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.
Small Bone and Joint Orthopedic Devices Industry Segmentation
As per the scope of the report, small bone and joint orthopedic surgery is a procedure that replaces bone and structure lining the joints with new components such as support or fixation devices. The Small Bone and Joint Orthopedic Devices Market is Segmented by Product Type (Hand and Wrist Devices, Foot and Ankle Devices, and Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
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| Hand and Wrist Devices | |
| Foot and Ankle Devices | |
| Others |
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Small Bone and Joint Orthopedic Devices Market Size Summary
The small bone and joint orthopedic devices market is poised for significant growth, driven by factors such as the increasing aging population, the rising prevalence of joint diseases, and the growing demand for minimally invasive surgical procedures. The market experienced a temporary setback due to the COVID-19 pandemic, which led to the postponement of elective surgeries and a decrease in new diagnoses. However, the market has shown resilience and is recovering as surgical procedures resume. Key players in the industry are actively engaging in business expansion activities, including new device launches and strategic partnerships, which are expected to further propel market growth. Despite the positive outlook, the market faces challenges from stringent regulatory norms that could potentially restrain its expansion.
The hand and wrist device segment is anticipated to capture a significant share of the market, fueled by the high prevalence of musculoskeletal disorders and sports-related injuries. Technological innovations and the introduction of new devices are expected to enhance the growth of this segment. North America is projected to hold a major share of the global market, supported by an increasing number of orthopedic procedures and a growing demand for minimally invasive surgeries. The market is characterized by a few major players, but mid-size to small companies are gaining traction by offering innovative devices at competitive prices. Overall, the market is expected to experience robust growth, driven by a combination of demographic trends, technological advancements, and strategic business initiatives.
Small Bone and Joint Orthopedic Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Aging Population and Increasing Prevalence of Degenerative Joint Diseases
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1.2.2 Growing Demand for Minimally Invasive Surgeries and Increasing Number of Joint Reconstruction Surgeries
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Norms
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Hand and Wrist Devices
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2.1.2 Foot and Ankle Devices
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2.1.3 Others
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Small Bone and Joint Orthopedic Devices Market Size FAQs
What is the current Small Bone and Joint Orthopedic Devices Market size?
The Small Bone and Joint Orthopedic Devices Market is projected to register a CAGR of 8.10% during the forecast period (2024-2029)
Who are the key players in Small Bone and Joint Orthopedic Devices Market?
Stryker Corporation, Zimmer Biomet, Johnson & Johnson (DePuy Synthes), Acumed LLC and Smith & Nephew Plc are the major companies operating in the Small Bone and Joint Orthopedic Devices Market.
