There have been advancements in the field of osteotomy plates market, which would boost the market growth such as, the development of polymer based osteotomy plates. These osteotomy plates avoids the need of plate removal surgery, reduces chances of bone porosity, and metallic corrosion which is caused by metallic osteotomy plates.
Global Osteotomy Plates Market was valued at $506 million in 2016, and is expected to reach $678 million by 2023, growing at a CAGR of 4.2% from 2017 to 2023.
Osteotomy plates are used during osteotomy surgical procedures. These devices are metal plates which fix the impaired bones of a patient caused due to osteoarthritis, dysplasia, bone diseases, and bone injuries.
The major factor that contributes to the growth of the market include the increase in incidence rate of bone related disorders caused by changing lifestyle and improper diet. Moreover, rise in ageing population, increasing incidence of road accidents, and growing preferences of surgical therapies further boost the market growth. However, high cost of osteotomy procedures and complications associated with it impede the market growth. Rising healthcare infrastructure, disposable incomes and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
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Key Findings of the Osteotomy Plates Market:
- Metal osteotomy plates segment accounted for around four-fifths share of the global osteotomy plates market in 2016
- Polymer osteotomy plates segment is expected to grow at a CAGR of 7.2% from 2017 to 2023
- Hip surgery segment accounted for around two-fifths share of the global osteotomy plates market in 2016
- Europe region accounted for around one-fourth share of the global osteotomy plates market in 2016
- Asia-Pacific is expected to grow at the highest CAGR of 6.8%, from 2017 to 2023
The major companies profiled in the report include Arthrex, Inc., Acumed, LLC, Johnson & Johnson, GROUP FH ORTHO, B. Braun Melsungen AG, Zimmer Biomet, Stryker Corporation, aap Implantate AG, Wright Medical Group N.V., OrthoPediatrics Corp., and Amplitude Surgical.