Market Trends of US Small Bone And Joint Devices Industry
Hand and Wrist Devices Segment is Expected to Hold a Significant Market Share in the Studied Market Over Forecast Period
Hand and wrist devices are used to treat bone and joint problems of the thumb, wrist, elbow, shoulder, and other nearby areas, and the segment covers two main segments, which include wrist fusion splints and distal radius splints. The hand and wrist segment is expected to account for a significant share of the studied market due to the high prevalence of musculoskeletal disorders of the hand and the growing geriatric population. For instance, as per the data published in the Annual Review of Workplace Injuries, Illnesses, and Fatalities 2021-2022, over 8,023 and 8,279 injuries were recorded in workers and non-workers, respectively. Out of these injuries, over 7.5% and 4.3% of the injuries in the workers and non-workers, respectively, were observed in the hand in the United States.
Further, business expansion activities such as new device launches, mergers and acquisitions, partnerships, and collaborations by key companies in the market are expected to boost growth in the hand and wrist devices segment. For instance, in September 2021, Anika Therapeutics, Inc. introduced the WristMotion Total Wrist Arthroplasty (TWA) system at the American Society for Surgery of the Hand (ASSH) 2021 Annual Meeting in San Francisco. The WristMotion TWA system is aimed at alleviating pain and restoring the function of the arthritic wrist joint. The new design of the WristMotion TWA System maximizes carpal stability and allows rotational freedom, including a "dart thrower" movement.
Additionally, in May 2021, orthopedic implants received US Food and Drug Administration clearance and commercial launch of its wrist fracture plating technology, the DRPx System. DRPx is the distal radius plating system that features an improved ergonomic design that meets the technical preferences of orthopedic surgeons while significantly increasing cost savings, helping to improve the financial viability of ambulatory surgery centers (ASCs) and hospitals.
Hence, as a result of the aforementioned factors, such as the huge burden of hand injuries and product launches by market players, the hand and wrist device segment is expected to account for a significant share of the small bone and joint device market in the United States during the forecast period of the study.
Hospital Segment is Expected to Grow With Significant CAGR Over the Forecast Period
Hospitals are well equipped with advanced technological equipment for surgical procedures and improved treatments, and the hospital segment is witnessing rapid growth owing to the growing number of surgeries due to various infectious and chronic diseases. The increasing number of hospitals and the launch of new products by the market players are expected to continue over the forecast period, thus driving growth in the segment.
The increasing number of hospitals in the country is also propelling the growth of the market. The American Hospital Association Statistics 2021, published in January 2021, and the American Hospital Association Statistics 2022, published in January 2022, reported that in 2021, there were 2,946 nongovernment, not-for-profit community hospitals, and this number increased to 2,960 in 2022. Such an increase in the number of hospitals created a demand for small bone and joint devices and thus is expected to boost the growth of the market.
Furthermore, product launches by the market players are expected to propel the growth of the market over the forecast period. For instance, in May 2022, Stryker launched the EasyFuse Dynamic Compression System. It is a foot and ankle staple system that is designed to decrease surgical complexity, provide strong dynamic-compression implants, and reduce waste in the operating room.
Thus, all of the aforementioned factors, such as the rising number of hospital and product launches by the market players, are expected to boost the segment over the forecast period.
