Thumb Arthritis Market Size,Regional Analysis, Key Players Profiles and Future Prospects
Thumb Arthritis Market Overview
. In thumb arthritis, the cushion-like cartilage inside the CMC joint breaks down, causing the bones to rub against each other. Increasing prevalence of thumb arthritis, growing geriatric and obese population, and rising healthcare expenditure are some of the major factors estimated to drive the Thumb Arthritis Market Size growth during the forecast period. A study was published in the HAND (American Association for Hand Surgery) journal in 2016, according to which the prevalence of the thumb CMC osteoarthritis was estimated to be around 8%-12% in the general population. However, the high cost of the surgical therapeutics along with related complications is estimated to restrain the market growth during the forecast period.
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The market in Americas & Europe is expected to grow at a CAGR of 8.5% during the forecast period of 2022 to 2030 and estimated to reach at USD 13,099.0 million by 2023 from USD 7,525.3 in 2016 According to a report published by the American Academy of Physical Medicine and Rehabilitation in 2014, 25 to 50% cases of sport injuries in the US are due to overuse of hand and wrist. Side effects of the treatment are likely to restrain the market. For instance, use of NSAIDs (Non-Steroidal Inflammatory Drugs) resulting in stomachache and gastrointestinal bleeding.
Thumb Arthritis Market Segmentation
- On the basis of the treatment, the market is segmented into thumb exercise, medication, surgery, and others. The medication segment is sub-segmented into OCT medications, prescription medications, and others. The surgery segment is sub-segmented into trapeziectomy, osteotomy, and others.
- On the basis of the end users, the market is segmented into hospitals & clinics, research organizations, retail pharmacies, and others.
Thumb Arthritis Market Players
- BioPro (U.S.)
- McKie Splints (U.S.)
- AbbVie Inc. (U.S.)
- Hoffmann-La Roche Ltd (Switzerland),
- Amgen Inc. (U.S.)
- Pfizer Inc. (U.S.)
- Carestream Health. (U.S.)
- General Electric Company (U.K), and others.
Thumb Arthritis Market Regional Analysis
Europe holds the second largest thumb arthritis market owing to the availability of the funds for research, increasing surgery adoption rates, and growing patient population. According to the Office for National Statistics the geriatric population within the region is expected to grow and reach 20.5% of the total U.K population by 2026 from 18.0% in 2016.
Asia Pacific is the fastest growing region. Growing geriatric and obese population followed by the developing healthcare sector are boosting the market growth. Within the region, Australia holds a significant ratio of the obese population. However, the presence of the developing economies like India and China are marked by expanding healthcare sector. This is estimated to provide favorable backgrounds for the market growth.
The Middle East and Africa region account for the least market share. This is mainly due to the presence of the poor African economies within the region, which have low per capita income and lack of the medical services. On the other, the Middle East holds the largest market share within the region.
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