The growing prevalence of degenerative disorders, such as osteoarthritis and osteoporosis, has been fuelling the demand for small bone and joint orthopedic devices significantly across the world. In 2014, the global opportunity in these devices was worth US$4.1 bn. Expanding at a CAGR of 8.10% during the period from 2015 to 2023, it is likely to reach US$8.2 bn by the end of 2023.
The rising demand for radial head repair devices and three-piece mobile ankle arthroplasty and the growing popularity of shoulder arthroplasty devices are likely to drive the market’s growth in the coming years.
Based on region, the worldwide Small Bone and Joint Orthopedic Devices Market has been segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America occupied the leading position in 2014 with a share of 46.9%.
The increasing number of orthopedic procedures, the rise in the obese population, and continual introduction of technically advanced products has boosted the sale of these devices in this region over the recent past. Although the future of these devices looks good in this region, its market share, however, is likely to decline a little over the forecast period, reaching 46.5% by 2023. Despite the decline, North America will remain the key contributor to the overall market in the coming years, states TMR.
Asia Pacific, on the other hand, is projected to present the most lucrative opportunities for small bone and joint orthopedic devices in the near future on account of the improving economy of several Asian countries, which is anticipated to boost the healthcare infrastructure in the region. Apart from this, the increasing disposable income of people in this region has enabled them to afford expensive treatments, which is also expected to act as a key driving force behind the growing demand for these devices in Asia Pacific over the years.
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The opportunity in small bone and joint orthopedic devices in North America is estimated to reach US$3.8 bn by 2023, whereas Asia Pacific is projected to register the fastest CAGR of 8.40% between 2015 and 2023.
Shoulder reconstruction reports the most prominent demand for small bone and joint orthopedic devices across the world. The increasing shift of preferences from partial and resurfacing shoulder implants to reversed shoulder implants among patients suffering from large rotator cuff tears has emerged as the primary factor that has fueled the application of these devices in shoulder reconstruction. Along with this, the rising usage of stemless shoulder implants for the treatment of young patients is also stimulating the demand for these devices in this segment. The opportunity for small bone and joint orthopedic devices in shoulder reconstruction is expected to expand to US$4.7 bn by 2023.
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