According to the report, the global small bone and joint orthopedic devices market was valued at US$ 5.5 Bn in 2021 and is anticipated to expand at a CAGR of 6.3% from 2022 to 2030
According to the report, the global small bone and joint orthopedic devices market was valued at US$ 5.5 Bn in 2021 and is anticipated to expand at a CAGR of 6.3% from 2022 to 2030
Rise in Disabling Diseases Such As Osteoarthritis And Osteoporosis
Increase in incidence of osteoporosis and osteoarthritis, particularly among the geriatric population, is expected to propel the small bone and joint orthopedic devices market. These diseases are known to impact the anatomical joint structures of the human body.
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According to the World Health Organization, the global geriatric population was around 524 million in 2010 and is anticipated to reach 1.5 billion by 2050. Moreover, the world is aging at a rapid pace, especially in the developed nations such as the U.S., Germany, and Japan. For instance, the U.S. Census Bureau stated in 2010 that people older than 65 years represented around 12.4% of the total population of the U.S. in 2000 and the percentage is expected to reach 19% by 2030.
Increase in the geriatric population directly affects the growth and demand for small bone and joint orthopedic devices primarily due to their higher susceptibility to degenerative joint diseases. According to the Centers for Disease Control and Prevention in 2015, the number of adults with arthritis is expected to increase to 67 million in the U.S. by 2030.
Therefore, rise in incidence of chronic diseases and increase in the geriatric population across the world are likely to fuel the growth of the small bone and joint orthopedic devices market
Focus on technological innovations Boost Market Growth
Technological advances in fixation implants and prosthesis material have added to the product portfolio of various market players. Bioabsorbable internal fixation implants such as wires, plates, and screws do not need repeat surgeries for removal as these are absorbed in the body over time.
Lightweight and durable non-absorbable material polyether ether ketone (PEEK) has been revolutionary with its wide scope of application and advantages over metal implants. Carbon fiber is another material used in implants as well as prosthetics. Carbon fiber has special application in prosthesis manufacturing due to its high tensile strength and light weight. “J” shaped carbon fiber prosthetic limbs have been the center of attraction after their appearance in Paralympics.
These innovations are aimed at improving the overall efficiency of the implants and prosthesis. Doctors in Australia have developed an innovative product that combines 3D printing technology and regenerative therapy. The treatment could be beneficial for cartilage damage and fracture caused during sports.
Therefore, technological advancements could open newer avenues for the growth of the small bone and joint orthopedic devices market.
High rate of Complications and Failure to Hamper Market
Frequent product recalls have restricted market growth as regulatory processes have become more stringent and made new product launch difficult. Moreover, the recalls and related lawsuits have attracted criticisms against orthopedic companies leading to loss of credibility in the minds of customers. Lawsuits following serious injuries to patients have also added to costs for manufacturers.
Issues regarding implant metal corrosion, implant migration and loosening, and predisposition to osteolysis still remain unresolved. These events have a collective effect on the acceptance of the implants as “safe” in the minds of patients.
For instance, Trabecular metal shoulder instrumentation, distal pilot by Zimmer underwent FDA class 2 recall in December 2010 due to reasons such as incomplete seating of implant and delay in surgery. In December 2013, the FDA determined class 2 recall for Zimmer’s Trabecular Metal Total Ankle Tibial Base and Talar Components.
These factors would hamper the growth of the small bone and joint orthopedic devices market during the forecast period.
Global Small bone and joint orthopedic devices Market: Competitive Landscape
This report profiles major players in the global small bone and joint orthopedic devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global small bone and joint orthopedic devices market is largely consolidated, with the presence of a few international as well as regional players
Leading players operating in the global small bone and joint orthopedic devices market are
- 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
- Zimmer Biomet Holdings, Inc.
- among others.
Global Small bone and joint orthopedic devices Market: Key Developments
Key players in the global small bone and joint orthopedic devices market are engaged in technologically advanced products, launch of new products, pricing competition, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global small bone and joint orthopedic devices market. A few expansion strategies adopted by players operating in the global small bone and joint orthopedic devices market are:
In May 2014, DePuy Synthes Joint Reconstruction introduced three new products for hip, knee, and shoulder replacement to widen the portfolio and products include GLOBAL UNITE Anatomic Shoulder, CORAIL Revision Hip System and TRUMATCH Resection Guide For the ATTUNE Rotating Platform Knee
In June 2015, DJO Global signed a definitive agreement with Zimmer Holdings, Inc. to acquire products such as Biomet Cobalt Bone Cement, Optivac Cement Mixing Accessories and Discovery Elbow System for the U.S.
The report on the global small bone and joint orthopedic devices market discussed individual strategies, followed by company profiles of manufacturers of small bone and joint orthopedic devices. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global small bone and joint orthopedic devices market.
Key Questions Answered in Global Small Bone and Joint Orthopedic Devices Market Report
- What is the scope of growth of product companies in the global Small Bone and Joint Orthopedic Devices market?
- What will be the Y-o-Y growth of the global Small Bone and Joint Orthopedic Devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global Small Bone and Joint Orthopedic Devices market?
- Will North America continue to be the most profitable market for Small Bone and Joint Orthopedic Devices providers?
- Which factors are anticipated to hamper the growth of the global Small Bone and Joint Orthopedic Devices market during the forecast period?
- Which are the leading companies in the global Small Bone and Joint Orthopedic Devices market?
Global Small Bone and Joint Orthopedic Devices Market – Segmentation
Product Type
- Fracture Fixation and Replacement Systems
- Plates and Screws
- External Fixation Devices
- Joint Prosthesis
Application
- Foot
- Hand
- Shoulder
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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