Global Small Joint Replacement Forecast From 2022

Posted by sandeep gade on September 12th, 2022

While road accidents are projected to become the seventh leading cause of death by the end of 2030, WHO also points to a growing number of traumatic instances due to road accidents. On the other side, ASIRT (the Association of System Integrators and Retailers in Technology) says that road accidents injure approximately 50 million people, yearly – translating into severe orthopedic injuries.

In addition, accidents in the field of athletics lead to major or minor orthopedic injuries. Small joint injury forms a major part of the total orthopedic injury scenario, thereby generating the need for small joint replacement therapies.

A few more factors that play an important role in raising the demand for small joint replacement include aging, severe calcium deficiency, a growing number of low bone density cases, and increasing instances of arthritis and osteoporosis.

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PMR Projects a Healthy Growth Outlook for Small Joint Replacement Market

Persistence Market Research recently published a new study on the global small joint replacement landscape, according to which the favorable reimbursement scenario continues to play a pivotal role in propelling the adoption of small joint replacement therapies.

According to the PMR report, the global revenue of small joint replacement market is likely to approach the valuation of US$ 455 million in 2019, at the projected year on year growth of over 6%. Leading companies operating in the global competitive landscape of small joint replacement market are currently focusing on product innovation, strategic collaborations, and geographical market expansion, says the report.

“Small joint replacement therapies come with a set of risks, including loosening of implants, wearing or fracturing over the time, stiffness of joints in the vicinity of operated area, possible internal infection, implant failure leading to severe pain, artificial joint dislocation, and blood vessel or nerve damage. However, reduced hospital stay and faster recovery post the minimally invasive surgical procedure involved in small joint replacement therapies will continue to compel patients to opt for small joint replacement surgeries, boosting the global market growth at a promising pace,” explains a senior research analyst at the company.

Unlike conventional orthopedic surgeries that involve a high infection risk and lengthy recovery time, small join replacement is minimally invasive and thus allows relatively faster recovery and a negligible risk of acquiring infections. Moreover, as small joint replacement is conducted through a small incision, the procedure is relatively cost effective.

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Developing Regional Markets Reflect High Market Growth Potential

Observing remarkably high incidences of osteoporosis and arthritis across the US and Canada, PMR indicates that North America's market for small joint replacement will remain dominant over others. In 2019, the region's market value share is projected to be nearly 55%, as indicated by the report.

Asia Pacific is however forecast to emerge as the most lucrative regional territory in the near future. Latin America and MEA are also slated to see promising growth of small joint replacement market.

With a majority of medical device manufacturers concentrating on developing regional markets for extended penetration, research highlights growing potential of emerging markets owing to improved healthcare access and increasing promotional activities for orthopedic devices by domestic manufacturing players.

A growing trend of reconstructive procedures has been swaying the healthcare industry since the past few decades, which is prominently fueling the demand for small joint replacement therapies. The demand for out-patient surgeries is mainly observed to be growing in developing Asian economies such as India, China, Indonesia, and South Korea owing to the steady population growth, increasing orthopedic injury cases, and a promising outlook of the medical tourism sector across Asia.

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sandeep gade

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sandeep gade
Joined: August 22nd, 2022
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