The growing prevalence of degenerative disorders, such as osteoarthritis and osteoporosis, has been fuelling the demand for small bone and joint orthopedic devices significantly across the world. In 2014, the global opportunity in these devices was worth US$4.1 bn. Expanding at a CAGR of 8.10% during the period from 2015 to 2023, it is likely to reach US$8.2 bn by the end of 2023.
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The rising demand for radial head repair devices and three-piece mobile ankle arthroplasty and the growing popularity of shoulder arthroplasty devices are likely to drive the market’s growth in the coming years.
High Prevalence of Arthritis among the Geriatric Population to Spur Demand
The global small bone and joint orthopedic devices market is gaining impetus from the rising incidences of bone injuries and disorders. The growing prevalence of osteoarthritis and osteoporosis is fueling the demand for these devices. In addition to this, the growing geriatric population is also one of the factors aiding the growth of this market, as this population base is more prone and vulnerable to degenerative joint diseases. A report from the Centers for Disease Control and Prevention states that by 2030, approximately 67 mn people will suffer from arthritis. This is anticipated to fuel the demand for small bone and joint orthopedic devices. In addition to this, the growing number of road accidents, sport injuries, and bone-related complications will drive the demand for small bone and joint orthopedic devices in the years to come.
Introduction of Therapeutic Options for Curing Osteoarthritis and Osteoporosis To Threaten Demand
One of the factors posing a threat to the growth of the small bone and joint orthopedic devices market is the high risk associated with orthopedic implants. Corrosion of metal in implants, loosening of the implants, and migration of these devices in the body are some of the factors that can prove to be fatal for patients. The increasing incidences of implant failure will also pose a threat to the demand for small bone and joint orthopedic devices worldwide. Moreover, the emergence of therapeutic options for osteoarthritis and osteoporosis will act as a blow to the growth of the market. In addition to this, the emergence of tissue engineering and bone substitutes will crush the demand for these devices in the years to come.