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.
· Lineage Medical
· Johnson & Johnson Services Inc
· Stryker Corporation
· Bristol-Myers Squibb and Company
· OrthoPediatrics Corp
· Pfizer Inc
· Argon Medical Devices
· B. Braun
· DePuy Synthes
· Cook Medical
· 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.
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.
· 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.