Why will Small Joint Reconstructive Implants Market Surge Rapidly in Asia-Pacific in Future?
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 (forecast period), 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.
Browse detailed report - Small Joint Reconstructive Implants Market Revenue Estimation and Growth Forecast
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.
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.
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.