According to a report published by Allied Market Research, the global osteotomy plates market generated $506 million in 2016, and is estimated to reach $678 million by 2023, registering a CAGR of 4.2% from 2017 to 2023.
Osteotomy plates are useful at the time of osteotomy surgical procedures. These devices are nothing but metal plates that help in fixing the impaired bones caused due to dysplasia, osteoarthritis, bone diseases, and bone injuries.
The major factors contributing to the growth in the market include the surge in incidence of bone related conditions occurring due to changes in lifestyle and lack of proper diet. In addition, increase in aging population, surge in incidence of road accidents, and preferences for surgical therapies supplement the market growth. However, expensive and complications involved in osteotomy procedures hinder the growth in the market. On the other hand, surge in healthcare infrastructure and unlocked potential in the developing regions would offer numerous opportunities for the market growth.
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The metal osteotomy plates segment is estimated to continue its dominance throughout the forecast period, owing to increase in the prevalence of osteoporosis, surge in geriatric population, rise in demand for biocompatible products, and accidents resulting in bone related injuries. Furthermore, osteotomy plates play a crucial role in the treatment of bone injuries and fix the bones impairment.
Key findings of the report:
- The metal osteotomy plates segment contributed nearly four-fifths of the total market share in 2016.
- The polymer osteotomy plates segment is estimated to register a CAGR of 7.2% from 2017 to 2023.
- The hip surgery segment accounted for nearly two-fifths of the total share of the global osteotomy plates market in 2016.
- Europe contributed to nearly one-fourth of the total share of the global osteotomy plates market in 2016.
- Asia-Pacific is estimated to register the largest CAGR of 6.8% from 2017 to 2023.
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North America contributed to more than half of the total market share in 2016, and is estimated to maintain its dominance during the forecast period. This is due to the rise in incidence of bone related conditions, rise in geriatric population, and sedentary lifestyle leading to bone related diseases. In addition, increase in adoption rate of technologically advanced devices and advanced healthcare infrastructure are estimated to offer growth opportunities to the market players.
The key market players analyzed in the report include Arthrex, Inc., Johnson & Johnson, Acumed, LLC, B. Braun Melsungen AG, GROUP FH ORTHO, Stryker Corporation, Zimmer Biomet, Wright Medical Group N.V., aap Implantate AG, OrthoPediatrics Corp., and Amplitude Surgical. They have implemented various strategies such as partnerships, collaborations, joint ventures, mergers & acquisitions, expansions, and others to gain a strong position in the industry.
