Small Bone and Joint Orthopedic Devices Market to be Worth US$8.2 bn in 2023, Impelled by Rising Prevalence of Arthritis
As per the findings in the report, the global small bone and joint orthopedic devices market, which was valued at US$4.1 bn in 2014, is anticipated to expand at a CAGR of 8.1% between 2015 and 2023 to reach US$8.2 bn by 2023. An increase in the prevalence of osteoporosis, especially among the elderly, is expected to drive the global small bone and joint orthopedic devices market.
Osteoporosis is a health issue that is rising among people at an alarming rate. The condition affects the bones and increases the chances of fractures or bones breaking. Osteoporosis weakens the hips, spinal bones, knees, wrists, and joints. Around 50% of the population in the U.S. aged above 50 years is expected to be diagnosed with low bone mineral density and osteoporosis by 2020. This in turn will boost the small bone and joint orthopedic devices market.
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As per statistics stated by the Centers for Disease Control and Prevention, 50 million people have been diagnosed with arthritis in the U.S. Osteoporosis and arthritis, are conditions that cause fractures, mobility issues, and pain, causing a number of people to undergo joint replacement surgeries. Thus, the global small bone and joint orthopedic devices market is expected to grow significantly in the period from 2015 to 2023.
The global small bone and joint orthopedic devices market is segmented on the basis of type, application, and geography. By type, the market is segmented into plates and screws, external fixation devices, joint prosthesis, and fracture fixation and replacement systems. Of these, the fracture fixation and replacement systems dominated the market in 2014. Moreover, the segment is expected to expand at an 8.0% CAGR from 2015 to 2023. The external fixation devices segment is expected to be the fastest growing segment, expanding at an 8.2% CAGR between 2015 and 2023.
On the basis of application, the global small bone and joint orthopedic devices market is segmented into hand, foot, and shoulder. Of these, the foot segment is anticipated to grow at the fastest rate, expanding at a CAGR of 8.3% from 2015 to 2023. Geographically, North America not only dominated the global small bone and joint orthopedic devices market in 2014 but is also expected to do so in the future. Asia Pacific is also considered as a lucrative market for the small bone and joint orthopedic devices market.
The report profiles key players operating in the market such as: Z-Medical GmbH + Co. KG.,
DJO Global, DePuy Synthes, Wright Medical Group N.V., Smith & Nephew plc, Flower Orthopedics, Stryker Corporation, Tecomet, Inc., and Zimmer Biomet Holdings, Inc.
The global small bone and joint orthopedic devices market has been segmented as follows:
Fracture Fixation and Replacement Systems
Plates and Screws
External Fixation Devices
Foot (including ankle, toe and lower extremities)
Hand (including thumb, wrist and elbow)