Hammertoe Market - Overview —
The hammertoe market is growing with the rapid pace; mainly due to the rising incidence of arthritis. According to a recent study report published by the Market Research Future, The hammertoe market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Hammertoe is a foot deformity due to imbalance in the muscles, tendons or ligaments which normally hold the toe straight. A hammertoe has an abnormal bend in the middle joint of a toe and usually occur in the second, third and fourth toes. Hammertoe can be caused because of wearing wrong type of shoes such as high heels or shoes that are too short or narrow that force the toe into a bent position.
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Notably, rising incidence of arthritis, and increasing R&D expenditure in the Pharmaceutical Industry are the key factors driving the companion diagnostics Market. In the year of 2016, the R&D expenditure in the Pharmaceutical Industry was EUR 35000 million, suggested by European Federation of Pharmaceutical Industries and Association. Other factor such as, and improvement in regulatory policies, and reimbursement scenario are also fuelling the growth of the market.
Despite these significant driving factors, lack of awareness, and problems associated with surgery such as risk of infection, associated pain and hospital stay are expected to decline the market growth.
BioPro (U.S.), Instratek (U.S.), Stryker (U.S.), Extremity Medical LLC (U.S.), Arrowhead Medical Device Technologies, LLC (U.S.), Wright Medical Group N.V. (Netherlands), Nextremity Solutions, Inc. (U.S.), Smith & Nephew plc. (U.K.), Zimmer Biomet (U.S.), and Acumed (U.S.) are some of the prominent players at the forefront of competition in the companion diagnostics market and are profiled in MRFR Analysis.
The global hammertoe market has been segmented on the basis of type, treatment and diagnosis, end-user, and region.
By mode of type, the hammertoe market has been segmented into flexible and rigid. The joints in the toe can be straightened and moved in case of flexible hammertoe. Flexible hammertoes cause irritation and pain can lead to the development of calluses and corns. On the other hand, the rigid hammertoes lose their flexibility, and the joints are immovable. The tendons become as tight that the interphalangeal joint becomes misaligned and immobile. It has been estimated that the rigid hammertoe exhibits 10.8% CAGR, while the flexible hammertoes exhibit 8.3% CAGR.
By mode of treatment, it has been segmented into implant, surgery, and others. Among these, the surgery segment has been further sub-segmented into arthrodesis and arthroplasty. The diagnosis segment has been segmented into x-rays, physical examinations, and others. The surgery segment is presumed to lead the hammertoe market during the assessment period owing to the rising geriatric population, high adoption of surgical procedures for treating hammertoe, and increasing incidences of arthritis across the globe.
By mode of end-users, the hammertoe market has been segmented into physiotherapy and orthopedic centers, hospitals and clinics, and others. Among these, the hospital segment is considered to dominate the market owing to the rapid adoption of new procedures and technologies in order to offer effective services.
Hammertoe Market - Regional Analysis
Most of the existing market players are concentrated in the Americas owing to well-established market and high healthcare expenditures. According to the Centers for Medicare & Medicaid Services, in 2015, U.S. healthcare spending increased 5.8% reaching USD 3.2 trillion Canadian healthcare specifically was stressed by an advancing demographic move. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending.
Various U.S. based companies are continuously putting efforts to come up with advanced innovative products. For instance, Zimmer Biomet product portfolio includes Sub categoryImplant Removal Kit, Puros Cortical Particles, Tapered Screw-Ven Implants, IngeniOs B-TCP Particles, IngeniOs HA Particles, and others.
Hammertoe Market - Competitive Analysis
The hammertoe market is currently dominated by various players. Stryker is one of them by holding a strong share in the market. Stryker is one of the largest medical technology companies in the world. Stryker Corporation offers a wide range of products in the field of Neurology and spine, medical and surgical, orthopaedics. The company aims to help healthcare professionals by providing high tech devices and products thus improving the quality of treatment globally.
The prime emphasis of the company is on the merging, and acquisition of other groups to expand their product portfolio. On May 18, 2017, Stryker entered a strategic alliance with AlloSource for the distribution of biologics in sports medicine procedures. Stryker has also entered a partnership agreement with GE Additive on June 14, 2017. The agreement covers additive machines, materials and other services for Stryker’s global supply chain operations.
Smith & Nephew plc is also one of the leading player in hammertoe market. On 5 September 2017, Smith & Nephew teamed up with Imperial College London for the development of enhanced surgical techniques related to the ligament functioning, biomechanics and soft tissue injuries, and other common injuries of torn menisci, and ligament rupture. On 3 July, 2017, the company has also entered an agreement with University of Hull for driving the research in advanced wound care. Smith & Nephew plc acquired BST-CarGel, a first-line cartilage repair product from Piramal Healthcare (Canada) Limited in Jan 2016.
Zimmer Biomet is another global leader in musculoskeletal healthcare. On October 20, 2016, Zimmer Biomet entered a strategic alliance with Nextremity Solutions, Inc. to expand foot and ankle deformity correction products. The products to be distributed by Zimmer Biomet includes Nextra® Hammertoe Correction System, MSP™ Metatarsal Shortening System, Re+Line® Bunion Correction System, and ArcusTM Staple System.
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