Digits Replacement Market: Introduction
Joint replacement is a surgery that replaces a damaged joint in the body with a new joint, which is made of plastic or metal. The new joint works the same as the natural joint.
Digit replacement is an artificial joint replacement of a finger, in which a surgeon removes one or more of the joints in the finger and replaces them with an artificial joint. The two finger joints that can be replaced are:
The PIP joint is the second joint from the end of the finger
The MP joint is the knuckle, the joint at the base of the finger
Digit replacement is used when the joints in the fingers and hands are injured, damaged, or in a lot of pain due to an illness like arthritis
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Key Drivers of Global Digits Replacement Market
Increase in incidence of osteoporosis and osteoarthritis, particularly among the geriatric population, is projected to propel the global digit replacement market. These diseases are known to impact the anatomical joint structures of the human body.
According to the World Health Organization, the global geriatric population was around 524 million in 2010 and is anticipated to reach 1.5 billion by 2050. Moreover, the world is aging at a rapid pace, especially in the developed countries such as the U.S., Germany, and Japan. For instance, the U.S. Census Bureau stated in 2010 that people older than 65 years represented around 12.4% of the total population of the U.S. in 2000 and the percentage is anticipated to reach 19% by 2030.
Therefore, rise in incidence of chronic diseases and increase in the geriatric population across the world are expected to fuel the growth of the digit replacement market
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Metallic Biomaterials Segment to Dominate Global Market
In terms of biomaterial, the global digits replacement market can be divided into metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and others
The metallic biomaterials segment held the largest market share in 2019 owing to cost-effectiveness
Hospitals & Clinics to be Highly Attractive Segment
In terms of end-user, the global digits replacement market can be classified into hospitals & clinics, ambulatory surgical centers, physician offices, and others
The hospitals & clinics segment is likely to account for major share of the global digits replacement market by 2030 owing to increase in hospitalization for digit replacement procedures
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North America to Offer Attractive Opportunities in Digits Replacement Market
In terms of region, the global digits replacement market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global market in 2019 due to rise in orthopedic procedures, increase in incidence of obesity, and introduction of technologically advanced products
The American Heart Association stated in 2014 that around 70.0% of the adults in the U.S. are obese and prone to orthopedic surgeries. Moreover, the World Health Organization (WHO) stated that more than 40 million children under the age of five were overweight or obese in 2012. According to Core Physicians, a non-profit community-based multi-specialty group of physicians, around 12 million people suffering from foot and ankle problems visit physician offices (2.8 million visits for ankle sprains and 1.2 million visits for ankle fractures) in the U.S. every year. Hence, rise in obesity and orthopedic surgeries boosts market growth in the U.S.
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Key Players Operating in Global Digits Replacement Market
The global digits replacement market is semi-consolidated with the presence of international and local players. Key players operating in the global digits replacement market are:
Smith & Nephew plc
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