iCrowdNewswire Jan 21, 2021 6:26 PM ET
Factors like increasing prevalence of hallux rigidus, growing female population, rising demands for minimally invasive procedures, growing healthcare expenditure, and increasing geriatric population is estimated to drive the global cheilectomy market. However, high procedural cost, complications like deep vein thrombosis, need for repeated surgery, stiffness in the joints of the toes, and low per capita healthcare expenditure in the middle and low-income countries is estimated to restrain the market growth during the projected period.
The global cheilectomy market is expected to grow at an approximate CAGR of 7.8% during the forecast period.
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Cheilectomy Market Segmentation
The global cheilectomy market is segmented by the method, anesthesia, medication, and end-user.
By the method, the market is segmented into open, arthroscopic, and percutaneous method.
By the anesthesia, the market is categorized into general anesthesia, local anesthesia, and regional anesthesia. By the medication, the market is segmented into prescription pain relievers, OCT, and others. By prescription the pain relievers the market is segmented into corticosteroids, opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), and others. By the OCT drugs, the market is segmented into ibuprofen, naproxen, and others. By end users, the market is segmented into hospitals & clinics, academic institutes, retail pharmacies, and others.
Cheilectomy Market Regional Analysis
The Americas dominate the global cheilectomy market. Well-developed healthcare sector, increasing prevalence of hallux rigidus, rising healthcare expenditure, and presence of the key players are some of the drivers for the market growth within the region. Additionally, increasing geriatric population and growing female population fuels the market growth.
Europe is the second largest cheilectomy market. Increasing prevalence of osteoarthritis, growing geriatric population, and rising healthcare expenditures within the region are some of the driving factors for the market growth. On a regional basis, Europe is divided into two regions, i.e., Western Europe and Eastern Europe. Western Europe is estimated to be the leading market within the region.
Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies like India & China, and presence of huge opportunity in the market. On the other hand, the Middle East & Africa has the least share in the global cheilectomy market due to the presence of poor economies which have low per capita healthcare expenditure and stringent government policies, especially in the Africa region. Majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure.
Cheilectomy Market Key Players
The key players for the global cheilectomy market are Henry Schein, Inc. (U.S.), STEROID S.p.A. (Italy), Pfizer Inc. (U.S.), Novartis AG (Switzerland), Merck & Co., Inc. (U.S.), Sanofi (France), Janssen Pharmaceuticals, Inc. (Belgium), PurduePharma (U.S.), ALLERGAN (Republic of Ireland), Boehringer Ingelheim International GmbH (Germany), and others.
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