The latest report by Reports and Data indicates that in 2022, the global Small Bone Joint Devices Market reached USD 7.77 Billion, and it is projected to achieve a 9% compound annual growth rate (CAGR) in revenue throughout the forecast period.
The increasing prevalence of conditions like osteoporosis and arthritis is driving up the demand for small bone joint devices. These devices find application in the treatment of various ailments such as trigger fingers, Dupuytren’s contracture, and carpal tunnel syndrome.
Moreover, the growing preference for minimally invasive surgical procedures is contributing to the demand for small bone joint devices. These devices offer several benefits, including reduced post-operative discomfort, shorter hospital stays, and faster recovery times. The rising awareness among both patients and healthcare professionals about the advantages of small bone joint replacement procedures is further bolstering market revenue.
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Additionally, technological advancements in the small bone joint devices sector are a significant factor in the market’s expansion. To meet the increasing demand for minor bone joint replacement surgeries, manufacturers are continually striving to develop innovative products. Notably, the progress in 3D printing technology has enabled the production of customized implants with enhanced functionality and a superior fit.
Key players in the Small Bone Joint Devices Market:
- Johnson & Johnson Services, Inc.
- Stryker Corporation
- Smith & Nephew plc
- Zimmer Biomet Holdings, Inc.
- DJO Global Inc.
- Wright Medical Group N.V.
- Arthrex, Inc.
- Acumed LLC
- Össur hf.
- Medartis Holding AG
Some Key Highlights in the Report:
- The largest share of revenue during the projected period is expected to be held by the shoulder devices segment. This is primarily due to the rising demand for shoulder joint replacement surgeries, driven by an increasing incidence of shoulder-related injuries and conditions such as rotator cuff tears, arthritis, and fractures. Technological advancements like 3D printing and robotics have further contributed to the development of personalized shoulder implants, boosting revenue growth in this segment.
- Hospitals are predicted to dominate in terms of revenue share during the projected period. This is attributed to hospitals’ access to state-of-the-art medical equipment and facilities, resulting in a higher number of joint replacement surgeries. The rising prevalence of bone and joint diseases like osteoarthritis and rheumatoid arthritis, along with a growing elderly population, is also fuelling the demand for joint replacement surgeries in hospitals.
- The North American market is positioned to capture the largest revenue share during the forecast period. This growth can be attributed to the region’s high incidence of bone and joint conditions, such as osteoarthritis and rheumatoid arthritis. Furthermore, the market in this region is expected to experience revenue growth due to factors such as an expanding elderly population, increased adoption of advanced technologies, and the presence of major industry players.
- In Europe, the market is expected to demonstrate a moderate yet rapid growth rate in terms of revenue during the forecast period. This can be linked to rising healthcare costs and an increasing prevalence of bone and joint issues in the region. Additionally, the popularity of minimally invasive procedures and the availability of cutting-edge medical equipment are projected to drive revenue growth in the European market. Notably, the United Kingdom stands out as one of the largest markets in Europe for small bone joint devices, driven by heightened demand for orthopedic procedures and the growing elderly population.
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For the purpose of this report, Reports and Data has segmented the global small bone joint devices market on the basis of Product Type Outlook, Application Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Wrist Devices
- Elbow Devices
- Shoulder Devices
- Other Small Joint Devices
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Orthopedic Clinics
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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