Orthopedic Digit Implants Market: Need for Better Treatments for Bone Injuries to Bolster Growth
Added: (Tue Jan 08 2019)
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An orthopedic digit implant is a medical device used for replacing a damaged bone or a missing joint in small joints segment, such as fingers, toes, ankle, elbow, and knee. Orthopedic digit implants are biocompatible, produced from materials such as stainless steel or titanium, and topped with a plastic coating that performs functioning as an artificial cartilage. Types of orthopedic digit implants currently available in the market include metacarpel joint implants (upper extremity), metatarsal joint implants (lower extremity), hemi phalangeal implants, scaphoid bone implants, and toe intramedullary implants.
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Prevalence of rheumatoid arthritis has witnessed a surge, resulting into an increasing demand for orthopedic procedures. With increasing awareness about health, the elderly cohort is leading more active lifestyles across the globe, particularly in developed regions, which in turn has led toward more stress and joint injuries. These factors have driven the demand for various orthopedic implants such as the digit implants. Orthopedic digit implants find widespread application in areas such as oncology, and traumatology. With increasing preference for minimally invasive surgeries to treat orthopedic diseases, and rapidly penetration of 3D printing technology in orthopedics, potential opportunities will be created for the market expansion in the foreseeable future.
However, stringent regulatory approval procedures, and limited medical insurance coverage are likely to impede adoption of orthopedic digit implants. In addition, hypersensitivity, implant dislocation, post-surgery infections, and toxicity are major concerns among patients which might hinder growth of the market. A new report by Transparency Market Research (TMR) projects the global orthopedic digit implant market to reflect an impressive expansion over the forecast period (2017-2026). Global sales of orthopedic implants are estimated to exceed US$ 100 Mn by 2026-end.
Latin America is projected to be the fastest expanding market for orthopedic digit implants by 2026-end. However, revenues from the market in Latin America will remain comparatively lower than those from North America, Europe and Asia-Pacific excluding Japan (APEJ). Projected to exhibit an impressive expansion through 2026, North America will remain the most lucrative market for orthopedic digit implants, in terms of revenues. Between Europe and APEJ, the former will account for a comparatively larger market revenue share, while the latter will register a relatively faster expansion in the market during the forecast period.
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In terms of revenues, metacarpel joint implants (upper extremity) and metatarsal joint implants (lower extremity) will remain dominant in the market, based on product type. However, sales of metatarsal joint implants (lower extremity) will continue ride on a comparatively higher CAGR than sales of metacarpel joint implants (upper extremity). In addition, hemi phalangeal implants and scaphoid bone implants are projected to be the fast-selling products in the market during 2017 to 2026. In contrast, sales of toe implants will continue to witness a sluggish expansion in the global orthopedic digit implants market.
Based on material, Nitinol is anticipated to remain sought-after among manufacturers of orthopedic digit implants, with sales estimated to reach nearly US$ 90 Mn by 2026-end. Silicon pyrocarbon will account for the smallest revenue share of the market, however their sales are projected to exhibit the highest CAGR through 2026. Revenues from sales of titanium for manufacturing orthopedic digit implants will remain relatively larger than those from silicon pyrocarbon over the forecast period.
Hospital will continue to be the largest end-users of orthopedic digit implants. Sales of orthopedic digit implants in hospitals will ride on a CAGR of nearly 7% through 2026. Specialty orthopedic clinics are projected to account for a very low revenue share of the market throughout the forecast period.
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Key market players identified by TMR’s report on the global orthopedic digit implants include Wright Medical Group N.V., Integra LifeSciences Corporation, TEIJIN NAKASHIMA MEDICAL CO., LTD., Stryker Corporation, DePuy Orthopaedics, Inc. (Johnson & Johnson), VILEX IN TENNESSEE, INC., and Merete Medical.
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