Market Trends of Small Bone and Joint Orthopedic Devices Industry
Hand and Wrist Devices Segment is Expected to Hold Significant Share in Studied Market Over the Forecast Period
Hand and wrist devices include wrist fusion splints and distal radius splints which are used to treat bone and joint problems of the thumb, wrist, elbow, shoulder, and other nearby areas. The segment is expected to account for a significant share of the studied market due to the high prevalence of musculoskeletal disorders of the hand and rising sports-related hand injuries. For instance, according to the article published in PM & Knowledge in June 2022, wrist injuries account for 5.5% of all work-related injuries, with a rate of 2.54/10,000 full-time workers which led to an average of 16.75 days of work off. Similarly, according to the article published in Pain Reports in October 2022, in the United States, 2.6 million hand and wrist injuries occur each year. Thus, the huge burden of hand and wrist injuries is expected to increase the demand for hand and wrist devices, thereby boosting segment growth over the forecast period.
In addition, technological innovations, the introduction of new devices, company mergers and acquisitions, and other business expansion initiatives by market players are expected to further fuel the growth of the hand and wrist device segment. For instance, in May 2021, Orthopedic Implants announced US FDA clearance and the commercial launch of its wrist fracture plating technology, the DRPx System. It is the distal radius plating system that features an improved ergonomic design that meets the technical preferences of orthopedic surgeons while significantly increasing cost savings, helping to improve the financial viability of ambulatory surgery centers (ASCs) and hospitals.
Thus, all the aforementioned factors are expected to boost segment growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market over the Forecast Period
North America is expected to hold a major share in the global small bone and joint orthopedic devices market due to the increasing number of orthopedic procedures and the rise in the aging population in this region. In addition, the growing demand for minimally invasive surgeries is also fuelling the growth of the market.
The increase in sports injuries in the United States is expected to propel the growth of the market. For instance, according to the National Safety Council Statistics 2022, sports and recreational injury rates rose 20% in 2021 compared to the previous year. In 2021, 3.2 million people were treated in emergency departments for injuries involving sports and recreational equipment. The activities most frequently associated with injuries were exercise, cycling, and basketball. Regarding exercise equipment injuries, the number of injuries increased slightly from 377,939 injuries in 2020 to 409,224 injuries in 2021. Thus, an increase in sports injuries is likely to contribute to the market growth over the forecast period.
Additionally, product launches by the players are expected to boost the market growth in the region over the forecast period. For instance, in April 2022, Medline Unite Foot and Ankle introduced its Calcaneal Fracture plating system and IM fibula implant in the United States. The Calcaneal Fracture plating system from Medline Unite offers a variety of implant options, including standard, offset, and extension dinus tarsi, as well as perimeter plates. It also has fully threaded 5.5 mm and 7.0 mm headed cannulated screws and a sinus tarsi extension plate inserter for easy plate insertion and positioning through a sinus tarsi incision for posterior tuberosity percutaneous screw placement.
Thus, all the aforementioned factors are expected to boost segment growth over the forecast period.
