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.
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.
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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.
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.
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.
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TOC of Hammertoe Market Research Report – Global Forecast till 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis$
6 Global Hammertoe Market, by Type
7 Global Hammertoe Market, by Treatment & Diagnosis
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