Deformity is the malformation of any component of the body leading to an impairment or functional loss of the organ. The condition results in the bony alteration in the topography of soft tissues. The exact cause for the disease is still unknown. However, genetic mutation, damage during the foetal stage, complications at birth, hormonal disorder, arthritis along with other causes are expected to cause this disease. Increasing prevalence of deformity is the major driving factor for the growth of the market. According to the Physicians Committee (2015), approximately 3% of all children born in the U.S. suffer major malformations at birth. Additionally, over 150,000 babies are born each year with birth defects. Though, in early stages the disease is acute, however if the proper treatment is not taken it may led to serious conditions. A number of diagnostic procedures are available in the market for the diagnosis of deformities. A number of companies are involved in the manufacturing of innovative and effective treatment options for the patients. Besides, the increasing government support and rising healthcare expenditure are also supporting the growth of the market. Furthermore, rapid development in the imaging technology and continuous improvement in the medical services have fuelled the market growth. As there is no precise treatment available in the market and the cost associated with the surgeries is very high which is not affordable for people in the developing regions. Thus, lack of the precise treatment and high cost of surgeries may slow the growth of the market.
The global deformity market is expected to grow at a CAGR of 7.1% during forecast period 2017-2023.
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The global deformity market is segmented on the basis of types, therapy and end users.
On the basis of types, the market is segmented into congenital, and acquired. Congenital deformity is further segmented into Sprangel’s shoulder, elbow joint congenital dislocation, and others.
On the basis of therapy, the market is the market is segmented into diagnosis and treatment. Diagnosis is further segmented into MRI, CT scan, bone scan and others. Treatment is further categorized into medical therapy, surgical therapy, postoperative care, long-term monitoring and others.
On the basis of end users, the market is segmented into hospital & clinics, orthopedic care centers and others.
The Americas dominates the global deformity market owing to large patient population. According to the Physicians Committee (2015), approximately 3% of all children born in the U.S. have a major malformation at birth. Increasing number of people suffering from deformity and other bones disease have driven the growth of the Americas deformity market. Additionally, increasing government support for research & development, availability of funds for research, and high per capita income will fuel the growth of the market. Increasing awareness among people regarding the disease and well-developed technology will create opportunities for the development of the market.
Europe accounts for the second leading deformity market, which is followed by Asia Pacific. Increasing patient population, availability of funds for research, and government support for research & development projected to drive the market in Europe. Germany, France and U.K is expected to lead the European market.
Asia Pacific is the fastest growing region in the global deformity market owing to rapidly increasing population, the developing economies and rising demand for the better treatment options for the diseases. India and China holds the major share of the market.
Whereas, the Middle East & Africa owns the least share of the global deformity market due to the presence of poor economy, especially, in the Africa region. The market of this region is dominated by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure. However, Africa region shows the fastest growth for the market.
Key players for global Deformity market
The major key players in the global deformity market: SpineCraft, LCC (U.S.), DePuy Synthes (U.S.), NuVasive (U.S.), OrthoPediatrics Corp. (U.S.), 3M (U.S.), Bristol-Myers Squibb and Company (U.S.), B. Braun (Germany), Stryker Corporation (U.S.), Pfizer Inc. (U.S.), Lineage Medical, Inc. (U.S.), Johnson & Johnson Services Inc. (U.S.), Argon Medical Devices, Inc (the Netherlands), and Cook Medical (U.S.).
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Detailed Table of Contents:
1. Report Prologue
2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
5. Market Factor Analysis
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