is presumed to demonstrate 10.8% CAGR during the forecast period (2018-2023) owing to the increasing incidences of arthritis, asserts Market Research Future (MRFR). The market touched a valuation of 172.51 USD million in 2018 and is estimated to garner 288.61 USD million by the end of 2023. Hammertoe is referred to as a feet-related disorder where the feet bends permanently. Hammertoe occurs due to an imbalance in the muscles and the ligaments which holds the toe straight. It usually occurs while wearing narrow shoes or small-size shoes. Muscle or vein damage, osteoarthritis, rheumatoid arthritis, Charcot–Marie–Tooth disease, stroke, and other feet problems are some of the major reasons causing hammertoe. While in some cases, hammertoe in an individual may occur since birth, it usually occurs due to wrong selection of shoes.
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With rising incidences of arthritis among the population, the global hammertoe market is considered to flourish during the assessment period. Arthritis is one of the most common joint related problems which generally occurs due to increasing age and osteoporosis and is one of the major reasons for hammertoe. For instance, as per the Centers for Disease Control and Prevention, on February 2018, around 54.4 million of the total population has been diagnosed with arthritis, in which 18.1% were men and 23.4% were women. Moreover, with increasing expenditure on research and development activities in the healthcare industry, the hammertoe market is likely to boom during the appraisal period. With growing bones related and hammertoe problems across the world, the need for advanced healthcare services is increasing.
The prominent players operating the global hammertoe market are Stryker (U.S), Smith & Nephew (U.K), Zimmer Biomet Holdings (U.S), Extremity Medical LLC (U.S), Nextremity Solutions Inc. (U.S), Arrowhead Medical Device Technologies LLC (Tennessee), Wright Medical Group N.V. (Memphis, TN), BioPro (Michigan).
Global Hammertoe Market: Segmental Analysis
The global hammertoe market has been segmented on the basis of type, treatment and diagnosis, end-user, and region.
By mode of type, the hammertoe market has been segmented into flexible and rigid. The joints in the toe can be straightened and moved in case of flexible hammertoe. Flexible hammertoes cause irritation and pain can lead to the development of calluses and corns. On the other hand, the rigid hammertoes lose their flexibility, and the joints are immovable. The tendons become as tight that the interphalangeal joint becomes misaligned and immobile. It has been estimated that the rigid hammertoe exhibits 10.8% CAGR, while the flexible hammertoes exhibit 8.3% CAGR.
By mode of end-users, the hammertoe market has been segmented into physiotherapy and orthopedic centers, hospitals and clinics, and others. Among these, the hospital segment is considered to dominate the market owing to the rapid adoption of new procedures and technologies in order to offer effective services.
Geographically, the hammertoe market span across regions namely, Europe, Americas, Asia Pacific, and the Middle East and Africa.
Within the Americas, the North American region is considered to be a pioneer in foot and ankle surgery and holds the largest market share in the global hammertoe market. The growth in this region is attributed to the availability of top-class healthcare infrastructure, rapid adoption of new products and treatments, and advanced medical facilities. Moreover, the availability of skilled health professionals, high purchasing power of patients, and availability of products are contributing to the market growth. Additionally, top players operating from this region are encouraging innovation and new product developments, thereby influencing the market growth during the assessment period.
The Asia Pacific region is considered to be the fastest growing region owing to the rapidly developing economy, increasing awareness of new treatments and products, and changing healthcare sector. Several initiatives taken by the government to improve public health is also driving the global hammertoe market. With the rising geriatric population and accident cases, the market is likely to foster in the coming years.
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