The global market size for small bone joint devices market amounted to USD 7.77 billion in 2022 and is projected to achieve USD 16.88 billion by 2032, registering a robust revenue Compound Annual Growth Rate (CAGR) of 9% throughout the forecast period. A significant catalyst for the growth in market revenue is the escalating demand for small bone Joint Replacement procedures, propelled by factors such as the increasing elderly population and a higher incidence of orthopedic ailments. Additionally, the prevalence of conditions like osteoporosis and arthritis is on the rise, further boosting the demand for small bone joint devices. These devices play a crucial role in treating various ailments such as trigger fingers, Dupuytren’s contracture, and Carpal Tunnel Syndrome.
Furthermore, the surge in demand for small bone joint devices is attributed to a growing inclination towards minimally invasive procedures. These devices offer several advantages, including reduced post-operative discomfort, shorter hospital stays, and faster recovery times. The expansion of market revenue is also driven by the increasing awareness among patients and healthcare professionals regarding the benefits associated with small bone joint replacement procedures.
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Major Companies and Competitive Landscape:
The global small bone joint devices market is highly competitive, with a number of large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
Some major companies included in the global small bone joint devices market report are:
- Johnson & Johnson Services, Inc.
- Stryker Corporation
- Smith & Nephew plc
- Zimmer Biomet Holdings, Inc.
- DJO Global Inc.
- Wright Medical Group N.V.
- Arthrex, Inc.
- Acumed LLC
- Össur hf.
- Medartis Holding AG
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Notable Strategic Initiatives:
- On June 28, 2021, Stryker Corporation disclosed its acquisition of Gauss Surgical Inc., a company renowned for developing an artificial intelligence-enabled platform designed for real-time monitoring of blood loss during surgical procedures.
- On August 25, 2020, Johnson & Johnson Services, Inc. declared its acquisition of Tissue Repair Company, a privately held firm that specializes in the development of a collagen-based meniscus implant.
- In 2019, Smith & Nephew plc revealed its acquisition of Atracsys Sarl, a Swiss-based company recognized for its optical tracking technology tailored for surgical applications. The acquisition aimed to enhance Smith & Nephew’s digital surgery capabilities.
- In 2019, Zimmer Biomet Holdings, Inc. announced its acquisition of RespondWell, a U.S.-based company specializing in digital health solutions for post-operative rehabilitation.
- In 2018, DJO Global Inc. communicated its acquisition of LiteCure LLC, a U.S.-based manufacturer of medical laser therapy equipment. This strategic move aimed to broaden DJO Global’s product offerings in the orthopedic rehabilitation market.
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