06 Apr 2017
Posted in Press Release
South Korea will be the fastest-growing digit replacement market to 2023
The Asia-Pacific (APAC) digit replacement market, which covers Australia, China, India, Japan, New Zealand, South Korea, and Taiwan, is set to rise from $0.8 million in 2016 to around $1.2 million by 2023, representing a compound annual growth rate (CAGR) of 6.3%, according to GlobalData, a recognized leader in providing business information and analytics.
The company’s latest report states that Australia represented the largest portion of the market in 2015, holding nearly 25% of the regional revenue, though it is expected to be surpassed by China during the forecast period. South Korea is expected to be the fastest-growing country in the APAC and global market through 2023, with a CAGR of 10.4%.
Key drivers of this relatively strong growth include the aging population and rising prevalence of arthritis, materials research into more durable and biocompatible implants, and long term results that showcase the benefits of digit arthroplasty compared to alternative treatments.
Tobe Madu, MSc, Healthcare Analyst for GlobalData, explains: “Implant arthroplasty of the finger joints is a viable treatment option for arthritis in the proximal interphalangeal and metacarpophalangeal joints. However, the efficacy of these devices is questionable given their propensity to fracture, react with bone, or dislocate due to the large range of motion that the finger experiences.
“This has led to slow adoption among surgeons and patients who prefer the pain relief and durability of fusion over maintaining function in these joints. Continued research on the stability, biocompatibility, and anatomic soundness of these devices is necessary to grow the market, as positive long-term data will increase physician and patient adoption.”
GlobalData believes the slowest growth in the APAC digit replacement market to 2023 will be observed in Australia due to the fact that it has one of the more developed healthcare systems in the region with a relatively mature orthopedic market.
– Information based on GlobalData’s report: MediPoint: Digit Replacement – APAC Analysis and Market Forecasts.