The global small joint reconstructive implants market was valued at $7.4 billion in 2018 and it is predicted to generate a revenue of $10.1 billion by 2024. Furthermore, the market will exhibit a CAGR of 5.5% from 2019 to 2024, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the growing prevalence of arthritis, surging population of geriatric people, and increasing occurrence rate of osteoporosis across the world.
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As per the Arthritis Foundation, in the U.S., arthritis is a leading cause of disability among adults. Additionally, around 300,000 babies and children suffer from a rheumatic condition or arthritis in the country. The organization estimates that over 74 million people in the U.S. will suffer from arthritis by 2040. Europe is expected to witness a similar scenario in the coming years. As per a study conducted by the National Rheumatoid Arthritis Society of Europe in 2017, out of every 100,000 people in the region, around 20 to 50 people were diagnosed with rheumatoid arthritis.
This subsequently caused a massive rise in the demand for small joint reconstructive implants, which, in turn, propelled the expansion of the small joint reconstructive implants market. Besides these factors, the mushrooming population of geriatric people is also driving the growth of the market across the globe. As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.
As geriatric people are highly vulnerable to various bone associated disorders, their surging population is contributing heavily toward the booming demand for various medical devices, such as small joint reconstructive implants, that assist in the treatment, management, and diagnosis of these diseases. Depending on material, the market is divided into polymer and metal categories. Of these, the polymer category is predicted to hold a smaller share in the market by 2024. This will be because of the fact reconstructive implants are generally made from metals, as polymers tend to degrade quickly, if they are not built properly.
Geographically, North America is predicted to dominate the small joint reconstructive implants market during the forecast period. Whereas, the Asia-Pacific region is predicted to register the fastest growth in the market during this period. This will be because of the increasing number of orthopedic surgeries, surging healthcare expenditure, and the growing ease of access to various medical care and healthcare facilities in APAC countries. In addition, the rising prevalence of road accidents is also causing a sharp rise in the demand for orthopedic procedures, which is, in turn, fueling the demand for small joint reconstructive implants in the region.
Thus, the market will register substantial growth in the upcoming years, primarily because of the rising incidence of arthritis and osteoporosis and the surging population of geriatric people all over the world.
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