Small Bone and Joint Orthopedic Devices Market is on the Wave of Growth and Expected to Grow at a CAGR of 6.3% to 2027| TMR Study

Posted on 2024-03-27 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-27 — /EPR Network/ — Transparency Market Research Inc. –

Based on Transparency Market Research’s most recent analysis of the global small bone and joint orthopedic devices market spanning from 2017 to 2018 and projecting through 2019 to 2027, the market is expected to be fueled by the increase in debilitating conditions such as osteoarthritis and osteoporosis, alongside a heightened focus on technological advancements. The report indicates that the global small bone and joint orthopedic devices market reached a valuation of US$ 5.5 billion in 2018 and is poised to grow at a compound annual growth rate (CAGR) of 6.3% to reach US$ 9,715.6 Mn during the forecast period from 2019 to 2027.

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Focus on technological innovations Boost Market Growth

Recent advancements in fixation implants and prosthetic materials have significantly expanded the product offerings of various market players. Bioabsorbable internal fixation implants, including wires, plates, and screws, eliminate the need for repeat surgeries for removal as they are gradually absorbed by the body over time.

The introduction of lightweight and durable non-absorbable materials like polyether ether ketone (PEEK) has been groundbreaking, offering a broad range of applications and advantages over traditional metal implants. Carbon fiber, renowned for its high tensile strength and lightweight properties, is also gaining prominence in both implant and prosthetic manufacturing. Particularly, carbon fiber prosthetic limbs, such as the “J” shaped ones, have garnered attention, especially following their notable presence in events like the Paralympics.

These innovations aim to enhance the overall efficiency and effectiveness of implants and prosthetics. In Australia, doctors have developed a novel product leveraging 3D printing technology and regenerative therapy, which holds promise for treating cartilage damage and fractures resulting from sports-related injuries.

Leading players:

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 – Segmentation

Product Type

Fracture Fixation and Replacement Systems
Plates and Screws
External Fixation Devices
Joint Prosthesis

Application

Foot
Hand
Shoulder

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Rise in Disabling Diseases Such As Osteoarthritis And Osteoporosis: Key Drivers

The rise in osteoporosis and osteoarthritis cases, especially among the elderly, is set to drive the small bone and joint orthopedic devices market. These conditions significantly impact the body’s joint structures. With the global geriatric population projected to grow from 524 million in 2010 to 1.5 billion by 2050, particularly in developed nations like the U.S., Germany, and Japan, the aging demographic is expanding rapidly. In the U.S. alone, seniors over 65 years are expected to increase from 12.4% of the population in 2000 to 19% by 2030, as reported by the U.S. Census Bureau in 2010.

This demographic shift directly influences the demand for small bone and joint orthopedic devices due to their heightened vulnerability to degenerative joint diseases. By 2030, the Centers for Disease Control and Prevention anticipates arthritis cases in the U.S. to surge to 67 million, further underlining the market’s growth trajectory. Consequently, the increasing prevalence of chronic ailments coupled with the expanding geriatric populace worldwide are anticipated to propel the small bone and joint orthopedic devices market forward.

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Key Developments:

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.

Future Outlook:

The future outlook for the small bone and joint orthopedic devices market appears promising, with technological advancements expected to drive innovation and market expansion. With increasing investments in research and development, along with strategic collaborations and partnerships, the market is poised for sustained growth over the forecast period.

Key Market Study Points:

Market dynamics analysis, including drivers, challenges, opportunities, and trends
Comprehensive segmentation analysis to identify key market segments and their growth prospects
Regional analysis to understand market dynamics across different geographical regions
Competitive landscape assessment, including key players’ strategies, product portfolios, and recent developments
Market forecast and estimation for the period 2024-2032

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About Transparency Market Research

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