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The Global Bunion Correction Systems Market Size is valued at USD 817.28 million in 2023 and is predicted to reach USD 1,537.38 million by the year 2031 at an 8.35% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The market is in great demand due to developments in minimally invasive surgery and other modern medicine, leading to market growth.
- Senior citizens are growing rapidly around the globe, which is expected to drive market growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- One of the main factors limiting the market’s growth is the lack of knowledge about these procedures in less-developed and low-income nations.
With one in three Americans suffering from the ailment, bunions or hallux valgus is a common foot disorder among adults. The condition is most frequently brought on by wearing uncomfortable, narrow shoes for an extended period, foot injuries, and genetic foot issues. The producers of the fixation systems are focusing on the introduction of cutting-edge products that will support the market's revenue growth.
Additionally, both illnesses' symptoms include swelling and problems with joint movement, which are predicted to aid in the market's expansion. One important reason projected to drive the market demand is the availability of a wide range of surgical and non-surgical procedures to manage the problem, such as PROstep MIS, a non-invasive process. In general, orthopedic implants, bunion pads and tapings, painkillers, surgery, injections, and physical therapy are used to treat bunions.
The condition's increasing prevalence of treatment methods is anticipated to increase. The increasing number of techniques used to treat the illness is anticipated to accelerate market growth rate. Leading hospitals and toe fixation system manufacturers are working together to expand the market for these products.
Recent Developments:
- In January 2021- The DynaBunion Lapidus Method, a 4D minimally invasive surgical bunion repair system, was introduced by CrossRoads Extremity Systems. It uses small incisions to restore the normal foot structure in all four dimensions.
Competitive Landscape:
Some major Bunion Correction Systems Market Players are:
- Stryker Corporation
- Arthrex, Inc
- Zimmer Biomet Holdings, Inc
- Wright Medical Technology, Inc
- Extremity Medical, LLC
- Acumed, LLC
- De Puy Synthes
- Biomet, Inc
- CrossRoads Extremity Systems
- BioPro, Inc
- Orthofix Holdings Inc
- OrthoHelix Surgical Designs
Market Segmentation:
The bunion correction systems market is segmented on the product and end-use. Based on product, the bunion correction systems market is segmented into implants & accessories and wearables. Based on end-use, the bunion correction systems market is segmented into hospitals, specialty clinics and others.
Based On Product, The Wearable Segment Is A Major Contributor To The Bunion Correction Systems Market
The market's leading segment is wearable. One important reason that is anticipated to boost the market is the increasing occurrence of bunions. Additionally, it is anticipated that the availability of wearables for various demographics, including the adult, pediatric, and geriatric populations, will further propel the segment's growth. In general, the wearables are used to support the joint to stop malpositioning and to control pain. The wearables do not, however, address bunions.
The Hospital Segment Witnessed Growth At A Rapid Rate
Hospitals grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The increase in patients having corrective procedures at the hospitals greatly impacts the market development. Additionally, the advent of less invasive surgery solutions for the illness is anticipated throughout the projection period to support sector growth further. Surgical methods typically entail removing the swollen tissue to realign and straighten the foot's bones and alleviate pain and swelling.
The North American Bunion Correction Systems Market Holds A Significant Regional Revenue Share
The North American bunion correction systems market is expected to register the highest market share in revenue shortly. The increasing number of people having corrective procedures to treat the issue is one factor that is accounted to have a beneficial impact on the segment's growth. The availability of minimally invasive implants that treat the bunion's underlying cause is anticipated to be a major driver of the segment's growth. In addition, Asia Pacific is projected to grow rapidly in the global bunion correction systems market. Increased activity, including acquisitions and mergers made by important regional industry operators, is the primary driver of market progress.
Global Bunion Correction Systems Market Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 817.28 Mn |
|
Revenue forecast in 2031 |
USD 1,537.38 Mn |
|
Growth rate CAGR |
CAGR of 8.35% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Product And End-Use |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Stryker Corporation; Arthrex, Inc.; Zimmer Biomet Holdings, Inc.; Wright Medical Technology, Inc.; Extremity Medical, LLC.; Acumed, LLC.; De Puy Synthes, Biomet, Inc.; CrossRoads Extremity Systems; BioPro, Inc.; Orthofix Holdings Inc.; OrthoHelix Surgical Designs |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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