Orthopedic Extremity Device Market to Surge Past $4.2B by 2016 (Millennium Research Group)
According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the United States orthopedic extremity device market will grow at a moderate rate to reach a total value of more than $4.2 billion by 2016. While more mature orthopedic markets, such as hips and knees, are fairly saturated, extremities are relatively untapped, and manufacturers have been investing heavily in this market, seeking growth. Orthopedic extremities include shoulder, foot and ankle, and hand, wrist and elbow.
Patient and surgeon demand for extremity procedures continues to grow, fueled by the rise in the over-50 population, the increasingly active aging population and the growing number of sports injuries in the younger population. Rising rates of obesity, osteoarthritis and osteoporosis also contribute to injuries to the extremities that require surgical treatment. Increased marketing by manufacturers has raised awareness of available treatments, further fueling procedure growth.
Another significant market driver has been the continued adoption of innovative premium-priced devices. Reverse shoulder implants, for example, are able to treat patients with torn rotator cuffs and severe arthritis, a patient pool that previously was not surgically treatable. These implants will continue to be strongly adopted through 2016. Other premium-priced devices, such as biocomposite anchors used in sports medicine procedures and anatomic plates and screws in trauma procedures, will also see strong growth.
As orthopedic manufacturers struggle to maintain their share in large-joint markets, the search for growth has led to an increase in merger and acquisition activity in the extremity segment as well as in orthopedics generally. The most prominent recent event in this space was Johnson & Johnson’s acquisition of Synthes, which closed earlier in June.
“J&J’s purchase of Synthes will, with DePuy, create the undisputed leader in what is an otherwise fragmented and competitive market,” said MRG Analyst Mashkur Reza. “Despite the sale of DePuy’s trauma unit to Biomet, the combined company will attain market leadership in the orthopedic extremity markets. But this market has a number of other strong competitors, including Arthrex, Tornier and Smith & Nephew, all of which are capable of responding with their own acquisitions, R&D investments and marketing strategy changes.”
Millennium Research Group’s US Markets for Orthopedic Extremity Devices 2012 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for reconstructive implants, trauma and osteosynthesis devices, sports medicine/soft tissue repair devices and biologics used in the shoulder; foot and ankle; and hand, wrist, and elbow in the United States.
About Millennium Research Group
Millennium Research Group ( www.MRG.net ), a Decision Resources Group company ( www.DecisionResourcesGroup.com ), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack(TM) projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE: Millennium Research Group