The global Bunion Surgery Market, valued at US$437.8 million in 2023, is forecasted to grow at a robust CAGR of 5.7%, reaching US$458.4 million in 2024 and an impressive US$606.1 million by 2029. The main factor driving this market is the rising prevalence of bunions, which has led to an increased demand for surgical treatments. In addition, the aging population, which is globally increasing and is more prone to orthopedic problems, such as hallux valgus (bunion), contributes to this demand. Moreover, the increasing adoption of minimally invasive procedures for small incisions, quicker recovery time, and shorter hospital stays also propel the market growth. The other driver for the market growth would be the increasing number of people suffering from rheumatoid arthritis, which may cause joint deformities in the form of bunions. Thus, the market for bunion surgery is expected to continue its steady growth over the next several years.
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By product, the bunion surgery market is segmented into correction systems and implants & accessories. The largest share of bunion surgery market was held by the implants & accessories segment in 2023. With an increased prevalence of bunions, more patients are opting for surgical treatment, which, in most cases, comprises the use of implants & accessories like plates, staples, and screws. These devices are importance in stabilizing the bones and ensuring proper alignment during the recovery process. The need for more effective solutions, along with developments in implants & accessories technology, have led to the dominance of this segment in the market.
By type, the market is divided into traditional surgeries and minimally invasive surgeries, of which traditional surgery holds the largest share due to its proven efficacy and a long record of successful outcomes, especially in cases of severe bunion deformity or complex deformity that cannot be treated by minimally invasive surgical procedures. In addition, the increasing cases of arthritis also make more considerable bunion deformities, thus also driving the requirement for traditional surgeries.
By geography, the market for bunion surgery has been segmented into six primary geographical regions, that include North America, Europe, Asia Pacific, Latin America, Middle East & Africa and GCC Countries. In 2023, the North America held the dominant share of the bunion surgery market. The bunion surgery market in North America is the biggest regional market, mainly due to the fact that developed healthcare systems prevail in this region, such as in the US and Canada. Apart from this, the aging population, combined with the increasing prevalence of diseases such as arthritis, further adds to the incidence of bunion deformities, hence increasing the demand for surgical treatments. In addition, the region has robust insurance coverage and reimbursement policies that makes surgical treatments more accessible to patients.
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The major players operating in this market are Stryker (US), Johnson & Johnson Services, Inc. (US), Smith+Nephew (UK), Paragon 28, Inc (US), Zimmer Biomet (US), CONMED Corporation (US), Enovis Corporation (US), Medartis AG (Switzerland), Treace Medical Concepts, Inc (US), and Arthrex, Inc. (US).
Stryker (US):
In 2023, Stryker (US) secured a prominent position in the bunion surgery market. The company specializes in designing, manufacturing, and distributing innovative surgical equipment. It has a presence in North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Stryker focuses on organic growth strategies, in order to widen its market share. For instance, in September 2022, the company launched the PROstep MIS Lapidus, a new fixation system designed for the minimally invasive treatment of bunions.
Johnson & Johnson Services, Inc. (US):
Johnson & Johnson Services, Inc. (US) had a significant market share in the bunion surgery market in 2023. Its diverse subsidiary portfolio strengthens its market position, it has plants and research centers located in the regions of North America, Europe, Asia Pacific, and Latin America. Johnson & Johnson has also increased its focus on research and development activities to develop unique products. The company seeks to improve its portfolio by investing strategically in R&D. It will help the company enhance its potential for future growth and sustain competitiveness in the bunion surgery market.
Smith+Nephew (US):
Smith+Nephew (US) held a prominent position in the bunion surgery market. With operating in over 100 countries, Smith & Nephew has a strong presence in North America, Europe, Africa, Asia, Australia, Latin America, and the Middle East. To maintain its leading position in the bunion surgery market, the company focuses on inorganic growth strategies such as acquisitions. For example, Smith+Nephew acquired the Extremity Orthopaedics (US) business of Integra LifeSciences to enhance its growth strategy.
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