The intense need for in-depth understanding of the “Hammertoe Market -Forecast to 2023″ coupled with its high growth potential necessitated the development of this report by Market Research Future. The report specifically focuses on the key industry development trends and forces that shapes the market, but not limited to only commercial nature, but which encompasses a broad range such as social, technological and others. The global Hammertoe market is expected to reach US$ 450 million by 2023, and the market is projected to grow at a CAGR of ~ 5.2 % during the forecast period 2017-2023.
MarketResearchFuture.com adds “Hammertoe Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
Global Hammertoe Market – Regional Analysis:
The global hammertoeing devices market is segmented into five major regions including Americas, Europe, Asia Pacific, and Middle East and Africa region.
The Americas dominate this market, particularly North America due to high healthcare expenditure in the region. The U.S. dominates the global hammertoe market, which is followed by Europe. The U.S. dominates the market owing to the higher healthcare expenditure and penetration. The larger research base, faster uptake of new technology etc. also benefit this US market. The public healthcare expenditure of US which comes out to be 16% of GDP in 2015 is a huge boost to the market. The concentration of large medical device firms in the U.S. is also a strong driver of the market. The presence of large global players such as Biomet, Instratek, Stryker Corporation etc. in the US has also strengthened the US market.
Rising screening are major drivers for the growth of Europe Hammertoe market. Some other factors such as growing number cases, advanced healthcare facilities, and adoption of new implants are driving the growth for the market.
Asia Pacific is the fastest growing and high potential market for Hammertoe. This growth is majorly attributed to developing healthcare sector, changing healthcare practices, growing number of cases and rising demand from the countries like China.
The Middle East & Africa region is expected to have limited growth due to some factors such as traditional healthcare practices, limited access and availability of the products, poor public healthcare expenditure etc. The African region is expected to witness a moderate growth owing to poor economic and political conditions and poor healthcare development.
BioPro (U.S.), Instratek (U.S.), Stryker Corporation (U.S.), Extremity Medical LLC (U.S.), Arrowhead Medical Device Technologies LLC (U.S.), Wright Medical Group N.V. (U.S.), Nextremity Solutions, Inc. (U.S.), Smith & Nephew plc (U.S.), Biomet, Inc. (U.S.), Acumed (U.S.), and others are some of the prominent players at the forefront of competition in the global hammertoe market and are profiled in MRFR Analysis.
August, 2016 Centric Medical received the FDA approval for hammertoe correction system. The system joins a growing portfolio which includes innovative osteobiologic products
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Global Hammertoe Market – Overview:
A hammertoe is a foot deformity of the second, third or fourth finger in the toe. People with hammertoe may develop corns or calluses on the tip or middle joint of the toe. This condition can cause imbalance in the muscles, tendons or ligaments which normally hold the toe straight. A hammertoe has an abnormal bend in the middle joint of a toe and usually occur in the second, third and fourth toes. Hammertoe can be caused because of wearing wrong type of shoes such as high heels or shoes that are too short or narrow that force the toe into a bent position.
The U.S. hammertoe market is dependent on the legal and regulatory environment includes factors such as labelling standards, FDA classification rules etc. There is a situation of worsening regulatory and reimbursement environment. The situation has been compounded by the uncertainty of healthcare reforms. The uncertainty has forced many medical devices companies to first obtain marketing approval of new products in non-U.S. markets, particularly Europe. The treatment in most cases consists of physical therapy and new shoes with soft, spacious toe boxes and surgery in severe cases of hammertoe. In some cases a brace that pushes down on the toes to force them to stretch out their muscles is also prescribed. Hammertoe affects approximately 500,000 people in the US alone.
Product development and development of novel implants and orthopedic devices is the most attractive strategy for the Hammertoe industry. Majority of these hammertoes are treated with wire pins also called K-wires, but are associated with inconveniences such as movement limitations and shoewear and dislodgement of the wires. Advances in implant design have made hammertoe implants, a feasible surgical option which permanently remains within the toe bone.
Hammertoe can be of two types i.e. flexible hammer toes and rigid hammer toes. Flexible hammer toes are less serious and are still moveable at the joint and are in the developmental stage. Rigid hammer toes is more developed and more serious and can be seen in cases of severe arthritis. Rigid hammer toe are tight, with misaligned and immobile joint, generally requiring surgery.
Factors such as wearing wrong type of shoes including high heels, bunions or other foot problems, trauma and certain muscle, nerve, or joint damage diseases such as osteoarthritis, rheumatoid arthritis, Charcot-Marie Tooth disease, diabetes and others are the drivers for the global hammertoe market. The cost of treatment, implant rejection, alternative and relief treatment such as changing your footwear and wearing shoe inserts, toe exercises, lack of awareness, rejection of toe implants are some restrains of the market. The drawbacks of surgery include risk of infection, associated pain and hospital stay also constrain the market.
The global Hammertoe market has been segmented on the basis of type, diagnosis, treatment and end users.
Based on type, the market has been segmented as flexible hammer toes and rigid hammer toes.
Based on the diagnosis, the market has been segmented into physical exam, X-rays and others.
Based on the treatment, the market has been segmented into drugs, orthotic devices, surgery and others.
Based on the end users, the market has been segmented as hospitals & clinics, physiotherapy and orthopedic centers and others.
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