Market Trends of Global Orthopedic Digit Implants Industry
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.
