Orthopedic Digit Implants Market Size
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Orthopedic Digit Implants Market Analysis
The orthopedic digit implants market is expected to register a CAGR of 7% over the forecast period.
The COVID-19 epidemic had a profound effect on the market initially. For instance, according to an article published by PubMed in August 2021, a study was conducted in Chile which showed that there was a 22.8% decline in the number of orthopedic surgeries during the pandemic. With the decline of orthopedic surgeries, digital bone implant surgeries have also fallen during the pandemic. However, as the pandemic has subsided currently, orthopedic surgeries are expected to take place normally around the world, which will lead to stable growth of the studied market.
The increasing geriatric population worldwide and the rise of arthritis are the mainstays of the orthopedic digit implants market. In addition, growing awareness about less intrusive technology and the advent of 3D printing technology has revolutionized the use of orthopedic technology. This is expected to have a positive impact on market growth in the forecast period. According to the data updated by NCBI in May 2022, it is estimated that osteoarthritis affects about 3.3 to 3.6% of the population globally and it causes moderate to severe disability in 43 million people, making it the 11th most debilitating disease worldwide. The article also stated that in the United States, it is estimated that 80% of the population over 65 years old has radiographic evidence of osteoarthritis, although only 60% of this subset has symptoms. The growing prevalence of arthritis and the increasing burden of arthritis conditions among the elderly are expected to boost market growth.
Furthermore, according to the World Population Prospects: 2022 published by the UN in 2022, it is estimated that the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. It is also estimated that by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. As a person grows older, his bones become weaker, which makes him more prone to fractures. Thus, all of the above statistics indicate that the world's population is ageing, which is expected to enhance the future market growth.
Additionally, the launch of new products in the market will also boost the studied market growth. For instance, in August 2021, the Orthopedic Implant Company launched wrist fracture plating technology, called the DRPx System with an enhanced ergonomic design to meet the technique preferences of orthopedic surgeons.
Hence, due to the abovementioned factors such as the increasing prevalence of arthritis, the rising geriatric population, and new product launches, the studied market is expected to experience growth. However, the stringent regulatory procedures and post-surgery infections and low adaptation of implants are expected to hamper market growth over the forecast period.
Orthopedic Digit Implants Market Trends
This section covers the major market trends shaping the Orthopedic Digit Implants Market according to our research experts:
The Meta Tarsal Joint Implants Segment is Expected to Hold a Significant Share Over the Forecast Period
Metatarsal-integrated implants are expected to have a significant market share due to the increase in arthritis and the growing number of bone-fracture risks worldwide. One of the most common procedures for treating injuries is the first step in the metatarsal-phalangeal joint (MTP) transplant procedure. This procedure involves a small, two-piece implant to cover the damaged or missing articular cartilage in the MTP joint, where the base of the big toe meets the foot. The implant can restore mobility to the joints and allow them to move smoothly against one another. This procedure is often used to treat large hard toes.
According to the WHO update in June 2021, an estimated 1.35 million people die as a result of road accidents each year. In addition, some 20 to 50 million people are injured or disabled each year as a result of road accidents. These developments are expected to make a significant contribution to market growth in the forecast period. Moreover, as old age is associated with high risks of injuries to bones, the rising geriatric population is also expected to boost the segment growth.
In addition, the introduction of new products in the segment is expected to further market growth during the study period. For example, in February 2021, Accufix Surgical received approval from the United States FDA to roll out its Accu-Joint program, a new method of fully restoring MTP function and movement that does not degrade solid or weak bone. This is a weightless plant that allows surgeon foot surgeons to opt for joint maintenance over the joint integration of their patients.
In addition, advances in product technology and the increasing burden of osteoporosis worldwide are expected to have a positive impact on the segment growth.
North America Projected to Grow at Significant Rate Over the Forecasted Period
The North American region is expected to have significant market growth during the forecast period. Growth is due to the high prevalence of osteoarthritis the increase in the number of elderly people, and the increasing popularity of surgical procedures that do not interfere with treatment. In addition, the presence of more market players and the introduction of new products encourages market growth in the region.
The growing elderly population is expected to drive the growth of the market segment. For instance, according to the data published by the World Bank Group in 2022, the population aged 65 and above as a percentage of the total population was 17.04% in the United States in 2021, 18.56% in Canada, and 7.83% in Mexico. In addition, according to a press release by the government of Canada in April 2022, the number of people aged 65 or more increased drastically to 7 million in 2021, which is the second-largest increase in the past 75 years. This age group in 2021 represented approximately 1 in 5 Canadians 19%. As per the source above, the number of people aged 85 and older in Canada increased to 861,000 in 2021 compared to the last decade, and this number is estimated to triple by 2046. Such an increase in the geriatric population which is more prone to fractures and other chronic diseases is expected to drive the growth of the market.
In addition, the introduction of digital orthopedic implnats in the region is expected to further boost market growth. For example, in October 2021, CurvaFix Inc., a United States-based developer of medical devices to repair fractures in curved bones, announced the commercial availability of its CurvaFix IM Implant for the fixation of pelvic and acetabular fractures.
Therefore, due to the abovementioned factors such as the rising geriatric population in the region, the growing prevalence of arthritis, and the increasing product launches, the market studied is expected to grow during the forecast period.
Orthopedic Digit Implants Industry Overview
The Orthopedic Digit Implants market is moderately fragmented, with a few major market players. Market players are focusing on geographic expansions, new product launches, and the development of new products. The key market players include Johnson & Johnson (DePuy Synthes), Smith & Nephew, Stryker Corporation, and Acumed LLC among others.
Orthopedic Digit Implants Market Leaders
Smith & Nephew
Johnson & Johnson
Advin Health Care
*Disclaimer: Major Players sorted in no particular order
Orthopedic Digit Implants Market News
- In May 2022, CONMED Corporation signed a definitive agreement to acquire privately-held In2Bones Global, Inc. In2Bones is a global developer, manufacturer, and distributor of medical devices for the treatment of disorders and injuries of the upper (hand, wrist, elbow) and lower (foot and ankle) extremities. The company's comprehensive product portfolio includes implants, fracture systems, biologics, and related hardware.
- In February 2022, DePuy Synthes (a Johnson & Johnson Medical Devices Company) acquired CrossRoads Extremity Systems. CrossRoads offers a variety of procedure-specific, sterile-packed implants and instruments for the lower extremities.
Orthopedic Digit Implants Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Geriatric Population and Rising Prevalence of Orthopedic Diseases
4.2.2 Increasing Preference of Minimally Invasive Surgeries and Advanced Products
4.3 Market Restraints
4.3.1 Stringent Regulatory Procedures
4.3.2 Post Surgery Infections and low Adaptation of Implants
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product Type
5.1.1 Meta Tarsal Joint Implants
5.1.2 Meta Carpal Joint Implants
5.1.3 Toe Intramedullary Digit Implants
5.1.4 Scophoid Bone Digit Implants
5.1.5 Hemiphalangeal Digit Implants
5.2 By Material
5.2.4 Other Materials
5.3 By End User
5.3.2 Speciality Orthopedic Clinics
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Smith & Nephew
6.1.2 Johnson & Johnson
6.1.3 Stryker Corporation
6.1.4 Arthrex GmbH
6.1.5 Vilex In Tennessee Inc.
6.1.6 Merete GmbH
6.1.7 Acumed LLC
6.1.8 Teijin Limited
6.1.9 Anika Therapeutics, Inc.
6.1.10 Advin Health Care
6.1.11 Bond Well Ortho Products
6.1.12 Zimmer Biomet
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Orthopedic Digit Implants Market Research FAQs
What is the current Global Orthopedic Digit Implants Market size?
The Global Orthopedic Digit Implants Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Global Orthopedic Digit Implants Market?
Acumed LLC, Stryker Corporation, Smith & Nephew, Johnson & Johnson and Advin Health Care are the major companies operating in the Global Orthopedic Digit Implants Market.
Which is the fastest growing region in Global Orthopedic Digit Implants Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Orthopedic Digit Implants Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Orthopedic Digit Implants Market.
What years does this Global Orthopedic Digit Implants Market cover?
The report covers the Global Orthopedic Digit Implants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Orthopedic Digit Implants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Orthopedic Digit Implants Industry Report
Statistics for the 2024 Global Orthopedic Digit Implants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Orthopedic Digit Implants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.