According to the National Institute of Health, in the year 2016, it was estimated that 8.5% of the global population is aged 65 and above. In addition, according to a report given by the Aging World 2015, this percentage is expected to jump to nearly 17% of the world’s population by 2050 (nearly 1.6 billion). By the year 2050 which rapidly increases the prevalence of orthopedic diseases as the elderly population are more prone to joint problems.
Rising aging population which increases the prevalence of joint diseases, growing demand for minimal surgical procedures and increasing number of joint reconstruction surgeries are the key driving factors in small bone and joint orthopedic devices market.
Key Market Trends
Hand and Wrist Devices Segment is Expected to Witness a Healthy CAGR
The hand and wrist device market is divided into two major segments such as wrist fusion plates and distal radius plates. According to the United Nations by the year 2050, people over 60 years age will account for more than 20% of the world’s population, of which 130 million people will suffer from osteoarthritis worldwide, of whom 40 million will be severely disabled by the disease. Hand and Wrist Devices segment holds a significant market share in the small bone and joint orthopedic devices market and is anticipated to show a similar trend over the forecast period. The growing geriatric population, an increasing number of orthopedic procedures and the introduction of technically advanced products are the key driving factors in the Hand and Wrist Devices segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a major market share in the global small bone and joint orthopedic devices market due to increasing number of orthopedic procedures and rise in the obese population in this region. According to Centers for Disease Control and Prevention (CDC), in the year 2015, around 15 million adults reported severe joint pain due to arthritis. Moreover, by the year 2040, an estimated 78 million (26%) US adults aged over 18 years are projected to have doctor-diagnosed arthritis. Furthermore, increasing healthcare expenditure, continual introduction of technically advanced products and presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
The Small Bone and Joint Orthopedic Devices Market is consolidated and consists of few major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Stryker Corporation, Zimmer Biomet, Johnson & Johnson (DePuy Synthes), Acumed LLC, Smith & Nephew Plc, Flower Orthopedics, Arthrex Inc, Ceraver, OsteoMed and Nutek Orthopedics.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Aging Population Increases Prevalence of Degenerative Joint Diseases
4.2.2 Growing Demand for Minimally Invasive Surgeries
4.2.3 Increasing Number of Joint Reconstruction Surgeries
4.3 Market Restraints
4.3.1 Stringent Regulatory Norms
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Hand and Wrist Devices
5.1.2 Foot and Ankle Devices
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.2.5 South America
188.8.131.52 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Zimmer Biomet
6.1.3 Johnson & Johnson (DePuy Synthes)
6.1.4 Acumed LLC
6.1.5 Smith & Nephew
6.1.6 Flower Orthopedics
6.1.7 Arthrex Inc
6.1.10 Nutek Orthopedics
7 MARKET OPPORTUNITIES AND FUTURE TRENDS