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The Global Extremity Products Market size is projected to increase by USD 1,608.74 million from 2022 to 2027. The market is estimated to grow at a CAGR of 8.9% between 2022 and 2027.
The global demand for extremity products is on the rise due to the increasing incidence of orthopedic conditions such as fractures caused by sports injuries and falls, spinal deformities, scoliosis, tendon injuries, as well as degeneration of the disc in areas like the spine, hip, and shoulder. The geriatric population is particularly susceptible to fractures, and osteoporosis, a condition characterized by reduced bone density associated with ageing, is a significant factor. The growing proportion of this population and the rising incidence of osteoporosis is expected to drive the demand for extremity products during the forecast period. Children are also prone to injuries due to their participation in sports and other physical activities. The market is mending orthopedic conditions and sports injuries. This trend is expected to contribute to the growing demand for extremity products, thereby fueling the growth of the market.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Increasing M&A activities is a trend propelling market growth. As large companies look to expand their product portfolios and presence in different geographic regions, the trend of M and A and partnerships in the global market is likely to continue over the forecast period, which will drive its growth. Small companies that are entering the market with innovative technologies can compete if they have the backing of larger companies. This is advantageous for small companies as they can continue to use their brand names after their acquisition and use the large customer base of the acquiring company. Recent M&A, divestitures, and partnerships in the global market are as follows:
The high cost of extremity procedures is hindering market growth. Hospitals and surgical facilities face the continuous challenge of providing quality healthcare at an affordable cost. This challenge has become even more difficult with the increasing focus on advanced procedures that require the use of sophisticated devices. Healthcare facilities need to carefully consider procurement processes and budget allocation before providing reimbursements for such devices. To increase their budget, hospitals may raise the cost of procedures, which can be a financial burden for patients and may deter them from adopting such procedures. This can ultimately impact the growth of the market.
In addition, the cost of procedures can significantly increase when patients have comorbid conditions such as diabetes, obesity, and osteoporosis, as the cost of medication required to address these conditions further adds to the overall treatment cost. Thus, the high cost associated with such procedures is likely to limit the market growth and trends during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Multi-specialty hospitals and hospital groups work under government sponsorships or through private entities. These hospitals have approximately 500 hospital beds and offer many in-patient and outpatient services. They procure medical devices, including extremity products, in bulk and closely engage with many suppliers, reimbursement authorities, and government organizations. The increasing number of hospitalizations, emergency visits, critically ill patients, and orthopedic procedures drive this market. The hospitalization rate of patients with musculoskeletal disorders such as osteoarthritis, rheumatoid arthritis, sarcopenia, and osteopenia is increasing globally. As a result, the demand for extremity products is increasing in the hospitals segment, which, in turn, will boost the growth of the global market in focus during the forecast period.
The market share growth by the upper extremities segment will be significant during the forecast period. This segment includes the areas of the upper extremities including the hands and wrists, shoulders, arms, and elbows. Bones, joints, muscles, nerves, blood vessels, and tendons of the upper extremities connect these parts. Injured, injured, or fractured parts of the upper extremity can be treated with external recovery splints, surgical implants, joint replacements, biologics, and external support implants. Such things will increase segment growth during the forecast period.
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The upper extremities segment was valued at USD 1,478.91 million in 2017 and continued to grow by 2021. The upper extremities comprise the upper limb region, which includes the hand and wrist, shoulder, arm, and elbow. For instance, Shoulder bones and muscles are extensively used during activities that involve the upper limbs. Hence, they are the most prone to injuries. Moreover, wrist and hand growth can be attributed to the growing prevalence and incidence of diseases such as osteoporosis across the world. Osteoporosis reduces the calcium content in bones, which increases the chances of wrist fractures and dislocations. Similarly, others include products that are used to treat injuries to the forearm, elbow, and fingers. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period.
The market in North America in 2022 was driven by the presence of well-equipped and established healthcare infrastructure, the availability of highly skilled professionals, and the presence of extensive healthcare insurance coverage. In addition, the presence of organizations and institutions that are aimed at providing education programs on fractures and available treatment options is contributing to market growth in North America.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market addresses the rising prevalence of lifestyle-related diseases, addressing joint problems and illnesses through advanced solutions like extremities reconstruction. External fasteners and trauma devices play a vital role in clinical practice patterns, enhancing patient outcomes. The market is characterized by a diverse range of extremity products and materials, incorporating innovations in endo mechanical instrumentation and surgical visualization tools. Leading companies like Smith & Nephew Plc (Smith & Nephew) contribute significantly to the market, integrating robotics-assisted technologies in the development of knee and hip implants. As the market continues to evolve, these comprehensive offerings underscore the significance of addressing extremity-related health issues and the continuous pursuit of technological advancements in medical interventions.
Extremity Products Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.9% |
Market growth 2023-2027 |
USD 1,608.74 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.79 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 30% |
Key countries |
US, Canada, UK, China, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3-Point Products, Acumed LLC, Artificial Limbs Manufacturing Corp. of India, Aspire Medical Innovation, Bone Foam Inc., Breg Inc., Conmed Corp., Exactech Inc., Extremity Medical LLC, In2Bones Corp., Johnson and Johnson Services Inc., Owens and Minor Inc., Skeletal Dynamics LLC, Smith and Nephew plc, TriMed Inc., Waldemar Link GmbH and Co. KG, Wright Medical Group NV, Zimmer Biomet Holdings Inc., Arthrex Inc., and Stryker Corp. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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