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U.S. Small Joints Replacement Market
Frost & Sullivan, Aug 2008, Pages: 88
This research service studies the orthopedic small joints replacement market in the United States. The market is segmented as elbow implants, ankle implants, wrist implants and digits (finger and toe) implants. It covers the market from the aspects of the driving forces, restraints and challenges, also providing strategic recommendations. Revenue and procedures analysis is provided in the study for a forecast period of 2007-2013. Market share analysis and trends of the market are also discussed.
Research Overview
This research service titled U.S. Small Joints Replacement Market provides technology overview, company analysis, and revenue and procedure forecasts in the small joints replacement markets, along with a complete analysis of key market drivers, restraints, and trends that are affecting this market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: elbow implants, ankle implants, wrist implants, and digit implants.
This analysis is available through the publisher's Medical Devices Growth Partnership Services program. With continuous access to intelligence and resources from all seven perspectives of the Complex Business Universe, the Growth Partnership Services program ensures that you and your Growth Team™ are able to maintain a 360 Degree Perspective view of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Market Overview
Device Manufacturers Look to Offer Innovative Products in the Small Joints Replacement Market by Using their Experience in the Larger Joint Market
Joint replacement device manufacturers, having cut their teeth in the hip and knee markets, will be eager to apply their accrued expertise to the small joints market. Market participants can borrow the tried and tested techniques of the larger joint market and make use of the advances they have made in biomaterials and other research. In the next five to seven years, there could be a trend toward anatomically specific small joints implants, as in the case of gender-based hip and knee replacements. The small joints replacement market is expected to rapidly catch up with the mature, larger joint market and even outstrip it in the next five years, due to its fast-changing technologies, new scientific findings, and changing consumer demands. 'Treatment patterns in the future will favor less-invasive approaches,' says the analyst of this research. 'The small joint replacement market is mainly driven by technological advancements, which have enabled quality and robust product offerings that promise better patient outcomes than the traditional methods of treating arthritis and other orthopedic disorders.'
The use of sophisticated technology will have a significant bearing on product acceptance, implant pricing, reimbursement rates, and inpatient orthopedic utilization in the joint reconstruction market. Since surgeons are most concerned about the fit, wear-resistance ability, and post-surgery patient ease, device manufacturers have released a spate of advanced products that meet these requirements. However, despite this impressive progress, market participants will have to contend with the issue of inadequate patient awareness. Patients that need joint replacement are often reluctant to undergo these surgeries fearing the risks involved and the prolonged recovery period. In fact, in the United States, only 10 percent of the eligible patients opt for joint replacement surgery. Since patients will naturally be apprehensive about any invasive surgery that involves the removal of an existing natural component of the body and replacing it with an artificial part made of metal, plastic, or ceramic, they tend to opt for alternative treatments.
To remedy this situation, device manufacturers have to highlight the positive outcomes of surgeries and develop clever direct-to-consumer marketing strategies to educate patients. 'Some companies do so by involving celebrities to endorse their products, including athletes, who have had these surgeries and returned to normal life several months after the procedure,' notes the analyst. 'Marketing strategies that illustrate the actual value of the product and highlight quality of life issues will make joint replacement procedures more acceptable to the general population.' This business-to-consumer promotion is becoming vital for developing stronger branding with the target demographic because even though hospitals and surgeons are still the decision makers when it comes to choosing the appropriate implant, patients are increasingly making their own healthcare choices.
Market Sectors
- Elbow implants
- Ankle implants
- Wrist implants
- Digit implants
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