Small Bone and Joint Orthopedic Devices Market Size, Share 2020 to 2027

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According to Vision Research Reports, the global small bone and joint orthopedic devices market size surpassed US$ 5.6 billion in 2019 and is projected to expand at a CAGR of 6.4% from 2020 to 2027.

The global small bone and joint orthopedic devices market size is expected to hit around US$ 9.8 billion by 2027, Rise in disabling diseases such as osteoarthritis and osteoporosis and focus on technological innovations are projected to drive the global small bone and joint orthopedic devices market during the forecast period.

Overview

• Orthopedic devices are implants used to restore skeletal structure and joint movement after fracture, abnormal growth of bones, soft tissue damage, or other deformities. These devices can be surgically implanted or externally attached through minimally invasive procedures and can be classified into internal and external fixation devices.
• These devices are used in fractures, trauma, and to correct bone deformities. Under certain circumstances, a joint or a part of it needs to be replaced for proper functioning. These orthopedic devices are known as joint implants. Joint implants are generally used to treat deformities in long and small bone and joints. Implants such as femoral head, humeral head, reverse shoulder prosthesis, prosthesis, and others assist in restoring proper joint movement.
• Extremities orthopedic devices are made of alloys of titanium, stainless steel, polyether ether ketone (PEEK), and polymeric synthetic resorbable materials. Some companies have stopped the manufacture of metal-on-metal implants due to serious injuries and adverse reactions.
• Small bone and joints may face difficulty during surgical procedures due to their anatomical complexity and disposition. Hence, various devices, such as Re-motion Total Wrist System by Small Bone Innovations (SBi), have been designed to overcome these intricate procedures. Several key players are working toward providing solutions to eradicate impairments of small bone and joint.

Unmet Needs in Emerging Countries of Asia Pacific and RoW to Provide Growth Opportunities for the Market

• Asia Pacific is the fastest growing market for orthopedic devices; however, the region holds a smaller market share as compared to North America and Europe. The demographics and lifestyle changes and higher number of elderly people favor the market growth. There is a rise in per capita income and the knowhow of the medical technologies.
• Asia Pacific is also a preferred option for medical tourism for patients in the U.S. where cost of medical services is high. Hence, OEMs can focus on sales, distribution, and target marketing programs in the lucrative market in Asia Pacific.
• On the other hand, the cost of operations in Asia Pacific and RoW is lower than that in organized markets such as North America and Europe due to minimal compliance requirements. Therefore, market players can focus on the lucrative market in RoW, which is unorganized and has low entry barriers.

Fracture Fixation and Replacement Systems Segment to Dominate Market

• Based on product type, the global small bone and joint orthopedic devices market has been divided into fracture fixation and replacement systems, plates and screws, external fixation devices, and joint prosthesis.
• Orthopedic devices for small bones and joints are used to prevent and/or cure musculoskeletal injuries and disorders of the bones and joints. These devices comprise various implants, internal fixators, and external fixators for application in shoulder, elbow, wrist, hand, ankle, and foot reconstruction or surgeries.
• Recently, technologically advanced orthopedic devices have overcome the previous life threatening situations of amputations. Rise in orthopedic procedures and high incidence rates of osteoarthritis and osteoporosis contribute to the growth of the global small bone and joint orthopedic devices market.

Foot Application Segment to be Highly Lucrative Segment

• In terms of application, the global small bone and joint orthopedic devices market has been classified into foot, hand, and shoulder.
• Small bone and joint orthopedic devices for foot are majorly recommended for support and alignment, correction of foot deformities, and improving the overall function of foot and ankle.
• Advances in plastics and materials science have significantly improved the design and manufacture of foot orthoses in the last couple of decades.
• According to a study published in the journal Injury, foot and ankle fractures account for 9% of all the fractures and around 65% of these found in females were osteoporotic. The risk of ankle fracture increases with obesity and osteoporosis.
• Other indications include avascular necrosis, traumatic deformity, and arthritis. Fractures of foot and ankle include fractures in metatarsals, calcaneus bones, cuboid bone, and distal head of tibia and fibula. Severe fracture fixation could require internal fixation devices such as wires, plates, and screws or external fixation devices.

North America to Dominate Global Market

• In terms of region, the global small bone and joint orthopedic devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global small bone and joint orthopedic devices market in 2019, followed by Europe.
• The dominance of these two regions was majorly attributed to growing geriatric and obese populations and introduction of technologically advanced products.
• Asia Pacific is considered an emerging market for home rehabilitation products and services Rising disposable income, rapid urbanization, increase in health care infrastructure, and distribution and partnership strategies adopted by the players support market growth in the region.

Competitive Landscape

• The global small bone and joint orthopedic devices market is consolidated in terms of number of players. Key players in the global market include Acumed LLC, Arthrex, Inc., Depuy Synthes, DJO Global, Smith & Nephew plc, Stryker Corporation, Tecomet, Inc., Wright Medical Group N.V., Z-Medical GmbH + Co. KG, and Zimmer Biomet Holdings, Inc., among others

Market Segmentation

By Product

• • Fracture Fixation and Replacement Systems
  • Plates and Screws
  • External Fixation Devices
  • Joint Prosthesis

By Application

• • Foot
  • Hand
  • Shoulder

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Market Scope

VRR’s report on the global small bone and joint orthopedic devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global small bone and joint orthopedic devices market for the period 2017–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global small bone and joint orthopedic devices market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global small bone and joint orthopedic devices market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global small bone and joint orthopedic devices market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global small bone and joint orthopedic devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global small bone and joint orthopedic devices market.

The report delves into the competitive landscape of the global small bone and joint orthopedic devices market. Key players operating in the global small bone and joint orthopedic devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global small bone and joint orthopedic devices market that have been profiled in this report.

Key Questions Answered in Global Small Bone and Joint Orthopedic Devices Market Report

• What is the scope of growth of product companies in the global Small Bone and Joint Orthopedic Devices market?
• What will be the Y-o-Y growth of the global Small Bone and Joint Orthopedic Devices market between 2019 and 2027?
• What is the influence of changing trends in technologies on the global Small Bone and Joint Orthopedic Devices market?
• Will North America continue to be the most profitable market for Small Bone and Joint Orthopedic Devices providers?
• Which factors are anticipated to hamper the growth of the global Small Bone and Joint Orthopedic Devices market during the forecast period?
• Which are the leading companies in the global Small Bone and Joint Orthopedic Devices market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global Small Bone and Joint Orthopedic Devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global Small Bone and Joint Orthopedic Devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the Small Bone and Joint Orthopedic Devices market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the Small Bone and Joint Orthopedic Devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global Small Bone and Joint Orthopedic Devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global Small Bone and Joint Orthopedic Devices market more reliably and accurately.

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