Status : Published Published On : Sep, 2019 Report Code : VRHC1205 Industry : Healthcare Available Format : Page : 117

Global Small Joint Reconstructive Implants Market – Analysis and Forecast (2019-2024)

Industry Insights by Type (Foot and Ankle, Hand and Wrist, Staple Fixation), by Material (Metal, Polymer), End User (Hospitals, Ambulatory Surgical Centers (ASCs)), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, U.A.E, Saudi Arabia, South Africa, South Africa)

Industry Overview

The global small joint reconstructive implants market was valued at USD 7,743.2 million in 2018, which will grow at a CAGR of 5.1% during the forecast period. Different implants such as hand and wrist implants, and foot and ankle implants majorly contribute to the small joint reconstructive implants market size. Increasing geriatric population, increasing prevalence of orthopaedic conditions, increasing demand for minimally invasive surgeries, technological advancements in surgical imaging and robotic-assisted surgeries are propelling the growth of the market.

Small Joint Reconstructive Implants Market Highlights

Market Segmentation

Insight by Type

On the basis of Type, the global small joint reconstructive implants market is categorized into foot and ankle, hand and wrist, and staple fixation. The largest share in the market is held by the hand and wrist category primarily due to the increasing number of sports injuries and the advancements in the technology leading to the easy operability for hands and wrist. 

Insight by Material

Based on material, the small joint reconstructive implants market is segmented into metal and polymer. Among the two, metal has been the most commonly used material for reconstructive implants. However, the demand for polymer-based implants is also increasing at a considerable rate as polymer implants are easier to manufacture depending on their use.

Insight by End User

Based on end-user, the small joint reconstructive implants market is segmented into hospitals and ambulatory surgical centers. The hospital remains the largest stakeholder in the small joint reconstructive implants as most of these surgeries are performed in hospitals. On the other hand, ASCs are gradually gaining traction for these surgeries as these centers tend to save cost and are improving health outcomes for the patients as compared to the inpatients.

Industry Dynamics

Trends

The shifting patient from hospitals to ASCs for reconstructive surgeries is the key trend witnessed in the market. Healthcare providers, payers, and patients are recognizing the importance of outpatient care which saves the cost and reduces the burden on hospitals. Another key trend witnessed in the market is the increasing number of collaboration and partnerships in the industry.

Growth Drivers

Global small joint reconstructive implants market has been driven by several key factors, predominantly due to the increasing prevalence of orthopaedic conditions, and increasing demand for minimally invasive surgeries. Orthopaedic conditions such as arthritis, osteoporosis, and bone degenerative diseases are on rise which creates demand for the small joint reconstructive implants. According to the WHO, Osteoarthritis is already one of the ten most disabling diseases in developed countries. Worldwide estimates are that 9.6% of men and 18.0% of women aged over 60 years have symptomatic osteoarthritis. 

Also, the older generation is more prevalent to orthopaedic conditions; therefore an increase in number of geriatric population also leads to the growth in the market. For instance, according to WHO, globally in 2010 approximately 524 million people were aged 65 years and older, and is expected to reach 1.5 billion in 2050. Moreover, technological advancements in surgical imaging and robotic-assisted surgeries across the globe are propelling the demand for small joint reconstructive implants.

Restraints
High cost of reconstructive surgery and availability of alternative treatment options limit the growth of the global small joint reconstructive implants market.

Geography Insight

Geographically, North America is the largest small joint reconstructive implants market due to the technological advancements and increasing prevalence of orthopaedic conditions. According to the CDC, from 2013–2015, an estimated 54.4 million US adults (22.7%) annually had ever been told by a doctor that they had some form of arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia. Also, the region is home to a large number of industry players and also has the highest healthcare expenditure globally. 

Asia-Pacific is observed to witness the fastest growth in the market. As the region comprises of largest population prevalent with orthopaedic conditions and the number of ASCs in the region are on rise.

Competitive Insight

Some of the key players operating in the global small joint reconstructive implants market are Stryker Corporation, DePuy Synthes Companies, DJO Global Inc. Zimmer Biomet Holdings Inc., Orthofix Medical Inc., Smith & Nephew plc, Wright Medical Group N.V., Arthrex Inc., Integra LifeSciences Holdings Corporation, Exactech Inc., and Acumed LLC.

Forecast Parameters

- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.

Data Validation

- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.

Small Joint Reconstructive Implants Market Analysis

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Small Joint Reconstructive Implants Market