Osteosynthesis is a surgical procedure in which bone fracture is treated with internal or external fixation devices usually made of degradable or non-degradable materials. Metals such as titanium, stainless steel, and cobalt-chromium alloys are widely used in the manufacture of non-degradable osteosynthesis devices. Degradable materials primarily comprise polymers, ceramics, and biodegradable metals comprising magnesium alloy and iron. However, the non-degradable materials segment dominated the global osteosynthesis devices market 2014, as devices manufactured using degradable materials are highly expensive and have other complications associated with the bone. The non-degradable materials segment accounted for the largest share of the global osteosynthesis devices market in 2014. Degradable materials are still evolving, and hence the segment is witnessing sluggish growth. However, according to market experts, the degradable materials segment is expected to witness significant growth during the forecast period.
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There are two types of osteosynthesis devices: internal fixation and external fixation. The application of these devices is mainly based on the type of injury. External fixation devices are used to stabilize bone and soft tissues with minimum invasion. Internal fixation devices involve surgical implementation of implants that aid in bone repair. The internal fixation devices segment dominated the global osteosynthesis devices market in 2014. Major factors driving the internal fixation devices segment are growing demand for better facilities in orthopedic trauma surgeries, rising prevalence of osteoporosis, and increasing investments by governments and multinational companies. On the other hand, the external fixation devices segment is anticipated to witness significant growth due to improvement in product manufacturing technologies and designs and increasing incidence of road and sports accidents. Factors restraining the growth of the global osteosynthesis devices market are lack of awareness, high cost of surgery, and absence of health insurance in developing countries.
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Geographically, North America dominated the global osteosynthesis devices market in 2014 due to factors such as advancements in product designs and technologies and innovations related to degradable and non-degradable materials. Rising prevalence of osteoporosis and large number of accident cases associated with automobiles and sports are the other factors supporting market growth. Asia Pacific is projected to be the most lucrative market for osteosynthesis devices. The market in the region is expected to expand at the highest growth rate of 8.3% from 2015 to 2023. Factors propelling the growth of the osteosynthesis devices market in Asia Pacific are rising disposable income, high affordability of expensive medical treatments, and rising health care awareness among the people.
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DePuy Synthes dominated the osteosynthesis devices market in 2014. Major factors attributed to its dominance are broad product portfolio and high market penetration. Stryker Corporation secured the second market position. The company offers a wide range of osteosynthesis devices including intramedullary nail and hip fixation devices. Other players in the osteosynthesis devices market include Smith & Nephew, Aesculap, Inc. and Néosteo SAS. These players have worldwide presence in the osteosynthesis industry and are involved in constant competition with each other.
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