Global small bone and joint device market was valued at USD 5.1 million in 2019. It is projected to grow at a compound annual rate (CAGR), of 8.3% between 2020 and 2027. The market is driven by increasing adoption of reconstructive surgery, increased incidence of degenerative diseases, such as arthritis and osteoporosis, and road accidents. Market growth is expected to be supported by an increase in diabetic foot reconstruction and a growing geriatric population. According to the International Osteoporosis Foundation in 2017, osteoporosis afflicted 75 million people in the U.S. and Europe.
Majorly affected were women who are menopausal. One in three women has an osteoporotic bone fracture. This can often require surgery. Patients with diabetes mellitus continue to have major foot problems.
This is the most common chronic condition of diabetes mellitus. More than 400 million people have been diagnosed with it worldwide, according to the National Center for Biotechnology Information (2019). The chances of having surgery are increasing due to increased cases of sports injuries and road accidents.
According to the National Safety Council, there were 2,841 road accident-related deaths in America and almost 4.6 million injuries each year. Many road accidents can lead to ankle, foot, and shoulder injuries. According to the U.S. National Library of Medicine (USNLM), diabetes mellitus will increase in the future. This will in turn drive small bone and joint orthopedic devices market.
In 2019, the shoulder reconstruction segment accounted for 34.2% of all total revenue. Shoulder reconstruction is one of the best options for treating degenerative shoulder joint conditions. According to the CDC, 78.4 millions adults will be diagnosed with arthritis by 2040. This often leads to shoulder surgery. The need for shoulder replacement surgery procedures will increase due to the increasing target population. Depuy Synthes has also launched advanced shoulder reconstruction devices such as the GLOBAL UNITE Shoulder Reverse Fracture Shoulder. This device is designed to treat patients with rotator cuff disorder and will allow for segment growth.
Due to an increase in Diabetic Foot Ulcers and other injuries that can lead to foot surgery, the foot & ankle segment will see the fastest CAGR at 9.2%. According to the Elite Collegiate Athletes' 2017 study, over 21% of foot and ankle injuries were caused by sports injuries. These injuries include syndesmotic strains, midfoot injuries, medial and lateral ankle ligament injuries, first metatarsophalangeal joints injuries, and syndesmotic and mid-foot injuries.
In 2019, the hand segment accounted for 56% of the total. This segment can be further divided into thumb, wrist and elbow, shoulder, etc. This segment is driven by a growing geriatric population, and increasing cases of musculoskeletal diseases of the hand. M&A by large companies will also fuel this segment's growth. Acumed, LLC bought Bluefish Orthopedics, LLC, in April 2019, to introduce a new elbow-arthroplasty (TEA) technology in the market.
From 2020 to 2027, the foot and ankle segment will experience the fastest CAGR at 9.2%. This segment will grow due to an increase in sports injuries, trauma, and foot surgeries. Segment growth will also be driven by large-scale M&A transactions by major companies. Smith & Nephew purchased Brainlab Orthopaedic Joint Reconstruction Business in June 2019 to bring the robotics ecosystem to foot and ankle surgery.
North America held the largest market share, with over 42% in 2019, and it will continue to hold that position for the next few years. This is due to the increasing incidence of sports injuries as well as a strong healthcare infrastructure that allows for minimally invasive surgery. With the increasing number of arthritis patients, there is likely to be an increase in the need for lower and higher extremity surgery. Asia Pacific is expected to grow the fastest in terms of regional markets between 2020 and 2027, due to a growing target population, increased demand for advanced surgical options, a rapidly growing economy, and a rising number of arthritis patients.
To increase their market share, major players are focusing on product innovation and innovative business strategies such as mergers, partnerships and distribution agreements. In November 2019, Stryker purchased Wright Medical for USD 4.05 billion. Stryker sees the acquisition as a great fit for its shoulder business. It also offers complimentary devices in the lower and upper extremities for Stryker's orthotics line.
Companies are also developing new technologies to enhance product performance and expand their portfolio. Stryker Corporation, for example, launched Stryker F1 in March 2018. This small bone power system offers a balanced, lightweight, and cordless solution for the treatment of the extremities. The following are some of the major players in the market for small bone and joint devices:
DePuy Synthes Companies
Smith & Nephew PLC
Zimmer Biomet
Stryker Corporation
Wright Medical Group N.V.
Up Market Research published a new report titled “Small Bone And Joint Devices Market research report which is segmented by Application (Hand, Foot), by Type (Plate & Screws, Foot & Ankle, Shoulder Reconstruction Devices), By Players/Companies Wright Medical Group NV, DePuy Synthes Companies, Smith & Nephew PLC, Zimmer Biomet, Stryker Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Small Bone And Joint Devices Market Research Report |
By Application | Hand, Foot |
By Type | Plate & Screws, Foot & Ankle, Shoulder Reconstruction Devices |
By Companies | Wright Medical Group NV, DePuy Synthes Companies, Smith & Nephew PLC, Zimmer Biomet, Stryker Corporation |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 206 |
Number of Tables & Figures | 145 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Hand, Foot), by Type (Plate & Screws, Foot & Ankle, Shoulder Reconstruction Devices).
Small Bone And Joint Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Small Bone And Joint Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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