Extremity Reconstruction Market to Reach $6.5 Bn, Globally, by 2030 at 6.3% CAGR: Allied Market Research
Increase in number of joint disorders such as osteoarthritis and atrophic arthritis and rise in awareness about advantages of small joint reconstruction devices drive the growth of the global extremity reconstruction market.
PORTLAND, Ore., May 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Extremity Reconstruction Market by Product (Upper Extremity, Lower Extremity), by Material (Metallic Material, Ceramic Material, Polymeric Material, Natural Material): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global extremity reconstruction industry generated $3.6 billion in 2020, and is expected to reach $6.5 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in number of joint disorders such as osteoarthritis and atrophic arthritis, surge in prevalence of diabetes and obesity that lead to joint disorders, and rise in awareness about advantages of small joint reconstruction devices drive the growth of the global extremity reconstruction market. However, unsupportive reimbursement scenarios, requirement for revision of surgeries after few years, and complications related to the extremity reconstruction surgery restrain the market growth. On the other hand, advancements in technology present new opportunities in the coming years.
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Covid-19 Scenario
- The number of extremity reconstruction surgeries reduced considerably during the pandemic as the hospital staff was shifted to take care of huge number of Covid-infected patients. These surgeries were carried out only in extreme cases.
- The possibility of cross-contamination prevented many patients from undergoing the extremity reconstruction surgery during the pandemic. The number of surgeries is expected to rise post-pandemic.
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The upper extremity segment to maintain its lead position throughout the forecast period
Based on product, the upper extremity segment accounted for the largest market share in 2020, contributing to nearly 90% of the global extremity reconstruction market, and is expected to maintain its lead position throughout the forecast period. This is due to surge in cases of injuries across the globe. However, the lower extremity segment is estimated to witness the largest CAGR of 8.9% from 2021 to 2030, owing to increased awareness about the lower extremity reconstruction devices.
The metallic material segment to maintain its leadership status during the forecast period
Based on material, the metallic material segment held the highest market share in terms of revenue in 2020, accounting for nearly 87% of the global extremity reconstruction market, and is projected to maintain its leadership status during the forecast period. This is due to utilization in orthopedic surgeries for its various advantages. However, the natural material segment is projected to register the fastest CAGR of 13.6% from 2021 to 2030. This is attributed to increased demand for natural materials in orthopedic surgeries for its features such as biocompatibility, non-toxicity, and specific protein-binding sites.
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North America generated the largest market share in 2020
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global extremity reconstruction market. This is due to its advanced healthcare infrastructure and rise in chronic ailments especially in the U.S. However, Asia-Pacific is estimated to manifest the largest CAGR of 8.0% during the forecast period, owing to rise in geriatric population, rise in investments and R&D in the healthcare industry.
Leading Market Players
- CONMED Corp.
- Smith & Nephew Plc
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Depuy Synthes
- Integra LifeSciences Holdings Corporation
- Wright Medical Group N.V.
- Acumed, Inc.
- Arthrex, Inc
- Skeletal Dynamics LLC
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