(PharmaNewsWire.Com, August 03, 2024 ) “Bunion correction systems Market” in terms of revenue was estimated to be worth $817.28 Mn in 2023 and is poised to reach $1,537.38 Mn by 2031, growing at a CAGR of 8.35% from 2024 to 2031, according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global bunion correction systems market are: • Greater number of adults suffering from bunions • Increased labor force participation • Growing interest in minimally invasive surgical procedures
The following are the primary obstacles to the bunion correction systems market’s expansion: • Huge cost of bunion correction systems • Insufficient understanding of these processes • Limited availability of experts in correcting bunions
Future expansion opportunities for the global bunion correction systems market include: • Higher expenditure on healthcare • Surge of creative and revolutionary system developments • Collaborations between prominent individuals in the industry
Market Analysis:
The market is seeing an exponential rise due to the increasing number of government initiatives aimed at improving healthcare infrastructure. The rising investments are leading to developing more innovative techniques and systems, which are significant growths in the global bunion correction systems market. Additionally, fueling market expansion is anticipated to be the rising number of FDA-approved products. Moreover, the increasing number of people affected by osteoarthritis is anticipated to benefit the market’s growth in the coming years
List of Prominent Players in the Bunion Correction Systems Market: • Stryker Corporation • Arthrex, Inc • Zimmer Biomet Holdings, Inc • Wright Medical Technology, Inc • Extremity Medical, LLC • Acumed, LLC • De PuySynthes • Biomet, Inc • CrossRoads Extremity Systems • BioPro, Inc • Orthofix Holdings Inc • OrthoHelix Surgical Designs
Recent Developments: • In November 2023, Extremity Medical partnered with Dr. Joel Vernois to develop new minimally invasive surgery (MIS) techniques and specialized apparatus for foot and ankle surgery. Dr. Vernois will also lend a hand to Extremity Medical in creating medical education programs that center on these MIS methods. • In September 2023, Stryker introduced SmartMedic, India's first platform for upgrading intensive care units, to improve patient care and caregiver safety. • In December 2023, Acumed is pleased to announce the acquisition of ExsoMed, a firm offering cutting-edge hand surgery solutions. ExsoMed was founded by Colson Medical Berkshire Hathaway.
Bunion Correction Systems Market Dynamics: Market Drivers: Rising Incidence of Bunions The increasing role of aerospace is a major driver of the global market. The bunions propel market growth and have grown more prevalent. There is a growing need for remedies and items that can fix them. Reasons, including an aging population and personal lifestyle preferences, contribute to this. More and more individuals are becoming aware of bunion correction procedures and the importance of intervening early, which is driving growth in the market. The accessibility of various surgical and non-surgical procedures for condition management, including the non-invasive PROstep MIS treatment, is predicted to drive market expansion significantly. Furthermore, one of the key factors propelling the bunion correction systems market is the global increase in healthcare expenditure, which means that more people will have access to bunion repair operations and goods, boosting market expansion.
Challenges: High Expenseand Lack of Knowledge in the Market for Bunion Correction Systems Several restrictions hinder the anticipated growth of the global market. A major reason the worldwide market is seeing slower expansion is the high cost of bunion repair surgeries and procedures, a major obstacle for some people. Moreover, patients’ lack of knowledge regarding the illness is a cause for concern. Because many people might not know what a bunion is or may wait until it's worse before getting treatment, the demand for correction systems is negatively affected, which also hampers market growth.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period The North American bunion correction systems Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is due to factors such as a rise in older people and increased healthcare expenditure due to rising disposable income in key developing nations, propelling market growth. Additionally, the key factor propelling the market forward is the uptick in activity, which includes mergers and acquisitions carried out by major regional operators in the industry. Furthermore, the regional market is anticipated to experience expansion due to factors such as increased healthcare tourism and a growing incidence of bunions among adults. Several factors include the aging population, shifting lifestyles, and improved labor force participation, particularly in developing countries.
Segmentation of Bunion Correction Systems Market-
By Product Type- • Implants & Accessories • Wearables
By End-Users- • Hospitals • Ambulatory Centers
By Country North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • South East Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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