The competitive landscape of the global small bone and joint orthopedic devices market depicts a consolidate behavior. This is mainly due to the presence of limited players in the market. The completion in the global small bone and joint orthopedic devices market is limited to three companies that is Depuy Synthes, Zimmer Biomet Holdings Inc and Wright Medical Group These three companies held a major portion of the market collectively, in the year 2014, notes Transparency Market Research (TMR). These companies are focusing on product portfolios to strengthen their hold on the global small bone and joint orthopedic devices market.
As per a recent TMR report, the global small bone and joint orthopedic devices market is anticipated to achieve a valuation of US.2 billion by the end of 2023. The market is expected to rise at a CAGR of 8.10 during the forecast period that is from 2015 to 2023. The manked stood at a valuation of US.1 billion in 2015.
Based on geography, North America is estimated to continue its dominance during the forecast period. This is mainly due to the presence of leading players in the region. On the basis of application, shoulder reconstruction dominate the segment with majority of key share.
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Increasing Prevalence of Arthritis across Globe to Spur Demand
The global small bone and joint orthopedic devices market is gaining traction owing to the rising cases of arthritis across the world. This is mainly due to the increasing geriatric population across the globe. In addition to this, the increasing number of road accidents, bone-related complications and causalities is anticipated to boost the demand for small bone and joint orthopedic devices during the forecast period. Apart from this, increasing sports and cultural activity in developing regions of the world is likely to boost the global small bone and join orthopedic devices.
Awareness of small bone and joint orthopedic Therapeutics to Threaten Demand
The growth in the global small bone and joint orthopedic devices market is likely to suffer mainly due to the risk associated with the procedure. Some of them are metal degradation, defective implants, and penetration of metal in the body. Apart from this, the increase in the effective small bone and join orthopedic therapeutics is posing a threat to the market growth.
In addition to this, emergence of tissue engineering and bone substitutes is likely to dampen prospect of the global small bone and joint orthopedic devices market. The increasing health care expenditure and technological advancement in small bone and joint orthopedic devices is projected to rise the global small bone and joint orthopedic devices market
