is the largest market for orthopedic products and orthobiologics, and in 2014, it accounts for 40 percent of the Asian market.
- According to a new report from Transparency Market Research, the Asia-Pacific market is expected to have the fastest growth rate through 2019 globally.