Increasing Incidence of Osteoporosis and Osteoarthritis to Drive Revenue Growth of the Small Joint Replacement Market
Osteoporosis and Osteoarthritis are the common joint disorders, which are affecting millions of people globally. Osteoporosis is a condition in which the bones become porous and thin, and are more likely to break. The common sites of osteoporotic fracture are the spine, wrist, hip and shoulder. Osteoporosis can occur at any age and can severely affect both men and women. Over 80% of all fractures in people aged 50 and above are due to osteoporosis. Globally, there are more than 8.9 million fracture cases due to osteoporosis. According to the Arthritis Foundation, it is estimated that around 30.8 million adults have osteoarthritis. It is expected to be the most common cause of disability in adults. In the U.S., the annual incidence of osteoporosis is found to be around 1.5 million and the incidence of hip fracture is recorded to be twice of that. Similarly, in Canada, ~10% of population aged above 40 years are diagnosed with osteoporosis and around 21% are expected to have bone fracture in the arm, wrists, pine, and hip. Thus, the increasing incidence of orthopedic disease is expected to support the demand for small joint replacement and drive the growth of the global small joint replacement market.
Technological Advancements in the Field of Small Joint Replacement
A shift in orthopedic treatment from the conventional invasive procedures to minimally invasive surgeries has been observed in the past few years. Development of advanced implants and materials that are long-lasting are expected to drive the growth of the global small joint replacement market. Traditional and conventional surgeries have a number of limitations such as prolonged recovery time, high risk of infection, and expensive procedures. Minimally invasive surgeries or procedures in small joint replacements such as ankle replacement overcome such limitations. Minimally invasive surgeries or procedures involve insertion of the tested and reliable implants through a small incision using surgical approaches. These surgeries are of low cost and have faster recovery time. Advancements in technologies, materials, and designs have led to greater durability of about 25-30 years as compared to other conventional orthopedic implants. This transformation is expected to have positive impact on growth of the global small joint replacement market. Number of small joint replacement surgeries is expected to increase, due to their benefits.
Favorable Reimbursement for Small Joint Replacement Surgery
Favorable reimbursements for small joint replacement are projected to support the growth of the small joint replacement market as the adoption of the procedure is consequently expected to increase. Prior to October 2017, the reimbursement for total ankle replacement a type of small joint replacement was US$ 12,326 under the MS-DRG 470. However, due to factors such as risk of being bundled into the Medicare payment system and associated costs with revision of total ankle arthroplasty procedures, the loss to the hospitals could not be recovered. This resulted in redesignate total ankle arthroplasty by the CMS in MS-DRG 469, which drastically (~55%) increased the Medicare hospital reimbursement to US$ 19,296 in 2018. Replacement of elbow joint with synthetic substitute is covered under the MS-DRG 483 with a reimbursement value of US$ 14246.3.
Rising Demand for Out-patient Surgical Procedures
Increased awareness regarding reconstructive procedures is expected to support the demand for small joint replacement. The demand primarily is from Singapore, India, China, and South Korea and other similar countries. Advanced emergency room procedures coupled with increased affordability are some of the factors contributing towards increased demand for better quality procedures. In the recent past, out-patient surgeries are preferred for cover by insurance payers that offer reimbursement for medical services. Furthermore, out-patient surgeries do not require overnight or prolonged hospital stay.
Competitive Landscape of the Global Small Joint Replacement Market
This section comprises key player profiles that operate in the small joint replacement market based on their product offerings, marketing approach, and company dashboard. Examples of some of the key players featured in this report include Johnson & Johnson Services Inc, Zimmer Biomet Holdings, Stryker Corporation, Smith & Nephew, Wright Medical Group N.V., Integra LifeSciences, Evolutis Group, Corin Group, KeriMedical SA, and Marle SA, among others.
Large joint replacement market participants are inclined towards using their expertise and advancements in large joint replacement products to enter the small joint replacement market. Advances made by these companies in biomaterials for large joints allow for innovative product development in the small joint replacement products giving them an upper hand in the small joint replacement market. Fast-changing technology, new scientific findings and changing consumer demands is expected to surge the adoption of small joint replacement among the older population.
Joint replacement is a process in which the bone and surrounding material of the joint is removed and replaced surgically. The replacement joint may be made of metal, polymer or specialized carbon-coated implants. Small joint replacement refers to the replacement of joints in the extremities that are small, such as, finger joints, knuckle joints, wrist joints, ankle joints, elbow joints and others.
The report offers a comprehensive taxonomy of the small joint replacement market based on product type, end users, and region.
Based on product type, the small joint replacement market is segmented into ankle replacement, digits replacement, elbow replacement and wrist replacement.
Based on the end users, the small joint replacement market is segmented into hospitals and outpatient centers.
Based on regions, the small joint replacement market is segmented into North America, Latin America, Europe, Asia Pacific and MEA.
Additional Questions Answered
Some of the additional questions addressed in this report on the small joint replacement market are-
A triangulation method was adopted for small joint replacement market size estimation through demand-supply outlook. Over all expenditure on research and development funding, adoption of small joint replacement and other similar factors were considered for the estimation. Insights from primary research participants through interviews, surveys and in-person interaction was used for triangulation along with secondary research through verified paid sources, authentic trade journals and other resourceful databases.
A recent market study published by the company “Small Joint Replacement Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028” consists a comprehensive assessment of the most important market dynamics. On conducting a thorough research on the historic as well as current growth parameters of the small joint replacement market, growth prospects of the market are obtained with maximum precision. The report features unique and salient factors that may have a huge impact on the development of the small joint replacement market during the forecast period. It can help market players to modify their manufacturing and marketing strategies to envisage maximum growth in the small joint replacement market in the upcoming years. The report provides detailed information about the current and future growth prospects of the small joint replacement market in the most comprehensive way for the better understanding of readers.
Chapter 1 – Executive Summary
The report commences with the executive summary of the small joint replacement market, which includes the summary of key findings and key statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the small joint replacement market.
Chapter 2 – Market Introduction
Readers can find detailed taxonomy and the definition of the small joint replacement market in this chapter, which will help readers to understand the basic information about the small joint replacement market dynamics, pricing analysis, supply chain analysis and parent market analysis included in the report.
Chapter 3 – North America Small Joint Replacement Market Analysis 2013–2017 and Forecast 2018–2028
This chapter includes detailed analysis of the growth of the North America small joint replacement market along with the country-wise assessment including the U.S. and Canada. Readers can also find market growth based on product type, end user and countries in the North America.
Chapter 4 – Latin America Small Joint Replacement Market Analysis 2013–2017 and Forecast 2018–2028
Readers can find detailed information about factors such as, growth of the Latin America small joint replacement market. This chapter also includes the growth prospects of the small joint replacement market in leading LATAM countries such as Argentina, Mexico, and Rest of the Latin America region.
Chapter 5 – Europe Small Joint Replacement Market Analysis 2013–2017 and Forecast 2018–2028
Important growth prospects of the small joint replacement market based on its product type, indication, and end user in several European countries, such as Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe is included in this chapter.
Chapter 6 – Asia Pacific Small Joint Replacement Market Analysis 2013–2017 and Forecast 2018–2028
This chapter provides information on how the small joint replacement market will grow in the major countries in APEJ region, such as greater China, Australia, India, Japan, and Rest of Asia Pacific, during the period 2013–2028.
Chapter 7 – MEA Small Joint Replacement Market Analysis 2013–2017 and Forecast 2018–2028
This chapter provides information on how the small joint replacement market will grow in the major countries in MEA region, such as Turkey and South Africa, during the period 2013–2028.
Chapter 8 – Global Small Joint Replacement Market Size (US$ Mn) Analysis & Forecast 2013–2028
The global small joint replacement market is broadly classified into product type, and end users. Based on product type the small joint replacement market is further segmented into ankle replacement, digits replacement, elbow replacement and wrist replacement. Based on end users the small joint replacement market is segmented into hospitals and outpatient centers.
Chapter 9 – Competition Landscape and Company Profiles
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the small joint replacement market along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Market players featured in the report include Johnson & Johnson Services Inc, Zimmer Biomet Holdings, Stryker Corporation, Smith & Nephew, Wright Medical Group N.V., Integra LifeSciences, Evolutis Group, Corin Group, KeriMedical SA, and Marle SA, among others.
Chapter 10 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
Chapter 11 – Research Methodology
This chapter helps readers to understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the small joint replacement market.