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The global extremities (Shoulder and Small Joint Implants) market size was USD 12.21 Billion in 2022 and to reach USD 31.23 Billion in 2032, with CAGR of 11%
NEW YORK CITY, NY, UNITED STATES, June 20, 2023/EINPresswire.com/ — The Global Extremities (Shoulder and Small Joint Implants) Market size was USD 12.21 Billion in 2022 and is projected to reach USD 31.23 Billion by 2032, with a rapid revenue compound annual growth rate (CAGR) of 11% during the forecast period. The growth of the market is primarily driven by an increasing number of sports injuries, such as fractures and dislocations of shoulder, elbow, wrist, and ankle joints. According to research conducted by the American Academy of Orthopedic Surgeons (AAOS), the U.S. alone experiences around 8.6 million fractures annually, with over 3.5 million of those fractures occurring due to sports-related accidents. Consequently, there is an expected surge in demand for shoulder and minor joint implants.
Another contributing factor to the market’s revenue growth is the growing elderly population. Elderly individuals are more susceptible to joint-related issues, including arthritis, which may require joint replacement surgeries. According to a United Nations study, the global population aged 60 and above is projected to reach 2.1 billion by 2050, compared to 962 million in 2017.
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Furthermore, the increasing prevalence of rheumatoid arthritis and osteoarthritis is also anticipated to drive the demand for shoulder and minor joint implants. The Arthritis Foundation reports that nearly 54 million adults in the U.S. currently have a medically diagnosed case of arthritis, and this number is expected to reach 78 million by 2040. The World Health Organization (WHO) estimates that 23% of adults worldwide suffer from arthritis. These statistics indicate a substantial market potential for shoulder and minor joint implants in the coming years.
Segments Covered in the Report –
The global extremities (shoulder and small joint implants) market is categorized by different product types. These include shoulder implants, hand and wrist implants, elbow implants, and others.
• In terms of end-use, the market serves various healthcare facilities. These include hospitals, ambulatory surgical centers (ASCs), and orthopedic clinics.
• Shoulder implants play a significant role in addressing shoulder-related issues and injuries. They are designed to restore mobility and functionality to the shoulder joint. The demand for shoulder implants is expected to continue growing due to the rising number of sports injuries and fractures.
• Hand and wrist implants cater to the needs of individuals suffering from hand and wrist joint disorders. These implants are designed to enhance hand and wrist functionality and alleviate pain. The increasing prevalence of conditions such as arthritis and injuries related to the hand and wrist joints is expected to drive the demand for hand and wrist implants.
• Elbow implants are utilized to address elbow joint-related injuries and conditions. They provide stability and restore joint function for individuals with elbow joint disorders. Factors such as sports injuries and degenerative diseases contribute to the demand for elbow implants.
• The “Others” category encompasses additional types of joint implants that are not specifically mentioned but are still important within the extremities market. These implants may cater to specific joint issues or injuries that are less common or unique in nature.
• In terms of end-use, hospitals are one of the primary healthcare facilities where extremities implants are used. Hospitals provide comprehensive medical services and have the necessary infrastructure to perform surgical procedures, including joint implant surgeries.
• Ambulatory Surgical Centers (ASCs) are outpatient facilities that specialize in performing surgeries that do not require an overnight stay. These centers are gaining popularity due to their convenience and cost-effectiveness, making them a viable option for extremities implant procedures.
• Orthopedic clinics focus specifically on musculoskeletal conditions and treatments. They provide specialized care for individuals with joint-related issues, offering diagnosis, treatment, and surgical procedures, including extremities implants.
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Strategic development:
• In 2021, Zimmer Biomet Holdings, Inc. revealed its plans to acquire A&E Medical Corporation, a manufacturer of cardiothoracic surgery products. The acquisition aimed to expand Zimmer Biomet’s range of products in the extremities market.
• Orthopedic equipment manufacturer Integra LifeSciences Corporation announced in 2021 that Smith & Nephew PLC would acquire its Extremity Orthopedics business. The acquisition was intended to enhance Smith & Nephew’s market presence in the extremities sector.
• Stryker Corporation acquired Wright Medical Group N.V., a company specializing in biologics and extremities products, in 2020. The transaction, valued at $5.4 billion, was undertaken to broaden Stryker’s product portfolio in the extremities market.
• In 2020, Johnson & Johnson, a leader in regenerative medicine products, disclosed its plan to purchase the Tissue Regeneration System business from LifeCell Corporation. The acquisition aimed to expand Johnson & Johnson’s product offerings in the extremities market.
Competitive Landscape:
• Several key players in the medical industry have been actively involved in the extremities market. Zimmer Biomet Holdings, Inc., a prominent company, made headlines in 2021 with its plans to acquire A&E Medical Corporation. This strategic move was aimed at expanding Zimmer Biomet’s product offerings in the extremities market, strengthening its position and providing a wider selection to customers.
• Similarly, Stryker Corporation, another major player in the industry, acquired Wright Medical Group N.V. in 2020. This significant transaction, valued at $5.4 billion, was driven by Stryker’s goal of expanding its product line in the extremities market. The acquisition allowed Stryker to enhance its capabilities and cater to a broader range of customer needs.
• Smith & Nephew PLC, known for its innovative medical solutions, also took steps to increase its market share in the extremities sector. In 2021, they acquired the Extremity Orthopedics business from Integra LifeSciences Corporation. This strategic move enabled Smith & Nephew to strengthen its presence and offer a more comprehensive range of extremity products to healthcare providers and patients.
• Johnson & Johnson, a renowned name in the healthcare industry, made a move to enhance its product selection in the extremities market. In 2020, they announced the acquisition of the Tissue Regeneration System business from LifeCell Corporation. This acquisition further positioned Johnson & Johnson as a key player in the extremities market and expanded their portfolio of regenerative medicine products.
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Other notable players in the extremities market include Medtronic PLC, Arthrex, Inc., DJO Global, Inc., Conmed Corporation, and Acumed, LLC. These companies contribute to the dynamic and competitive landscape of the extremities market, each bringing their unique expertise and product offerings to meet the diverse needs of patients and healthcare professionals.
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Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
