Small Bone And Joint Devices Market Is Likely To Witness Huge Growth

Small Bone And Joint Devices Market Summary

The global small bone and joint devices market size was estimated at USD 5.1 billion in 2019 and is projected to reach USD 9.6 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027. Market growth is primarily driven by the rising adoption of reconstructive surgeries, increasing prevalence of degenerative disorders such as osteoporosis and arthritis, and the growing number of injuries resulting from road accidents.

The increasing incidence of diabetic foot complications, along with the expanding geriatric population, further supports market expansion. According to the International Osteoporosis Foundation, in 2017, osteoporosis affected approximately 75 million people across the U.S., Europe, and Japan, with menopausal women being the most affected. It is estimated that 1 out of 3 women experience an osteoporotic fracture, which often necessitates surgical intervention. Additionally, diabetic foot disorders continue to be a major healthcare concern for patients with diabetes mellitus, driving demand for corrective and reconstructive devices.

Key Market Trends & Insights

• North America held the largest market share of over 42% in 2019 and is expected to maintain its dominant position throughout the forecast period, owing to advanced healthcare infrastructure, high adoption of surgical devices, and increasing awareness of bone and joint health.
• The Asia Pacific region is projected to be the fastest-growing market from 2020 to 2027, driven by rising healthcare expenditure, growing geriatric population, and expanding access to orthopedic care.
• Based on type, the shoulder reconstruction segment held the largest market share of 34.2% in 2019, reflecting the high incidence of shoulder injuries and the prevalence of corrective surgical procedures.
• The foot and ankle segment is anticipated to register the fastest CAGR of 9.2% over the forecast period, owing to the growing prevalence of diabetic foot complications and sports-related injuries.
• Based on application, the hand segment accounted for the largest share of over 56% in 2019, highlighting the significant demand for surgical interventions in hand injuries and reconstructive procedures.

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Market Size & Forecast

• 2019 Market Size: USD 5.1 Billion
• 2027 Projected Market Size: USD 9.6 Billion
• CAGR (2020-2027): 8.3%
• North America: Largest market in 2019
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

Major players are focusing on product development and innovative business strategies, such as regional expansion, mergers, partnerships, and distribution agreements, to increase their market share. For instance, in November 2019, Stryker bought Wright Medical for USD 4.0 billion. The acquisition is seen to be a good fit for the shoulder business for Stryker. Moreover, it also includes complimentary devices offered in the lower and upper extremities to Stryker's orthopedics line.

In addition, companies are also introducing new technologies to improve product performance and augment their portfolio. For instance, in March 2018, Stryker Corporation launched Stryker F1, a small bone power system that offers a balanced, cordless, and lightweight solution for procedures of the extremities. 

Key Players

• DePuy Synthes Companies
• Smith & Nephew PLC
• Zimmer Biomet
• Stryker Corporation
• Wright Medical Group N.V.

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Conclusion

The global small bone and joint devices market is poised for strong growth, driven by rising orthopedic surgeries, the increasing prevalence of degenerative disorders, and a growing geriatric population. North America currently leads in market share, while Asia Pacific is emerging as the fastest-growing region due to expanding healthcare access and rising orthopedic awareness. Shoulder reconstruction remains the largest type segment, while the foot and ankle segment is expected to grow rapidly. With hand applications dominating, continued technological innovations, increasing diabetic complications, and higher incidence of fractures will further propel market growth globally over the forecast period.