LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global upper extremities market is projected to grow to USD 5.22 billion by 2021, at a CAGR of close to 7% over the forecast period.
This research report titled ‘Global Upper Extremities Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| Upper extremities include the shoulders, upper limbs, elbows, forearms, wrists, and fingers. The extremity market includes products used to treat, repair, replace, or heal extremity injuries such as fractures or damage. The introduction of new, advanced, and innovative products to the upper extremities market is a key factor driving its growth. |
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Based on products, the report categorizes the global upper extremities market into the following segments:
- Braces and supporting systems
- Orthobiologics
- Accessories
Braces and supporting systems
“Braces and supporting systems occupy more than 55% of the global upper extremities market. Braces and supporting systems include braces, implants, and plates,” says Srinivas Sashidhar, a lead analyst at Technavio for orthopedics and medical devices research.
The sales of braces and supporting systems are growing as the older population are prone to fractures and age-related conditions such as osteoporosis and arthritis. Also, vendors are constantly involved in developing and launching braces and supporting systems with the latest technologies, which has resulted in improved surgical outcomes.
Orthobiologics
Orthobiologics empowers the healing process of fractured bones by using regenerative medicines such as stem cell therapy and tissue scaffolds. The upper extremities market segment is projected to be worth USD 851 million by 2021. The growth in the market segment will be driven by increased funding to research institutes for providing quality assurance to various orthobiologics products developed by companies. The research is used by the manufacturers to develop innovative products and expand their portfolios. For instance, Avitus Orthopaedics, a developer of bone harvesting devices received funding from Connecticut Innovation to finalize product manufacturing processes, prepare filings for the US FDA clearance, and fund marketing solutions to support pilot batch sales of products.
Accessories
“Accessories in the upper extremities market comprise of pins, nails, and wires, which are used independently or in conjunction with supporting devices such as plates and rods. The market segment is expected to grow swiftly at a CAGR of close to 8% through 2021,” says Srinivas.
The increase in patient population and the resultant growth in the number of procedures is expected to drive the growth of the market segment. Also, small companies such as Silver Bullet Therapeutics and large companies such as Wright Medical, Stryker, and DePuy Synthes are competing with each other to develop and launch novel products to the market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- DePuy Synthes
- Stryker
- Wright Medical
- Zimmer Biomet
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