Small Bone and Joint Orthopedic Devices Market to 2023: Trends, Business Strategies and Opportunities

The global market for small bone and joint orthopedic devices is largely consolidated, limiting the competition between Depuy Synthes, Wright Medical Group, and Zimmer Biomet Holdings Inc., the top three manufacturers of small bone and joint orthopedic devices across the world, finds Transparency Market Research (TMR) in a recent report. According to TMR, in 2014, these players collectively occupied a share of more than 70% in the overall market. Their wide-ranging product portfolios have helped them immensely in gaining a strong foothold in this market.

Going forward, TMR recommends these manufacturers to focus on increasing research and development activities to introduce innovative and highly advanced products at minimal costs in order to gain a competitive edge. They also need to start investing in emerging economies in Asia Pacific as the future of this market lies in this region.

“The demand for small bone and joint orthopedic devices is gaining significant impetus from the increasing cases of bone injuries as well as disorders, such as osteoarthritis and osteoporosis,” says an analyst at TMR. As the aged are highly susceptible to degenerative joint diseases, the rise in the global geriatric population is resulting in the high demand for these devices across the world.

A report by the WHO states that the global base of geriatric population is increasing at a rapid pace and is estimated to escalate from around 524 million in 2010 to approximately 1.5 billion by 2050. Besides, the Centers for Disease Control and Prevention has stated in its 2015 report that nearly 67 million adults are expected to suffer from arthritis by 2030. These data point towards considerable growth in the demand for these devices over the next few years. The rising incidence of road accidents, sports injuries, and other bone-related complications are also expected to add significantly to the application of these devices in the near future.

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Although the application of small bone and joint orthopedic devices is reporting a steady rise, the high risk of complications that may be caused by the corrosion of implant metal, migration and loosening of implants, and predisposition to osteolysis is limiting the application of these devices. The increasing reports of implant failure as well as frequent product recalls are also impacting negatively on their repute, causing serious damage to their sales.

Additionally, the introduction of potential therapeutic options for osteoarthritis and osteoporosis and the emergence of tissue engineering and bone substitutes are expected to decrease the demand for these devices to some extent in the coming years.

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Small bone and joint orthopedic devices have gained substantial momentum in North America, states a TMR analyst. In 2014, the region emerged as the key contributor to this market by generating a revenue of US$1.9 bn. It is estimated to retain its position until 2023. Asia Pacific, however, will present the most promising market for these devices over the next few years.

Among all small bone and joint orthopedic devices, fracture fixation systems register the highest demand. Analysts expect the segment to remain leading throughout the forecast period. In terms of application, shoulder and other extremities will continue to create the strongest demand for these devices in the near future.

Overall, the global opportunity in the small bone and joint orthopedic devices market is likely to expand at a steady CAGR of 8.10% between 2015 and 2023 and increase from US$4.1 bn in 2014 to US$8.2 bn by the end of the forecast period.

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This release was published on openPR.