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Surge in Arthritis Cases Boosts Healthcare Industry:
The healthcare sector is experiencing significant growth, mainly due to a rising number of people dealing with arthritis and increased investments in research and development. However, challenges such as the complexities and discomfort linked to surgeries, infection risks during medical procedures and hospital stays, and a general lack of awareness might hinder the market's swift expansion.
Challenges to Market Growth: While the market is on an upward trajectory, challenges persist. Surgical treatments for arthritis, despite their benefits, come with their set of complications and pain, acting as hurdles in the market's growth. The risk of infections during surgical procedures and hospital stays adds another layer of concern. Additionally, a lack of awareness among the public poses a challenge to the widespread adoption of healthcare solutions.
In conclusion, the healthcare industry is witnessing substantial growth due to the surge in arthritis cases and increased investment in research and development. However, challenges like the complexities and pain associated with surgeries, infection risks, and limited public awareness might pose obstacles to the market's continuous expansion.
Projections indicate that by 2040, around 78.4 million individuals aged 18 and above in the United States may be diagnosed with arthritis. This surge in arthritis cases, affecting people of different age groups, plays a pivotal role in propelling the growth of the healthcare industry.
Opportunities:
Research and Development Growth: The increasing prevalence of arthritis has led to higher investments in research and development. This creates opportunities for innovative solutions and treatments.
Awareness Enhancement: Addressing the lack of awareness presents an opportunity for targeted campaigns to educate the public about arthritis prevention, symptoms, and available healthcare solutions.
In conclusion, the healthcare industry's notable growth is fueled by the rising cases of arthritis and increased investments in research and development. While challenges like surgical complexities and infection risks exist, opportunities lie in continuous innovation and heightened public awareness campaigns.
While the healthcare sector is on an upward trajectory, certain challenges and opportunities are apparent.
Hammertoe Market Highlights:
Hammertoe Market Overview
Hammertoe Market Size was valued at USD 0.7 Billion in 2023. The Global Hammertoe industry is projected to grow from USD 1.2 Billion in 2024 to USD 2.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.32% during the forecast period (2024 - 2032).Hammertoe is a feet-related problem, in which the feet bend permanently.
The problem occurs due to an imbalance in ligaments and muscles that hold the toe straight. Hammertoe bends the toe downward instead of keeping it straight. One of the reasons causing hammertoe includes wearing a small size or narrow shoes that bend the toe. Other reasons that can cause hammertoe include vein or muscle damage, rheumatoid arthritis, osteoarthritis, stroke, Charcot–Marie–Tooth disease, and other feet problems. The discomfort and pain caused due to hammertoe can be controlled by changing the footwear. Usually, hammertoe occurs due to wrong selection of shoes that affects toe muscles, but in some cases, this problem may be present by birth itself.
The increasing prevalence of arthritis and growing R&D expenditure in the healthcare industry boost market growth. However, factors such as complications and pain associated with surgeries, the risk of infections during surgical treatments and hospital stay, and the lack of awareness are expected to hinder the hammertoe correction systems market growth.
Hammertoe Market Dynamics
Arthritis is a common joint-related problem, which may occur due to osteoporosis and age. Arthritis is one of the reasons causing hammertoe at any age. According to the Centers for Disease Control and Prevention, in February 2018, it was reported that the prevalence of arthritis is increasing with age. It has also been estimated that 54.4 million of the population has been diagnosed with arthritis, in which 23.4 % of women and 18.1% of men had arthritis. It was predicted that 78.4 million people above 18 years are likely to be diagnosed with arthritis by 2040 in the US. Therefore, the increasing prevalence of arthritis among the population will boost the hammertoe correction systems market growth.
Hammertoe Market Segmentation
Based on type, the hammertoe market is divided into rigid type and flexible type. In the case of flexible hammertoe, the joints in the toe can be moved and straightened. Flexible hammertoes can cause pain and irritation and can lead to the development of corns and calluses. It is crucial to treat hammertoes, even if the toe is flexible. According to Andrew Park, Senior Manager at Orthopedics at iDATA Research, a global medical device and pharmaceutical market intelligence firm stated that in 2017, 648,000 hammertoe surgeries were held in the US.
The hammertoe market, based on treatment & diagnosis, has been divided into treatment and diagnosis. The treatment segment has been further segmented into surgery, implant, and others. The surgery segment has been further sub-segmented into arthroplasty and arthrodesis. The diagnosis segmented is sub-segmented into physical examination, x-rays, and others.
The hammertoe market, based on end user, is segmented into hospitals & clinics and physiotherapy & orthopedic centers. The hospitals & clinics segment is dominating the hammertoe industry, by end user as hospitals are rapidly adopting new technologies and procedures to provide adequate services. Hospitals are also spending about 10% of their annual budget on technology.
Hammertoe Market Regional Analysis
The hammertoe correction systems market is growing steadily. In 2016, North America and Europe held more than half of the share of the hammertoe market. Increasing investments in R&D and new product development are the key drivers for the market growth in these regions. The demand is higher in high-income countries, but the market is rapidly growing in developing and emerging economies, such as China and India. Rapidly changing technology is also affecting the healthcare sector. Health professionals and manufacturing companies are adopting changes to provide the best possible solutions to the market.
Based on region, the hammertoe market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. In 2016, North America held the largest market share and was the highest revenue generator in the hammertoe correction systems market.
North America is a pioneer in the foot and ankle surgery and the largest market in the hammertoe market. Due to the availability of top-class healthcare infrastructure, advanced medical facilities, and the rapid adoption of new products and treatments, the North American hammertoe market is growing continuously. Many top players are operating from this region, which is leading to innovation and new product developments. Some other factors, such as the availability of skilled health professionals, availability of products, high purchasing power, etc. also boost the growth of the market. According to the 2012 National Foot Health Assessment conducted by the NPD Group (formerly known as National Purchase Diary, Inc.) for the Institute for Preventive Foot Health, 3%of the US adults aged 21 and older (about 7 million people) have experienced hammertoe or claw toe.
Due to the increasing healthcare expenditure and rapidly developing healthcare sector, Asia-Pacific is expected to be the fastest-growing region in the hammertoe market during the forecast period.
Hammertoe Market Key Players
The prominent players in the market are:
- Stryker
- Smith & Nephew
- Zimmer Biomet Holdings
- Extremity Medical LLC
- Nextremity Solutions, Inc.
- Arrowhead Medical Device Technologies LLC
- Wright Medical Group N.V.
- Nextremity Solutions, Inc.
- BioPro
The players operating in the hammertoe are focusing on product launches and expanding their global footprint by entering untapped markets.
Market Segmentation
Hammertoe Market, by Type
- Rigid
- Flexible
Hammertoe Market, by Treatment & Diagnosis
- Treatment
- Diagnosis
Hammertoe Market, by End User
- Hospitals & Clinics
- Physiotherapy & Orthopedic Centers
Hammertoe Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia & New Zealand
- Southeast Asia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- South America
Available Additional Customizations
Company Profiles of Key Regional Players
- Instratek
- Biomet, Inc.
- Acumed
Intended Audience
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Medical device manufacturers
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Personal care industry
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Retailers, distributors, and wholesalers
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Governments, associations, and industrial bodies
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Investors and trade experts
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