Global Hammertoe treatment Market Valuation Calculated to Reach USD 288.61 Million By 2023
Global Hammertoe Market Research Report: Information by Type (Rigid and Flexible), Treatment & Diagnosis (Treatment and Diagnosis), End User (Hospitals & Clinics and Physiotherapy & Orthopedic Centers) and Region (North America, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Hammertoe is a feet disorder wherein the feet permanently bends and is caused due to an imbalance in the muscles and the ligaments. It typically occurs while wearing shoes that are narrow or small-sized. In some cases, hammertoe occurs since birth in some individuals.
According to the recently published report by Market Research Future (MRFR), the global hammertoe market valuation is expected to reach USD 288.61 million by the end of 2023 from its 2018 valuation of USD 172.51 million. The market is forecasted to exhibit a CAGR of 10.8% during the forecast period of 2018 to 2023.
The growth of the market, according to the report published by MRFR, is attributed to the rising prevalence of arthritis.
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Market Segmentation
The hammertoe market segmentation is classified into four key dynamics: type, end-user, treatment and diagnosis, and region.
By type, the market divides into flexible and rigid segments. It is reported that the rigid segment is anticipated to garner a CAGR of 11.2% during the forecast period. On the other hand, the flexible segment is calculated to register a CAGR of 8.3% during the forecast period.
By treatment, the market includes implant, surgery, and others. While in terms of diagnosis, the market includes physical examinations, x-rays, and others. Among these, the surgery segment is expected to lead the standings in terms of market during the assessment period.
By end-users, the global market comprises hospitals, clinics, physiotherapy and orthopedic centers, and others. Herein, the hospital segment is anticipated to dominate the global market in the forthcoming years.
By region, the hammertoe market covers North America, Europe, Asia Pacific, and the Middle East and Africa.
Regional Analysis
The regional market is led by North America in terms of market share in the global standings. The region is considered as one of the prime markets for foot and ankle surgery as well. The growth of the region can be attributed to the world-class healthcare infrastructure, rapid adoption of new products and treatments, and advanced medical facilities. With the availability of requisite products and skilled health professionals, and a high power of purchasing, the region is expected to expand in prolific manner in the near future. Moreover, some of the leading players functioning from this region are springing-in new innovation and developments in product to further ameliorate the growth of the market.
Europe stands second in the global hammertoe market rankings. This is due to the advanced technology here and the fast-paced adoption of new devices. Western European nations like Germany, France, and the UK hold the maximum share of the overall region and contribute heavily to the growth of the regional market.
Asia Pacific is expected to be one of the fastest growing regions due to the fast-paced developing economy, changing healthcare industry, and increasing awareness concerning new products and treatments. Add to this, various profound initiatives have been undertaken by the government to enhance the health of the public. An expanding geriatric population coupled with cases of accidents are likely to propel the market growth in this region in the coming years.
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Competitive Landscape
The global hammertoe market includes a number of key and prominent players like Stryker (U.S), BioPro (Michigan), Wright Medical Group N.V. (Memphis, TN), Arrowhead Medical Device Technologies LLC (Tennessee), Smith & Nephew (U.K), Extremity Medical LLC (U.S), Nextremity Solutions Inc. (U.S), and Zimmer Biomet Holdings (U.S).
March 12th, 2019, Nvision Biomedical Technologies’ Vector™ Hammertoe Correction System has been cleared for usage in the US by the Food and Drug Administration of America. It is the first ever ankle and foot implant that is made from advanced, biocompatible PEEK-OPTIMA™ HA Enhanced.
March 3rd, 2019, Centric Medical, a company specializing on developing surgical implants for treating distal extremity pathology, announced in a release the first clinical cases of the SATURN External Fixation System. The system is aimed at being used as a means for stabilizing bone segments for providing indications within the ankle and the foot.
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