Digit Joint Implants - Global Market Outlook (2021-2028)

Digit Joint Implants - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Digit Joint Implants Market is growing at a CAGR of 11% during the forecast period. Digit joint implants are medical devices used to replace the damaged or diseased bone and joints of body parts or to replace a missing biological structure, or enhance an existing biological structure. They are man-made devices, which is a transplanted biomedical tissue. In some cases, implants contain electronics e.g. artificial pacemaker. The surface of implants that contact the body may be made of biomedical materials such as titanium or silicone depending on the one which is the more functional.

Market Dynamics:

Driver:

Acceptance of Knee- And Hip-Replacement Surgeries

The incidence of various kinds of injuries cannot be attributed to a particular trend or propensity. According to the principle of probability, all individuals, during their normal course of life, are at an equal chance of suffering a bone-damaging injury. Hip-replacement injuries require immense precision at the end of the medical professionals. Hip replacement complications include blood clots, change in leg length, dislocation, fractures, infection and loosening of the implant. This factor has led to increased demand across the market.

Restraint:

Difficulties Connected with the Use Of Digit Joint Implants

The concerns impeding the growth of the market are the complications connected with its use. Implant fracture, infection, stiffness, and other problems are all linked to the usage of digit joint implants. Moreover, allergic reactions, osteolysis, metal debris deposition, bone erosion, silicone synovitis, embolism, and fibrous ankyloses are also hazards connected with digit joint implants. Revision procedures are required as a result of these problems. As a result, during the projection period, the problems associated with the usage of digit joint implants would stifle overall market growth.

Opportunity:

Increasing Acceptance of Biodegradable Digit Joint Implants

Biodegradable digit joint implants are made of biodegradable polymers which degenerate over time and facilitate healing and regeneration of joint tissues. These implants promote regrowth of the bone and do not require revision surgery. Vendors are further incorporating improved features to enhance their medical applications. This development is expected to have a positive impact on the overall market growth.

Threat:

Infection & Common Side Effects

Biodegradable digit joint implants are made of biodegradable polymers which degenerate over time and facilitate the healing and regeneration of joint tissues. These implants promote regrowth of the bone and do not require revision surgery. Vendors are further incorporating improved features to enhance their medical applications. This development is expected to have a positive impact on the overall market growth.

Hospital segment is expected to be the largest during the forecast period

The hospital segment is anticipated to witness growth for the next five years. Huge patient in-flow into the hospital facilities, owing to existence of quality diagnostic and treatment equipment and skilled healthcare professionals are the major contributing factors for the growth of the hospital segment. Supportive healthcare regulation and favourable reimbursement policies are influencing the orthopaedic digit implants market.

The Metacarpophalangeal(MCP) and Proximal Interphalangeal(PIP) Joint Implants segment is expected to have the highest CAGR during the forecast period

Metacarpophalangeal (MCP) and proximal interphalangeal (PIP) joint implants segment are going to have a lucrative growth during the forecast period. Increasing recommendation to osteoarthritis and rheumatoid arthritis patients to opt for these implants, rising incidence of osteoarthritis and rheumatoid arthritis, and the easy performance of revision procedures with these implants are expected to boost the growth of the market segment during the forthcoming years.

Region with highest share:

The Europe is projected to hold the highest market share; owing to the presence of trained medical practitioners who can effectively lay joint implants is a key consideration for market growth. Several medical guilds, focused on research related to medical implants, have been formed in recent times. The market is driven by the increasing prevalence of osteoarthritis and rheumatoid arthritis with the rise in the geriatric population, the growing number of hand and foot injuries, and rising initiatives and awareness on digit joint implants.

Region with highest CAGR:

North America is projected to have the highest CAGR, due to the factors such as the presence of well-equipped and established healthcare infrastructure, availability of highly skilled professionals, availability of extensive healthcare insurance coverage, and high popularity of minimally invasive surgery in the US are contributing to market growth in this province. The US and Canada are the key markets for the digit joint implants market in North America. Market growth in this province will be faster than the growth of the market in other regions.

Key players in the market:

Some of the key players profiled in the Digit Joint Implants Market include Beznoska, Tornier, Groupe Lpine, Anika Therapeutics, Osteomed, Skeletal Dynamics, KeriMedical, in2bones, Wright Medical Technology, MatOrtho, Evolutis, Stryker.

Key developments:

In February 2020: Anika Therapeutics acquired Arthrosurface. This acquisition significantly enhances commercial capabilities in the U.S. and accelerates product platform strategy by further expanding our portfolio and pipeline across the joint preservation and restoration continuum.

In December 2020: Medartis acquired stake in KeriMedical and strengthens its extremities. Medartis has acquired a stake of 25% in KeriMedical. A significant share of the capital invested by Medartis will be used for access and development of the US market for the KeriMedical portfolio.

In November 2020; Stryker completes acquisition of Wright Medical. This acquisition enhances global market position in trauma and extremities, providing significant opportunities to advance innovation and reach more patients.

Products Covered:
Toe Implants
Trapeziometacarpal Joint Implants
Metatarsophalangeal Joint Implant
Metacarpophalangeal(MCP) and Proximal Interphalangeal(PIP) Joint Implants
Interphalangeal Hand Joint Implant
Other Products

Types Covered:
Hand
Foot

Applications Covered:
Clinic
Medical Center
Hospital
Other Applications

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances