Upper Extremity Implant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
The upper extremity implants are manufactured to replace or to repair the upper extremity bone or the joint injury or support a missing or the damaged bone or joint. The extremity implants are intended to treat the deformities, stabilize the body posture, reconstruct the body joint or bone and restore the normal skeletal functions of the body. The upper extremity implants market has witnessed a shift from conventional surgical procedures to the use of modern fixation and prosthetic devices.
According to the latest UN statistics, more than 65% of amputations are performed on people aged 50 years or more than 50 years. Increasing prevalence of diabetes is also cited as a significant impact factor associated with growing demand for upper extremity implants.
The upper extremity implant market witnessed short term negative impact in the Covid-19 outbreak owing to wide range of the slowdown in the fracture cases, and dropped in the clinic visits to avoid exposure of infection all of which have contributed to significant strain on orthopedic practices. That has projected negative impact on the upper extremity implant market.
Upper Extremity Implant Market: Drivers and Restraints
Increasing prevalence of bone-related disorders such as osteoporosis, and osteoarthritis, rising incidence rate of sports injuries like wrist fractures & shoulder injuries, increasing geriatric population and rising investments in research and development areas are the major factors that drives the global upper extremity implant market growth. Additionally, growing technological advancement in orthopedics, rise in obesity and growing adoption of innovative and efficient implants for different organs, such as customized implants are likely to upsurge the upper extremity implant market. Rise in healthcare expenditure is the macroeconomic factor that drives the upper extremity implant market growth. On the contrary, emphasis on preventive measures such as gene therapy and tissue engineering rather than curative measures as in the case of upper extremity devices and stringent regulatory approval process and high cost associated with the implants restrict the upper extremity implant market.
Upper Extremity Implant Market: Segmentation
Based on type, the upper extremity implant market is segmented as:
Based on material, the upper extremity implant market is segmented as:
Based on end-user the upper extremity implant market is segmented as:
Based on region, the upper extremity implant market is segmented as:
Upper Extremity Implant Market: Overview
Based on type, the shoulder segment dominated the upper extremity implant market. The increasing demand for shoulder treatment and technological improvements including the improved patient outcomes, less invasive surgeries, and extension of implant life, are the major factor attributing to the dominance of the segment that expects to fuel the upper extremity market growth. Based on biomaterial, the metallic segment dominated the upper extremity implant market owing to their exclusive load bearing properties. The orthopedic clinic segment projected to witness remarkable growth during the forecast period owing to the rise in number of orthopedic clinics.
Upper Extremity Implant Market: Region-wise Outlook
North America continues to dominate the global upper extremity implant market owing to the increasing geriatric population count, increasing number of orthopedic patient, rising awareness among people in this region. Europe is expected to gain significant traction in upper extremity implant market due to increasing prevalence of chronic diseases, and increasing healthcare expenditure. Asia-Pacific is expected to emerge in the forecast period due to rising demand for advanced implant, development in healthcare infrastructure, and increase in demand for minimally invasive procedures. Latin America and Middle East & Africa exhibits the least lucrative opportunity due to lower health care expenditure.
Upper Extremity Implant Market: Key Players
The key players contributing to the upper extremity implant market are Johnson and Johnson Services, Inc., Stryker Corporation, Smith & Nephew, Inc., Otto Bock Healthcare GmbH, CONMED Corporation, WillowWood Global LLC., Wright Medical Group N.V., Ossur Hf., Zimmer Biomet Holdings, Inc. and others.
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