Deformity Market is Growing Dynamically at a CAGR of 7% During Forecast to 2023
Market Overview:
The rise in a number of FDA
approvals complement such innovations and augment the growth of the global deformity market. As an add-on, governments
and non-profit organizations are also showing interest in spreading awareness
regarding the disease and are actively providing support for R&D
activities. This can also play a driving
factor in the advancement of the global deformity market. There is no
particular treatment available for deformity due to which the costs associated
with surgery and treatment is very high
which can hamper the growth of the global deformity market.
The Physicians Committee reports that approximately 3% of all
children born in the U.S. suffer major
malformations at birth. In addition, each
year, over 150000 babies are born with congenital
disabilities. High healthcare spends
on a global scale has been pivotal in shaping the global deformity market. With
better medical facilities purveyed by the
development of imaging technology, the
market is likely to proliferate over the
forecast period. Substantial outlay on the development of innovative treatment
options by the key players of the market has also added fuel to the growth of
the market.
The global Deformity
Market Growth is growing at an incremental pace and is expected to
register a moderate CAGR of
approximately 7.1% over the forecast period of 2017-2023, asserts
market Research Future (MRFR) in a detailed research report. Deformity is an abnormality caused in the shape
of any organ or body part. It might be caused due to various reasons such as
genetic mutation, reconstructive surgery following a severe injury, hormonal
disorder or maybe be present at birth. A significant rise has been observed in
the prevalence of deformity over the last few years and is the primary factor
driving the growth of the global deformity market.
Competitive Landscape
·
SpineCraft
·
Lineage Medical
·
Johnson &
Johnson Services Inc
·
Stryker
Corporation
·
NuVasive
·
Bristol-Myers
Squibb and Company
·
OrthoPediatrics
Corp
·
3M
·
Pfizer Inc
·
Argon Medical
Devices
·
B. Braun
·
DePuy Synthes
·
Cook Medical
Segmentation
·
The global
deformity market has been segmented based on types, therapy, and end users.
·
By types, the global deformity market has been
segmented into congenital, and acquired.
·
By therapy, the
global deformity market has been segmented
into diagnosis and treatment. The diagnosis segment has been further segmented into MRI, CT scan, bone scan, and others.
·
By end users, the
market has been segmented hospital & clinics, orthopedic care centers, and others.
Regional Analysis
The global deformity market spans across the regions of the
Americas, Europe, Asia Pacific, and the
Middle East & Africa. The Americas account for the largest share of the
global deformity market due to the high
prevalence of deformity in the region. Additionally, high healthcare spends, government
support for R&D activities and availability of funds for R&D spurs the
growth of the market in the region.
Europe is the second largest market for deformity, followed by the Asia Pacific. High research & Development
activities support the growth of the Europe deformity market, the UK, Germany,
and France being the key contributors to the market. Asia Pacific is slated to
emerge as the fastest growing market for deformity. Increasing patient
population, growing healthcare expenditure are the market drivers, India and
China being the major shareholders of the Asia Pacific deformity market. The Middle
East & Africa hold the least market share due to poor economic conditions, especially
in the Africa region. However, with raising awareness and rising investment on healthcare,
the market is expected to expand over the forecast period.
Industry Updates
·
In September
2018, SpineVision, a spinal technology company focused on the development and
marketing of implants, announced that it had
received CE mark approval for its new spine deformity correction system. The
Pivot Link Universal System features clip technology, and the system will be introduced
at EuroSpine 2018 in Barcelona, Spain, September.
·
In September
2018, AMDT Holdings, Inc., a medical technology company, announced FDA
clearance for their deformity analysis and correction software and
instrumentation, SixFix deformity system.
·
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