Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Small Bone And Joint Devices market.
Trusted Business Insights presents an updated and Latest Study on Small Bone And Joint Devices Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Small Bone And Joint Devices market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Small Bone And Joint Devices Market
The global small bone and joint devices market size was estimated at USD 4.9 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 7.2% from 2021 to 2027. Primary drivers for the market include rising adoption of reconstructive surgeries, incidence of degenerative disorders, such as osteoporosis and arthritis, and cases of road accidents. Furthermore, an increasing number of diabetic foot reconstruction activities along with growing geriatric population is anticipated to support market growth. As per the International Osteoporosis Foundation, in 2017, osteoporosis affected 75 million people in the U.S., Europe, and Japan.
Menopausal women were majorly affected. It was established that 1 out of 3 women suffer from an osteoporotic fracture, which may often lead to surgery. Diabetic foot problems continue to remain one of the major health concerns for patients suffering from diabetes mellitus.
It is the fastest-growing chronic problem of diabetes mellitus, with more than 400 million individuals diagnosed globally as stated by the National Center for Biotechnology Information in 2019. Increasing cases of road accidents and sports injuries are further fueling the chances of surgeries.
As per the National Safety Council, U.S. observed 2,841 deaths due to road accidents and nearly 4.6 million people suffer an injury every year. Road accidents often lead to shoulder, foot, or ankle surgeries. Moreover, as per the U.S. National Library of Medicine, the prevalence of diabetes mellitus is likely to grow in the future, which in turn will drive the small bone and joint orthopedic device market.
Type Insights: Small Bone And Joint Devices Market
The shoulder reconstruction segment held the largest share of 34.2% in 2019. Shoulder reconstruction surgery is one of the most dependable treatment choices for degenerative shoulder joint disorders. As per CDC, by 2040 an estimated 78.4 million adults would be diagnosed with arthritis, which often leads to shoulder surgery. Hence, the rising target population would accentuate the need for shoulder replacement surgical procedures. Moreover, companies like Depuy Synthes have launched advanced shoulder reconstruction devices, such as GLOBAL UNITE Reverse Fracture Shoulder, intended to operate patients suffering from rotator cuff disorder, which will support segment growth.
The foot & ankle segment is anticipated to register the highest CAGR of 8.1% over the forecast period due to the rising number of Diabetic Foot Ulcers (DFUs) and sports injuries, which often lead to foot surgery. In 2017, as per the study by the Elite Collegiate Athletes, the incidence and epidemiology of sports injury was the prominent cause of over 21% foot and ankle injuries. These injuries include syndesmotic sprains, mid-foot injuries, medial ankle ligament sprains, lateral ankle ligament sprains, and first metatarsophalangeal joint injuries, which often call for surgery and thus support the market growth.
Application Insights: Small Bone And Joint Devices Market
The hand segment held the largest share of over 56% in 2019. The segment is further subdivided into thumb, wrist, elbow, shoulder, and others. Growing geriatric population and rising cases of ailments like musculoskeletal disorders of the hand are the prime factors driving this segment. Moreover, M&A activities by major companies will fuel the segment growth. For example, Acumed, LLC acquired Bluefish Orthopedics, LLC in April 2019 to launch a new elbow arthroplasty technology (TEA) in the market.
The foot and ankle segment is projected to register the highest CAGR of 8.1% from 2021 to 2027. Increasing incidence of sports injuries and trauma and resultant foot surgeries will propel the growth of this segment. Moreover, extensive M&A activities by major companies is likely to fuel segment growth. In June 2019, Smith & Nephew acquired Brainlab Orthopaedic Joint Reconstruction Business to introduce the robotics ecosystem for foot and ankle surgery.
Regional Insights: Small Bone And Joint Devices Market
North America held the largest market share of over 42% in 2019 and will retain its dominant position over the forecast years. This growth is attributed to rising instances of sports injuries and well-established healthcare infrastructure facilitating minimally invasive surgical procedures. Moreover, with the growing number of arthritis patients, the demand for lower and upper extremity surgeries is likely to increase. The Asia Pacific is estimated to be the fastest-growing regional market from 2020 to 2027 due to rising target population, demand for advanced surgical options, and rapidly growing economy.
Key Companies & Market Share Insights: Small Bone And Joint Devices Market
Major players are focusing on product development and innovative business strategies, such as regional expansion, mergers, partnerships, and distribution agreements, to increase their market share. For instance, in November 2019, Stryker bought Wright Medical for USD 4.0 billion. The acquisition is seen to be a good fit for the shoulder business for Stryker. Moreover, it also includes complimentary devices offerings in lower and upper extremities to Strykers orthopedics line.
In addition, companies are also introducing new technologies to improve product performance and augment their portfolio. For instance, in March 2018, Stryker Corporation launched Stryker F1, a small bone power system that offers balanced, cordless, and lightweight solution for procedures of the extremities. Some of the prominent players in the small bone and joint device market include:
Key companies Profiled: Small Bone And Joint Devices Market Report
- DePuy Synthes Companies
- Smith & Nephew PLC
- Zimmer Biomet
- Stryker Corporation
- Wright Medical Group N.V.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global small bone and joint devices market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Shoulder Reconstruction Devices
- Elbow Repair Devices
- Foot and Ankle
- Plate and Screws
Application Outlook (Revenue, USD Million, 2016 – 2027)
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