Acquisition of privately developed models and niche players is a key strategy adopted by leading orthopedic giants for extending their presence in the global orthopedic digit implants market. According to a recent research report offered by Transparency Market Research (TMR), leading players in the market are competing fiercely for eating into shares of high-end products. The relatively easier regulatory pathway for introducing innovative devices has enabled new market entrants in gaining a foothold.
Key market players profiled by TMR’s report include Merete Medical, Wright Medical Group N.V., VILEX IN TENNESSEE, INC., Stryker Corporation, DePuy Orthopaedics, Inc. (Johnson & Johnson), Integra LifeSciences Corporation, and TEIJIN NAKASHIMA MEDICAL CO., LTD.
Global Market for Orthopedic Digit Implants to Exhibit an Impressive Expansion during 2017-2026
The global market for orthopedic digit implants will exhibit an impressive expansion during the forecast period, 2017 to 2026. Revenues from the global orthopedic digit implants market is estimated to reach nearly US$ 130 Mn by 2026-end. Increasing prevalence of osteoarthritis and rheumatoid diseases, along with the rise in geriatric population globally has led to an increase in patient pool requiring various orthopedic procedures for treatment. Orthopedic digit implants are relatively a new concept that has gained momentum over the past few years, unlike orthopedic implants developed for hip and knee injuries. Increased life expectancy, coupled with patient demands for therapeutics offering improved life quality and mobility are predominant trends driving patient acceptance of digit implants.
Rapid rates of co-morbidities including obesity and diabetes have added to the risk of acquiring degenerative joint diseases, particularly in the elderly population. As young people are engaging more in fitness and sports worldwide, relevant injuries are increasing in number.
Governments and market players across the globe are taking initiatives for spreading awareness about treatment options such as orthopedic digit implants, which offer a relieving alternative to arthrodesis. However, a significant shortage of skilled surgeons, regulatory hurdles for product approvals, and unfavorable reimbursement policies might impede adoption of orthopedic digit implants.
North America’s Dominance in Global Orthopedic Digit Implants Market to Remain Unchallenged
With a projected market revenue share of nearly 66%, North America’s dominance in the global orthopedic digit implants will remain unchallenged. Although not as much as North America, Europe and Asia-Pacific excluding Japan (APEJ) will also account for large portions of market revenue share during 2017 to 2026. In contrast, Middle East & Africa (MEA) and Japan are projected to account for the smallest revenue share of the market during the forecast period. Although Latin America currently account for a very low revenue share of the market, demand for orthopedic digit implants in the region will witness a considerable rise in the foreseeable future.
Based on product type, metacarpel joint implants (upper extremity) will witness the highest demand in the market, with sales estimated to surpass US$ 40 Mn in revenues by 2026-end. Metatarsal joint implants are anticipated to be the second most-lucrative product in the market, and will account for over one-fourth revenue share of the market by 2026-end.
Nitinol will Remain Preferred among Materials used for Orthopedic Digit Implants
Nitinol will remain preferred among materials used for manufacturing orthopedic digit implants. Revenues from sales of Nitinol will account for over two-third share of the market during the forecast period. However, sales of silicon pyrocarbon are expected to register a relatively faster expansion than that of Nitinol through 2026.
Specialty orthopedic clinics are expected to remain the least attractive end-users of orthopedic digit implants, with sales estimated to reach just nearly US$ 20 Mn by 2026-end. Hospitals are projected to account for over four-fifth revenue share of the market during 2017 to 2026.
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