While road accidents are projected to become the seventh leading cause of death by the end of 2030, WHO also points to a growing number of traumatic instances due to road accidents. On the other side, ASIRT (the Association of System Integrators and Retailers in Technology) says that road accidents injure approximately 50 million people, yearly – translating into severe orthopedic injuries.
In addition, accidents in the field of athletics lead to major or minor orthopedic injuries. Small joint injury forms a major part of the total orthopedic injury scenario, thereby generating the need for small joint replacement therapies.
A few more factors that play an important role in raising the demand for small joint replacement include aging, severe calcium deficiency, a growing number of low bone density cases, and increasing instances of arthritis and osteoporosis.
PMR Projects a Healthy Growth Outlook for Small Joint Replacement Market
Persistence Market Research recently published a new study on the global small joint replacement landscape, according to which the favorable reimbursement scenario continues to play a pivotal role in propelling the adoption of small joint replacement therapies.
According to the PMR report, the global revenue of small joint replacement market is likely to approach the valuation of US$ 455 million in 2019, at the projected year on year growth of over 6%. Leading companies operating in the global competitive landscape of small joint replacement market are currently focusing on product innovation, strategic collaborations, and geographical market expansion, says the report.
“Small joint replacement therapies come with a set of risks, including loosening of implants, wearing or fracturing over the time, stiffness of joints in the vicinity of operated area, possible internal infection, implant failure leading to severe pain, artificial joint dislocation, and blood vessel or nerve damage. However, reduced hospital stay and faster recovery post the minimally invasive surgical procedure involved in small joint replacement therapies will continue to compel patients to opt for small joint replacement surgeries, boosting the global market growth at a promising pace,” explains a senior research analyst at the company.
Unlike conventional orthopedic surgeries that involve a high infection risk and lengthy recovery time, small join replacement is minimally invasive and thus allows relatively faster recovery and a negligible risk of acquiring infections. Moreover, as small joint replacement is conducted through a small incision, the procedure is relatively cost effective.
Functional Advantages Boost Adoption of Small Joint Replacement
As indicated by the report, this growth is predominantly supported by the growing sophistication of healthcare sector, augmenting investments in healthcare, pharma, and medicine, increasing affordability of surgical procedures, and the considerably improving reimbursement scenario.
Technologically advanced small joint implants are tested and reliable, and are designed to last for a long period of time. Materials used in the manufacturing of small joint implants are consistently witnessing innovation to deliver an improved performance.
The report states that the highly sought after advantages of small joint replacement therapies over conventional orthopedic surgical procedures will continue to be the strongest driving force for growing adoption worldwide.
3D Printed Implants to Accelerate Small Joint Replacement Adoption
Surpassing the innovation of small joint artificial implants made from an extensive range of biomaterials, manufacturers are rapidly shifting to creating personalized small joint replacement implants through the incorporation of 3D printing technology.
While 3D printing has been a breakthrough innovation for the orthopedic implants sector, increasing adoption of 3D printed implants is signifying their potential applicability in orthopedics. Patient-specific 3D printed small joint replacement implants is projected to mark the future of small joint replacement therapies landscape, projects research.
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Developing Regional Markets Reflect High Market Growth Potential
Observing remarkably high incidences of osteoporosis and arthritis across the US and Canada, PMR indicates that North America’s market for small joint replacement will remain dominant over others. In 2019, the region’s market value share is projected to be nearly 55%, as indicated by the report.
Asia Pacific is however forecast to emerge as the most lucrative regional territory in the near future. Latin America and MEA are also slated to see promising growth of small joint replacement market.
With a majority of medical device manufacturers concentrating on developing regional markets for extended penetration, research highlights growing potential of emerging markets owing to improved healthcare access and increasing promotional activities for orthopedic devices by domestic manufacturing players.
A growing trend of reconstructive procedures has been swaying the healthcare industry since the past few decades, which is prominently fueling the demand for small joint replacement therapies. The demand for out-patient surgeries is mainly observed to be growing in developing Asian economies such as India, China, Indonesia, and South Korea owing to the steady population growth, increasing orthopedic injury cases, and a promising outlook of the medical tourism sector across Asia.
Integra LifeSciences is planning expansion across Japan and China to firm up the foothold in Asian market.
R&D Investments and Product Innovation Trend among Manufacturers, Besides Acquisitions
In a highly consolidated global marketplace, the top three ranking companies in small joint replacement market currently cover over 75% of the total revenue. Tier 1 players such as Write Medical Group N. V., Stryker Corporation, and Zimmer Biomet are focusing on investments in strategic mergers and acquisitions for an expanded market footprint, says research.
Moreover, Johnson & Johnson Services, Inc. is benefiting from the acquisition of BioMedical Enterprises, Inc. announced a couple of years ago. The latter’s expertise in the manufacturing of small bone orthopedic implants has been crucial for the former’s portfolio expansion in recent past.
- Product innovation for adding value to the existing portfolio also continues to be one of the key strategies adopted by leading companies in small joint replacement market.
- A growing focus on R&D is likely to enable key players to plan new product launches in new regional markets, as a part of their geographical expansion strategy.
- Other important companies competing in the global small joint replacement landscape are anticipated to extend efforts in business development by strengthening network with hospitals as well as renowned orthopedic surgeons.