Small Bone and Joint Orthopedic Devices Market: Increasing Prevalence of Arthritis across Globe to Spur Demand
Transparency Market Research (TMR) has published a new report titled, ‘Small bone and joint orthopedic devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global small bone and joint orthopedic devices market was valued at US$ 5,575.7 Mn in 2018 and is projected to expand at a CAGR of 6.3% from 2019 to 2027.
Orthopedic devices are implants used to restore skeletal structure and joint movement after fracture, abnormal growth of bones, soft tissue damage, or other deformities. These devices can be surgically implanted or externally attached through minimally invasive procedures and can be classified into internal and external fixation devices.
These devices are used in fractures, trauma, and to correct bone deformities. Under certain circumstances, a joint or a part of it needs to be replaced for proper functioning. These orthopedic devices are known as joint implants. Joint implants are generally used to treat deformities in long and small bone and joints. Implants such as femoral head, humeral head, reverse shoulder prosthesis, prosthesis, and others assist in restoring proper joint movement.
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Extremities orthopedic devices are made of alloys of titanium, stainless steel, polyether ether ketone (PEEK), and polymeric synthetic resorbable materials. Some companies have stopped the manufacture of metal-on-metal implants due to serious injuries and adverse reactions.
Small bone and joints may face difficulty during surgical procedures due to their anatomical complexity and disposition. Hence, various devices, such as Re-motion Total Wrist System by Small Bone Innovations (SBi), have been designed to overcome these intricate procedures. Several key players are working toward providing solutions to eradicate impairments of small bone and joint.
Unmet Needs in Emerging Countries of Asia Pacific and RoW to Provide Growth Opportunities for the Market
Asia Pacific is the fastest growing market for orthopedic devices; however, the region holds a smaller market share as compared to North America and Europe. The demographics and lifestyle changes and higher number of elderly people favor the market growth. There is a rise in per capita income and the knowhow of the medical technologies.
Asia Pacific is also a preferred option for medical tourism for patients in the U.S. where cost of medical services is high. Hence, OEMs can focus on sales, distribution, and target marketing programs in the lucrative market in Asia Pacific.
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On the other hand, the cost of operations in Asia Pacific and RoW is lower than that in organized markets such as North America and Europe due to minimal compliance requirements. Therefore, market players can focus on the lucrative market in RoW, which is unorganized and has low entry barriers.
Fracture Fixation and Replacement Systems Segment to Dominate Market
Based on product type, the global small bone and joint orthopedic devices market has been divided into fracture fixation and replacement systems, plates and screws, external fixation devices, and joint prosthesis.
Orthopedic devices for small bones and joints are used to prevent and/or cure musculoskeletal injuries and disorders of the bones and joints. These devices comprise various implants, internal fixators, and external fixators for application in shoulder, elbow, wrist, hand, ankle, and foot reconstruction or surgeries.
Recently, technologically advanced orthopedic devices have overcome the previous life threatening situations of amputations. Rise in orthopedic procedures and high incidence rates of osteoarthritis and osteoporosis contribute to the growth of the global small bone and joint orthopedic devices market.
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Foot Application Segment to be Highly Lucrative Segment
In terms of application, the global small bone and joint orthopedic devices market has been classified into foot, hand, and shoulder.
Small bone and joint orthopedic devices for foot are majorly recommended for support and alignment, correction of foot deformities, and improving the overall function of foot and ankle.
Advances in plastics and materials science have significantly improved the design and manufacture of foot orthoses in the last couple of decades.
According to a study published in the journal Injury, foot and ankle fractures account for 9% of all the fractures and around 65% of these found in females were osteoporotic. The risk of ankle fracture increases with obesity and osteoporosis.
Other indications include avascular necrosis, traumatic deformity, and arthritis. Fractures of foot and ankle include fractures in metatarsals, calcaneus bones, cuboid bone, and distal head of tibia and fibula. Severe fracture fixation could require internal fixation devices such as wires, plates, and screws or external fixation devices.
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North America to Dominate Global Market
In terms of region, the global small bone and joint orthopedic devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global small bone and joint orthopedic devices market in 2018, followed by Europe.
The dominance of these two regions was majorly attributed to growing geriatric and obese populations and introduction of technologically advanced products.
Asia Pacific is considered an emerging market for home rehabilitation products and services Rising disposable income, rapid urbanization, increase in health care infrastructure, and distribution and partnership strategies adopted by the players support market growth in the region.
The global small bone and joint orthopedic devices market is consolidated in terms of number of players. Key players in the global market include Acumed LLC, Arthrex, Inc., Depuy Synthes, DJO Global, Smith & Nephew plc, Stryker Corporation, Tecomet, Inc., Wright Medical Group N.V., Z-Medical GmbH + Co. KG, and Zimmer Biomet Holdings, Inc., among others.
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