Osteoporosis is an alarming health issue, especially in elderly population. The disease is associated with weakening of hip, knee, wrist, and spinal bones and joints. An article published by a continuing education recognition program in June 2014 stated that one in two females over the age of 50 will undergo fracture due to osteoporosis. Additionally, 50% of the population of the U.S. aged 50 years and above is expected to be diagnosed with low bone mineral density and osteoporosis by 2020. In the US alone, an estimated 52% of postmenopausal white women are osteopenic and 20% are osteoporotic. Osteoarthritis is one of the ten most disabling diseases in developed countries. Around 25% of individuals suffering from arthritis have difficulty in performing day-to-day activities. According to statistics published by the Centers for Disease Control and Prevention (CDC), 50 million people in the U.S. are diagnosed with arthritis. Many of these individuals have activity limitation. These diseases act as predisposing factors for fractures, pain, and impaired mobility. A large number of patients undergo joint replacement surgeries to get rid of the disability due to arthritis. Fragile bones due to osteoporosis are fractured due to minor accidents such as fall or impact on hard objects.
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The small bone and joint orthopedic devices market has been segmented, based on device type, into fracture fixation and replacement systems, plates and screws, external fixation devices, and joint prosthesis. Based on application, the small bone and joint orthopedic devices market comprises foot, ankle, toe, hand, wrist, elbow, and shoulder. The foot segment including ankle, toe and lower extremities is expected to be the fastest growing segment, expanding at a CAGR of 8.3% from 2015 to 2023. Demand for minimally invasive procedures and introduction of bioabsorbable implants are the major drivers of the market. Demand for orthopedic procedures is expected to increase in the near future due to the increase in the geriatric population and obesity across the world. Fracture fixation and replacement systems was the largest segment of the market in 2014. The segment was valued at US$ 1,596.3 Mn in 2014 and is likely to expand at a CAGR of 8.0% from 2015 to 2023.
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Geographically, North America dominated the global small bone and joint orthopedic devices market in 2014. The region is expected to continue its dominance during the forecast period. Asia Pacific is considered to be the most attractive market for small bone and joint orthopedic devices due to the rise in incidence of obesity and joint degenerative disease such as osteoporosis and osteoarthritis through 2023. The demographics and lifestyle changes favor market growth in the region. There is a rise in the per capita income and the knowhow of the medical technologies. Asia Pacific is also a preferred option for medical tourism for patients in the U.S. where cost of medical services is high.
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Major players in the small bone and joint orthopedic devices market are Acumed LLC, Arthrex, Inc., DJO Global, Flower Orthopedics, DePuy Synthes, Smith & Nephew plc, Stryker Corporation, Tecomet, Inc., Wright Medical Group N.V., Zimmer Biomet Holdings, Inc., and Z-Medical GmbH + Co. KG.
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