Bunions (also referred to as hallux valgus) are bony bumps that typically form on the joint at the base of your big toe, causing your big toe to be pulled towards your smaller toes. In the United States alone, there is a high incidence of bunions with approximately 5 million people suffering from them to some degree. The prevalence of bunions tends to increase with age and, with a global trend of population aging, the incidence of bunions is expected to grow. Within this analysis, five market segments were analyzed in detail:
iData’s recently completed MedSKU analysis includes an overview of the companies, products, and segments. In addition, iData’s analysis includes metrics such as revenue, units sold, unit share, revenue share, and average selling prices (ASPs). Based on the data, the revenue and units sold experienced a sudden decline in Q2 ‘20, when COVID-19 hit. Despite this, certain companies were able to capitalize on the market opportunity and increase the number of units sold for specific brands into the second quarter of 2021.
MOST POPULAR MIS BUNION DEVICE BRANDS PER SEGMENT
(based on the number of units sold in the second quarter of 2021)
- Prostep (Stryker)
- Hallux Valgus Corrector Burr (Arthrex)
Burrs, which cut the bone, are used in minimally invasive bunion surgery as an alternative to saws. Using burrs over saws allows for cuts to be made percutaneously, through tiny incisions on the foot, as opposed to long incisions. Currently, in terms of both revenue and units sold, Stryker leads the U.S. burr segment with its Prostep device. Despite Stryker achieving the highest revenue and most units sold in Q2 ‘21, these numbers were lower than those obtained in the previous quarter. Indicatively, Strykers Prostep seems to be declining as Arthrexs Hallux Valgus Corrector Burr is increasing in the same metrics. Overall, the market for burrs is showing strong signs of growth. By the time COVID-19 hit in Q2 ‘20, the burr market was already in a decline. However, by Q3 ‘20, the market had recovered significantly and has been able to maintain this growth into Q2 ‘21.
- Monster (Paragon 28)
- Anchorage System (Stryker)
Kirschner wires (K-wires) are stiff, straight wires that are used in minimally invasive bunion surgeries. When solely looking at units sold, Paragon 28 has managed to take the lead within the k-wire market segment. However, Paragon 28 falls short when compared with Strykers Anchorage System in terms of revenue. Paragon 28 offers its Monster k-wire device at a relatively low average selling price (ASP) whereas Stryker sells its Anchorage System at a seemingly high ASP. Due to having a high ASP, Stryker is able to generate more revenue with fewer units sold, allowing Paragon 28 to sell the most units with less generated revenue. In terms of the overall k-wire market, there was a sharp decline in Q2 ‘20 due to the global COVID-19 pandemic. However, before the pandemic hit, the market experienced a decline in Q1 ‘20 following a successful Q4 ‘19. Following the onset of the pandemic, the k-wire market segment recovered successfully, but has been struggling to maintain consistent growth into Q2 ‘21.
- Mini Maxlock Extreme (Stryker)
- Cannulated Compression Headless Screw (DePuy Synthes)
Screws are utilized in minimally invasive bunion surgeries for stabilization following a small incision, cut, and the realignment of the metatarsal bone in your big toe. Stryker was able to take the lead within the screw market segment in terms of units sold for its Mini Maxlock Extreme device. Although Stryker leads in terms of overall units sold in Q2 ‘21, the company sold more units in Q1 ‘21 and therefore experienced a market decline in Q2 ‘21. On the other hand, DePuy Synthes has been seeing extremely successful growth with its Cannulated Compression Headless Screw since Q1 ‘20. Despite the onset of the global COVID-19 pandemic, DePuy Synthes was able to achieve a quick exponential growth for its Cannulated Compression Headless Screws, which now makes up the largest portion of companies presence in the screw segment. All in all, the overall screw market segment increased in terms of revenue into Q2 ‘21 while units sold fell slightly lower than the number of units sold in Q1 ‘21.
MEDSKU: FURTHER INSIGHTS
The MedSKU solution allows you to: quantify the impact of COVID-19 on the market, understand the market response to new product launches and determine the most popular product configurations (brands, dimensions, materials, etc.), and answer specific questions like:
– How has the market shifted in 2020 and 2021 following product recalls?
– Which device is the market shifting towards/away from the most?
– How have certain products trended following changes in distribution?
– Has the market recovered from COVID-19? Are any competitors falling behind due to the pandemic?