Market Size of Small Bone and Joint Orthopedic Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Small Bone and Joint Orthopedic Devices Market Analysis
The small bone and joint orthopedic devices market is expected to register a CAGR of 8.1% during the forecast period.
The COVID-19 pandemic has impacted the small bone and joint orthopedic devices market as it has led to the cancellation or postponement of scheduled treatment procedures and a decrease in the number of new diagnoses and treatment procedures. For instance, according to a research study published in the Springer Journal in April 2021, nearly 90% of public and private institutions discontinued elective, non-urgent orthopedic surgeries, while 68% of private hospitals provided urgent surgical care during the pandemic. Besides, in more than 70% of the institutions in Europe, the surgical team was reduced. Additionally, during the COVID outbreak in India, 64% of orthopedic physicians ceased elective procedures. This severely impacted the market during the pandemic. However, the market has recovered well owing to declining COVID-19 cases and the resumption of small bone and orthopedic surgeries.
The rising aging population which increases the prevalence of joint diseases, growing demand for minimal surgical procedures, and an increasing number of joint reconstruction surgeries are the key driving factors in the small bone and joint orthopedic devices market. According to the World Population Prospects 2022 report, around 771 million people worldwide were aged 65 years or older in 2022 which is projected to reach 994 million by 2030 and 1.6 billion by 2050. Thus, a growing geriatric population is likely to propel the growth of the market as this population is more prone to suffer from bone and joint diseases.
Further, business expansion activities such as new device launches, mergers and acquisitions, partnerships, and collaborations by key companies are expected to boost the market. For instance, in September 2021, Anika Therapeutics, Inc. introduced the WristMotion Total Wrist Arthroplasty (TWA) system at the American Society for Surgery of the Hand (ASSH) 2021 Annual Meeting in San Francisco. The WristMotion TWA system is aimed at alleviating pain and restoring the function of the arthritic wrist joint.
Thus, all the aforementioned factors are contributing to the market growth. However, stringent regulatory norms are likely to restrain the market over the forecast period.
