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The extremities market share is expected to increase by USD 3.24 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 8.27%.
This extremities market research report extensively covers extremities market segmentation by anatomy (upper extremities and lower extremities) and geography (North America, Europe, Asia, and ROW). The extremities market report also offers information on several market vendors, including Arthrex Inc., CONMED Corp., Exactech Inc., Integra LifeSciences Holdings Corp., Johnson and Johnson Inc., RTI Surgical Inc., Smith and Nephew plc, Stryker Corp., Wright Medical Group NV, and Zimmer Biomet Holdings Inc. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The technological innovations are notably driving the extremities market growth, although factors such as high cost of extremity procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the extremities industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Extremities Market Driver
Technological innovations in extremity products have provided several benefits to both patients and healthcare professionals (HCPs). For patients, a technologically advanced product is likely to restore mobility faster. For HCPs, technological innovations help perform procedures efficiently.
Different vendors operating in the global extremities market are offering a wide range of technologically advanced products that aid in the speedy recovery of patients. The launch of innovative products will increase the adoption of extremity products as both patients and HCPs require outcome-based solutions. Therefore, the emergence of innovative products is likely to drive the growth of the extremities market during the forecast period.
Key Extremities Market Trend
The global extremities market is witnessing several M&A and partnerships. This is helping the leading vendors to increase their respective market shares and expand their operations in new geographic regions. Companies with strong financials acquire companies that have a strong focus on R&D, which helps the acquirer develop new products. Small vendors can merge with the key vendors to reach a bigger market as the customer base of an established vendor is higher than that of a small vendor. As large vendors look to expand their product portfolios and presence in different geographic regions, the trend of M&A and partnerships is likely to continue over the forecast period, which will drive the growth of the global extremities market.
Key Extremities Market Challenge
Hospitals and surgical facilities are under constant pressure to deliver quality healthcare at a low cost. However, this has become difficult due to the focus on advanced procedures that involve the use of sophisticated devices. Healthcare facilities must consider various procurement processes and budget allocation considerations before they provide reimbursements for such devices. To increase their budget, hospitals sometimes increase the procedure cost, which can be high for patients as it increases their cost burden, which affects the adoption of such procedures. Also, the cost increases when patients have comorbid conditions such as diabetes, obesity, and osteoporosis. The additional cost of medications, which are required to address these conditions, increases the overall cost of treatment. Therefore, the high cost of such procedures will affect the growth of the extremities market during the forecast period.
This extremities market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The growth in the global healthcare equipment market will be driven by factors such as increasing life expectancy, expanding access to improved healthcare in emerging economies, an increase in cases of chronic conditions, and the development of innovative digital technologies. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the extremities market during the forecast period.
The parent, global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Technavio calculates the global healthcare equipment market size based on combined revenue generated by manufacturers of various diagnostic equipment and devices used across the therapy areas.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the extremities market encompasses successful business strategies deployed by the key vendors. The extremities market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The extremities market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the extremities market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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44% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for extremities in North America. Market growth in this region will be faster than the growth of the market in Europe.
The continuous rise in orthopedic-related disorder, higher adoption of the advanced extremities, and rising M&A will facilitate the extremities market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
An increase in the number of reported COVID-19 cases across North America compelled people to stay at home, which reduced the number of accidents. Moreover, the sales volume of several medical devices, including extremities, dropped due to lockdowns imposed by governments across the region. Therefore, the market witnessed a decline in the demand for extremities in 2020. However, this situation is expected to improve during the rest of the forecast period with the lifting of lockdowns and initiation of vaccination drives.
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The extremities market share growth by the upper extremities segment will be significant during the forecast period. The shoulder bones and muscles are used the most during activities that involve the upper limbs. Hence, they are the most prone to injuries. The increasing number of work-related injuries and road accidents drives the growth of the shoulder segment. Several conditions such as arthritis, fractures, dislocations, and rotator cuff tears affect the shoulder and cause bone loss, which requires extremity surgeries. The extensive use of shoulder muscles and bones when participating in sports or at work can increase the risk of shoulder injuries. Hence, the shoulder segment is expected to be the highest contributor of revenue to the global upper extremities market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the extremities market size and actionable market insights on post COVID-19 impact on each segment.
Extremities Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.27% |
Market growth 2021-2025 |
$ 3.24 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.75 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 44% |
Key consumer countries |
US, Germany, Canada, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arthrex Inc., CONMED Corp., Exactech Inc., Integra LifeSciences Holdings Corp., Johnson and Johnson Inc., RTI Surgical Inc., Smith and Nephew plc, Stryker Corp., Wright Medical Group NV, and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Anatomy
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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