Extremity Products Market Size, Share, Growth, And Industry Growth By Type (Upper Extremities And Lower Extremities), By Application (Hospitals, Clinics, and ASCs), Forecast From 2023 To 2031

Updated On: 04 September 2023

Extremity Products Market REPORT OVERVIEW

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The global extremity products market size is estimated to be worth USD 3723 million in 2022 and market is projected to touch USD 7274.59 million by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The term extremity refers to the upper and lower limbs of the human body that includes hand, elbow, forearms, wrists, fingers, knees, ankles and feet. Extremity products are manufactured with the intention of treating the problem of deformities in limbs, offering support to broken joints, healing the damaged parts like fractures and repair the injured limbs. Extremity products implant helps to recover normal skeleton function. Conventional procedures in surgeries are replaced by modern equipped fixation.

Rising occurrence of orthopedic disorders contributed to the market growth of extremity products. Market growth is slated to rise in several countries as it ensures secure fixation. The increased cost of implant surgery due to their demand in the market may be reduced in the future to make them cost effective.Advanced healthcare devices and increasing life expectancy are factors that will improve the product demand in the following years.

COVID-19 Impact: Halt on Reconstruction Surgeries to Restrict Market Growth

Sudden outbreak of the COVID 19 pandemic had a negative impact on the extremity products market. It had a cynical impact on the marketing field. There was a reduction in surgery cases due to quarantines and lockdown restrictions. Most people remained at home and avoided visiting hospitals to keep themselves safe from COVID-19 infection. The cases with orthopedic conditions also slowed down due to stay-at-home restrictions. Due to these factors, a negative demand trend was observed in the market. However, as COVID-19 restrictions are lifted, the market is set to recover in the forthcoming years.

LATEST TRENDS

"Advancing Landscape of Extremity Products to Boost Market Growth"

Advanced treatment and improved extremity devices are augmenting the market size globally. 3D implants are gathering more attention globally, due to the rise in the number of people having arthritis problems. Manufacturing of efficient and innovative implants including metal, ceramic, and poly-based products are expected to gather pace in the coming years. These equipments provide patients with better physical condition and lifestyle. Forecasting bone related diseases like avascular necrosis, osteoarthritis, musculoskeleton diseases, fractures and orthopedics could be healed with robot assisted procedures in the near future. Thus, technological advances and product innovation will drive the market forward in the coming years.

Extremity Products Market Segmentation

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• By Type Analysis

As per the type, the market is classified as upper extremity and lower extremity.  Among these, the upper extremities segment is anticipated to hold the major market share through 2031.

• By Application Analysis

Based on application, the market is segmented for hospitals, clinics, and ASCs. During 2023-2031, the hospitals segment is slated to capture the leading share in the market.

DRIVING FACTORS

"Growing Geriatric Population to Boost Market Progress"

The use of extremity products is implemented across most of the hospitals and clinics. After the COVID-19 pandemic, there has been a shift in focus of healthcare. The demand for advanced healthcare products is rising among elderly people to improve their quality of life. The rise in investment on extremity products is driven by the requirement for comfort provided by modern healthcare. People are becoming increasingly aware of different solutions and treatments for severe orthopedic conditions like damaged bones and arthritis, which may work in favor of the market growth during the next few years.

"Increasing Number of Accidents to Expedite Market Demand"

In recent years, the number of accidents has increased considerably, leading to growing number of trauma cases in upper and lower extremities. To enable speedy recovery and to regain their normal life with proper skeleton functions, the demand for suitable extremity products is on the rise. These products aid to lead a better-quality life and enable faster recovery. Due to growing instances of accidents in urban regions, the growth in demand can be witnessed mostly in cities. The aforementioned factors will fuel the market size during 2023-2031.

RESTRAINING FACTORS

"High Cost of Extremity Products to Hinder Market Progress Slightly"

People with defects and damage in limbs have increased in number all over the world. They require medical attention more than before. The awareness about different solutionsand medical devices is also rising. However, the high cost of extremity products acts as a roadblock to their widespread adoption, especially across low- and middle-income countries. However, as demand rises, market players are expanding their research & development capacity, which may lead to the introduction of cost-effective products in the future.

Extremity Products Market REGIONAL INSIGHTS

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"Presence of Large Geriatric Population to Propel Market Progress in North America"

The extremity products market is dominated by North America with a major share. North America is witnessing high demand for orthopedic care products due to the rise in accidents and trauma cases. According to the report of U.S. Centers for Disease Control and Prevention, the number of people with arthritis is estimated to increase to 78 million by 2040 due to increase in the geriatric population. Thus, North America is expected to have the upper hand in the extremity products market.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Johnson & Johnson (U.S.)
• Smith & Nephew (U.K)
• Stryker (U.S.)
• Wright Medical (U.S.)
• Zimmer Biomet (U.S.)
• DePuy Synthes (U.S.)
• Acumed (U.S.)
• SigmaGraft (U.S.)
• Wright Medical Group (U.S.)
• Xtant Medical (U.S.)
• Trimed (U.S.)
• Skye Biologics (U.S.)
• Merete Technologies (Germany)
• Nova Bone (U.S.)
• Surgical Appliance Industries (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.