As per the report, the global opportunity in the small bone and joint orthopedic devices market is likely to be worth US$8.2 bn by the end of 2023.
Albany, NY -- (SBWIRE) -- 10/17/2017 -- The global small bone and joint orthopedic devices market is largely consolidated, thereby limiting competition between the top three companies viz, Depuy Synthes, Wright Medical Group, and Zimmer Biomet Holdings Inc. These three companies accounted for 70% of the market collectively, in the year 2014, states a new report by Transparency Market Research (TMR).
The wide range of product portfolios of these companies has helped these players gain a strong presence within the global small bone and joint orthopedic devices market. TMR, in its report recommends market players to focus on R&D so as to introduce innovative and advanced products at minimal cost. This will help them to gain a competitive edge. Expert analysts from TMR also suggest that manufacturers start focusing on the developing economies of Asia Pacific, as the future holds many growth opportunities in this region.
On the basis of geography, North America is currently leading and is estimated to continue to do so through 2023. Asia Pacific will witness fast paced growth and emerge a promising market in the future. On the basis of device type, the fracture fixation systems segment will be leading till 2023. By application, the shoulder and other extremities segment will exhibit the highest demand in the near future.
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The global small bone and joint orthopedic devices market is gaining impetus from the rising incidences of bone injuries and disorders. The growing prevalence of osteoarthritis and osteoporosis is fueling the demand for these devices. In addition to this, the growing geriatric population is also one of the factors aiding the growth of this market, as this population base is more prone and vulnerable to degenerative joint diseases.
A report from the Centers for Disease Control and Prevention states that by 2030, approximately 67 mn people will suffer from arthritis. This is anticipated to fuel the demand for small bone and joint orthopedic devices. In addition to this, the growing number of road accidents, sport injuries, and bone-related complications will drive the demand for small bone and joint orthopedic devices in the years to come.
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One of the factors posing a threat to the growth of the small bone and joint orthopedic devices market is the high risk associated with orthopedic implants. Corrosion of metal in implants, loosening of the implants, and migration of these devices in the body are some of the factors that can prove to be fatal for patients. The increasing incidences of implant failure will also pose a threat to the demand for small bone and joint orthopedic devices worldwide.
Moreover, the emergence of therapeutic options for osteoarthritis and osteoporosis will act as a blow to the growth of the market. In addition to this, the emergence of tissue engineering and bone substitutes will crush the demand for these devices in the years to come.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.