Extremity products: Key market research findings
- Americas dominate the market geographically
- Upper extremity products segment accounts for majority of the market’s revenue
- Key vendors – DJO and Exactech
Technavio’s market research analysts predict the global extremity products market to grow at a CAGR of almost 9% between 2016 and 2020. The surge in elderly population and rising incidences of orthopedic disorders such as arthritis, bursitis, fibromyalgia, hip pain, knee pain, and osteoporosis is spurring an increase in the demand for extremity products in the market. During 2015, the Americas dominated the global extremity products market by accounting for over 37% of the total market share. Factors such as the strong performance of the shoulder joint replacement and reconstruction segment and a rise in the number of casualty cases and health-related incidents are factors that will drive growth in the extremity products market in the Americas by 2020.
The new market research report from Technavio presents a breakdown and analysis of the extremity products segments based on the product type.
“Recently, there has been growing preference for minimally invasive (MI) surgeries. MI procedures have several advantages such as reduced cost and hospital stay, lower risks of post-operation infections, rapid results, and a faster recovery period. The rise in the adoption of robot-assisted surgery is also expected to contribute to the growth of extremity products market across the globe in the coming years,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the upper extremity products segment dominated the global extremity products market by accounting for 61% of the overall market share. Factors such as the rapid growth of the shoulder extremity products market, rising number of sports injuries, and growth in the number of surgeons in the extremity and recovery category are expected to fuel growth in this segment during the forecast period. The upper extremity products market is projected to continue its dominance over the market in over the next four years.
The key vendors in the market include DJO and Exactech. During the forecast period, the lack of a strong distribution network in this market will prevent the entry of new players and, as a result, this industry will be dominated by a handful of well-established companies. Major vendors compete on the basis of terms of service, quality, pricing, and product differentiation to gain maximum shares. Owing to factors such as the increase in variety, flexibility, and compatibility of product offerings, the level of competition in this market is likely to intensify during the forecast period.
A more detailed analysis is available in the Technavio report, Global Extremity Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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