Global Bunion Correction Systems Market Size, Share & Industry Trends Analysis Report By Product (Wearables and Implants & Accessories), By End-Use (Hospitals, Ambulatory Centers, and Specialty Centers), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Bunion Correction Systems Market
Market Report Description
The Global Bunion Correction Systems Market size is expected to reach $1.1 billion by 2028, rising at a market growth of 7.1% CAGR during the forecast period.
Products for bunion correction assist in the treatment of foot deformity, which affects the metatarsophalangeal joint. One in three Americans has bunion or hallux valgus, which is a prevalent foot ailment in the adult population. The condition is most frequently brought on by wearing uncomfortable, narrow shoes for a long period, foot injuries, and genetic foot issues.
According to a study by NCBI (National Center for Biotechnology Information), between 63% and 74% of the participants wore shoes that were either too short or too wide, increasing their chance of developing foot conditions such as bunions, calluses, and deformities. Due to weaker connective fibers and the usage of tight, heeled shoes, the ailment is more prevalent in older people, particularly women.
The American Orthopedic Foot and Ankle Society estimates that roughly one-third of women have bunions. During the forecast period, increasing arthritis prevalence is anticipated to favorably impact market growth. Bunions are more likely to develop in cases of inflammatory arthritis, such as rheumatoid arthritis.
There is a higher chance that people with rheumatoid arthritis will experience foot issues. According to a Vittori article, foot problems affect 90% of rheumatoid arthritis sufferers worldwide. The likelihood of developing a bunion increase as a result of the body incorrectly attacking the big toe linings in rheumatoid arthritis. Additionally, both illnesses' symptoms include swelling and problems with joint movement, which are predicted to boost market growth.
COVID-19 Impact Analysis
Owing to the cancellation of elective surgeries and the decline in individuals seeking bunion therapy, the COVID-19 pandemic had an adverse effect on the market. The market was also negatively impacted by the lack of healthcare workers and the government-imposed travel restrictions made to stop the virus's spread. The majority of hospitals and outpatient rehabilitation centers operated at decreased capacity, which further hampered market expansion. Numerous hospitals have reduced or delayed non-emergency care. This has both financial and medical repercussions for the hospitals as well as the patients they serve. Nurses and other healthcare professionals had to work longer shifts and even more days as a result of COVID-19.
Market Growth Factors
The demand for these devices has increased throughout several regions, including North America, Asia Pacific, Europe, and LAMEA, as a result of the rise in the number of people with bunions (MEA). This can be linked to the rising incidence of this condition among people of all ages, including teenagers and adults.
Patients are becoming more aware of bunion correction devices, and they are using them more frequently and in more surgical procedures. Bunions can also be brought on by other disorders like arthritis, diabetes, or even pregnancy. They are frequently brought on by wearing tight shoes or overly high heels. There are numerous treatments available today that will help you feel wonderful in your shoes again, no matter what the root of your bunions may be. If it comes to foot care, bunions need to be treated carefully.
Market Restraining Factor
Patient’s Ignorance towards the Condition
A little bony protrusion on the top or side of your big toe joint is the first sign of the bunion toe disease (also known as a bunionette when it affects the pinky toe) (or on the pinky toe for bunionettes). Because bunions are typically not painful at first, so many individuals ignore it till the discomfort and pain start to get more bothersome.
Based on product, the Bunion Correction system market is segmented into Wearables and Implants & Accessories. The wearables segment garnered the highest revenue share among all product categories in 2021. The increasing occurrence of bunions is one of the key influencing factors fuelling the market growth. According to statistics from Disabled Population, approximately 36% of the sample population had the condition.
By end-use, the market is segmented into Hospitals, Ambulatory Centers, and Specialty Centers. The number of patients receiving treatment for the issue at the hospitals is anticipated to increase as a result of factors like the accessibility of different surgical alternatives including Exostectomy, Osteotomy, and Arthrodesis for bunion correction. Additionally, it is anticipated that the hospitals' access to qualified doctors will accelerate category growth.
|Market size value in 2021||USD 683 Million|
|Market size forecast in 2028||USD 1.1 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 7.1% from 2022 to 2028|
|Number of Pages||144|
|Number of Tables||248|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the Bunion Correction Systems Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2021, North America dominated the global Bunion Correction Systems market with the highest market share worldwide. Some of the major factors that influenced the market growth in the North America market include the higher incidence of the condition there as well as the accessibility of treatment centers for corrective operations.
Free Valuable Insights: Global Bunion Correction Systems Market size to reach USD 1.1 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Stryker Corporation, Arthrex, Inc., Zimmer Biomet Holdings, Inc., Extremity Medical, LLC., Acumed, LLC., De Puy Synthes (Johnson & Johnson), BioPro, Inc., and Orthofix Medical, Inc.
Recent Strategies Deployed in Bunion Correction Systems Market
- Jul-2022: Acumed acquired Exosmed, a medical device company specialized in providing innovative solutions to orthopedic surgeons. The acquisition enables Acumed to better serve minimally invasive surgical device customers globally.
- Mar-2022: Orthofix received the approval from U.S. Food and Drug Administration 510(k) for TrueLok EVO Ring Fixation System. TrueLok EVO Ring Fixation System is designed for deformity correction procedures and complex limb reconstruction. This is the only circular fixator that has struts and radiolucent rings for clear radiographic visualization.
- Feb-2022: Stryker acquired Vocera Communications, a provider of the leading platform for clinical workflow and communications. The acquisition enriched Stryker's Medical division through adding an innovative and complementary portfolio. The addition broadened the company's Advance Digital Healthcare offerings and advanced its focus on preventing unfavorable events during the continuum of care.
- Feb-2022: DePuy Synthes took over CrossRoads Extremity Systems, a medical device company engaged in providing a wide range of procedure-focused, sterile-packed implants and instrumentation systems. This acquisition adds CrossRoads' products to DePuy's product portfolio reinforcing DePuy's portfolio of foot and ankle procedures.
- Dec-2021: DePuy Synthes, a subsidiary of Johnson & Johnson acquired OrthoSpin, Ltd., a medical equipment manufacturing firm specializing in developing robotic treatment systems. With this acquisition, OrthoSpin helped DePuy in bringing transformative Medtech advancements to the industry through utilizing automated technology, which addresses a range of orthopaedic challenges.
- Sep-2021: Stryker completed the acquisition of Gauss Surgical, a medical device company that developed an artificial intelligence-enabled platform, Triton. This platform was developed for real-time monitoring of blood loss at the time of surgery. Following this acquisition, Stryer aimed to utilize this platform for improving outcomes and safety for their patients and caregivers.
- Jan-2021: Stryker took over OrthoSensor, a company focused on the digital evolution of sensor technology and musculoskeletal care for total joint replacement. Through this acquisition, the latter company empowered the former company's surgeons with exhaustive data-driven solutions. Additionally, Orhtosensor's portfolio reinforced Stryker's digital ecosystem foundation.
- Dec-2020: Zimmer Biomet announced the acquisition of A&E Medical Corporation, a manufacturer of medical devices. The acquisition enabled Zimmer to deliver a comprehensive portfolio of sternal closure products, comprising rigid fixation. Rigid Fixation has the ability to address a range of unfulfilled surgical and patient requirements.
- Mar-2020: Orthofix announced the acquisition of FITBONE, a brand of Wittenstein SE. FITBONE is an intramedullary lengthening system for limb lengthening of the tibia and femur. With this acquisition, FITBONE enhanced Orthofix's limb reconstruction portfolio allowing physicians to better serve the needs of patients that require internal and external fixation procedures.
Scope of the Study
Market Segments Covered in the Report:
- Implants & Accessories
By End Use
- Ambulatory Centers
- Specialty Centers
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Stryker Corporation
- Arthrex, Inc.
- Zimmer Biomet Holdings, Inc.
- Extremity Medical, LLC.
- Acumed, LLC.
- De Puy Synthes (Johnson & Johnson)
- BioPro, Inc.
- Orthofix Medical, Inc.
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How valuable will the Bunion Correction Systems Market be in the future?
The global Bunion Correction Systems Market size is expected to reach $1.1 billion by 2028.
What are the key driving factors and challenges in the Bunion Correction Systems Market?
Growing Prevalence are driving the market in coming years, however, Patient’s Ignorance Towards The Condition restraints the growth of the market.
What are the major top companies in the competitive landscape?
Stryker Corporation, Arthrex, Inc., Zimmer Biomet Holdings, Inc., Extremity Medical, LLC., Acumed, LLC., De Puy Synthes (Johnson & Johnson), BioPro, Inc., and Orthofix Medical, Inc.
Which segment is leading the market in 2021?
The Hospitals segment is leading the Global Bunion Correction Systems Market by End-use in 2021 thereby, achieving a market value of $819.9 million by 2028.
Which region dominated the Bunion Correction Systems Market in 2021?
The North America market dominated the Global Bunion Correction Systems Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $494.3 million by 2028.