According to a new report by iData Research, the U.S. market for small bone and joint orthopedic devices, which includes shoulder, elbow, hand, wrist, foot, ankle, and staple fixation devices, will cross the US$ 4 billion mark by 2020. High levels of growth are expected, with a projected compound annual growth rate (CAGR) of close to 8%. Even the slowest growing segment, represented by hand and wrist devices, is projected to show a sizable growth rate of over 5%.
Specifically, foot and ankle device manufacturers have a lot to be excited about. “The foot and ankle device market is anticipated to show very high growth, at approximately 10% year-over-year,” explains Dr. Kamran Zamanian, CEO of iData. “And moreover, this market segment is projected to cross the billion dollar mark (US$) by the end of 2015.”
The overall foot and ankle device market is made up of seven completely different segments, ranging from ankle replacement devices to hammertoe correction technology. No one segment is exceptionally dominant either, with each device type representing approximately 20-30% of the market.
Companies with more diverse foot and ankle product offerings are set to thrive. iData identified 15 notable competitors, with market shares broken down by segment, to keep an eye on.
Other key findings from the iData Research report entitled U.S. Market for Small Bone and Joint Orthopedic Devices:
More Opportunity in the Shoulder Reconstruction Device Market
This market segment is set to cross the US$ billion dollar mark by 2017, with reversed shoulder joint devices paving the way. Out of seven different market segments, reversed shoulder implants are anticipated to grow from representing over 40% of revenues to approximately 60% by 2021.
Fierce Market Competition Expected, Atypical of Med-device Markets
Twenty-two different companies held notable market share in the small bone and joint orthopedic device market.
DePuy Synthes led 4 out of the 5 segments that make up the overall small bone and joint orthopedic device market, with their only weaker segment being staple fixation. Other leading companies were Acumed, Smith & Nephew, Zimmer, Tornier, Wright Medical, Stryker, and Biomet. The full iData report features detailed market share breakdowns for all competitors, across all markets.
For Further Information
iData carries recently published market research data on countries around the world, namely Brazil, China, India, Japan, and 15 European countries. The most recent U.S. report was published within the last 30 days. Full reports provide a comprehensive analysis, including procedure numbers, unit sales, market values, forecasts, as well as detailed competitive market shares and analyses of major players’ success strategies.