Albany, NY, Nov. 20, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Small Bone and Joint Orthopedic Devices Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global small bone and joint orthopedic devices market was valued at US$4.1 bn in 2014 and is anticipated to expand at a CAGR of 8.1% from 2015 to 2023 to reach US$8.2 bn in 2023
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Osteoporosis is an alarming health issue, especially in elderly population. The disease is associated with weakening of hip, knee, wrist, and spinal bones and joints. An article published by a continuing education recognition program in June 2014 stated that one in two females over the age of 50 will undergo fracture due to osteoporosis. Additionally, 50% of the population of the U.S. aged 50 years and above is expected to be diagnosed with low bone mineral density and osteoporosis by 2020. In the US alone, an estimated 52% of postmenopausal white women are osteopenic and 20% are osteoporotic. Osteoarthritis is one of the ten most disabling diseases in developed countries. Around 25% of individuals suffering from arthritis have difficulty in performing day-to-day activities. According to statistics published by the Centers for Disease Control and Prevention (CDC), 50 million people in the U.S. are diagnosed with arthritis. Many of these individuals have activity limitation. These diseases act as predisposing factors for fractures, pain, and impaired mobility.
A large number of patients undergo joint replacement surgeries to get rid of the disability due to arthritis. Fragile bones due to osteoporosis are fractured due to minor accidents such as fall or impact on hard objects.
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Technological advances, in addition to offering innovative medical devices, have made the treatment process easier for surgeons. Implant materials have played a crucial role in the successful functioning of the medical device in the human body. Tissue formation initiates after implantation of the device, further assisting in the healing process. Tissue formation is, however, restricted due to biofilm formation and other infections. If not treated, the infection can spread to other parts of the body. Coating on the implants such as osteoconductive coating and hydroxyapatite (HA) coating guides the bone growth and reduces the risk of implant failure, respectively. Surgical procedures on small bone and joints could be difficult due to anatomical complexity and disposition. Hence, various devices, such as Re-motion Total Wrist System by Small Bone Innovations (SBi), have been designed to assist in these intricate procedures. Several key players are working toward providing solutions to eradicate impairments of small bone and joint.
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The global market for small bone and joint orthopedic devices has been studied from the perspective of widely used orthopedic devices and number of procedures particularly for upper and lower extremities. The report provides a detailed analysis of small bone and joint orthopedic devices for applications comprising feet, ankle, toe, hand, wrist, elbow, and shoulders. The device type segment includes fracture fixation and replacement systems, plates and screws, external fixation devices, and joint prosthesis. Fracture fixation and replacement systems was the largest segment of the market in 2014. The segment was valued at US$ 1,596.3 Mn in 2014 and is projected to reach US$ 3,235.4 Mn by 2023, expanding at a CAGR of 8.0% from 2015 to 2023. External fixation devices was the fastest growing segment of the market in 2014, expanding at a CAGR of 8.2% from 2015 to 2023.
Acumed LLC, Arthrex, Inc., DJO Global, Flower Orthopedics, DePuy Synthes, Smith & Nephew plc, Stryker Corporation, Tecomet, Inc., Wright Medical Group N.V., Zimmer Biomet Holdings, Inc., and Z-Medical GmbH + Co. KG. are the major players operating in the small bone and joint orthopedic devices market. Market players such as DePuy Synthes, Zimmer Biomet, Stryker Corporation, Smith & Nephew, and Wright Medical Group N.V. dominated the global market in 2014. Product differentiation would enable companies to stay competent in this market. Hence, companies operating in this market are recommended to focus on developing innovative technologies that improve accuracy and safety of the products reaching patients.
The global small bone and joint orthopedic devices market has been segmented as follows:
Global Small Bone and Joint Orthopedic Devices Market, by Device Type
- Fracture Fixation and Replacement Systems
- Plates and Screws
- External Fixation Devices
- Joint Prosthesis
Global Small Bone and Joint Orthopedic Devices Market, by Application
- Foot (including ankle, toe and lower extremities)
- Hand (including thumb, wrist and elbow)
Global Small Bone and Joint Orthopedic Devices Market, by Geography
- North America
o United Kingdom
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of Asia Pacific
- Rest of the World
o Latin America (LATAM)
o Middle East and Africa (MEA)
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