Osteotomy Plates Market Overview:
Osteotomy Plates Market was valued at $506 million in 2016, and is estimated to reach $678 million by 2023, growing at a CAGR of 4.2% from 2017 to 2023. Osteotomy plates are plates used to perform surgical bone operation known as osteotomy. This procedure is employed to lengthen or shorten the bone alignments in order to treat bone disorders such as osteoarthritis, dysplasia, bone diseases, and bone injuries.
Increase in the incidence rate of bone-related diseases caused by improper diet or unhealthy lifestyle is the major factor that drives the growth of the osteotomy plates market. In addition, increasing number of road accidents, rise in geriatric population, and high adoption of surgical procedures for safer diagnosis and treatment of bone-related diseases are further expected to boost the market growth.
However, expensive procedural cost of osteotomy surgeries and adverse effects associated with the use of plates hinder the market growth. Rising healthcare infrastructure and healthcare investment, and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
Market Dynamics of Osteotomy Plates Market
The polymer osteotomy plates segment is fastest growing due to rise in the prevalence of osteoporosis, increase in geriatric population, and technological advancements in polymer osteotomy plates segment with reduced complications. In addition, high adoption of these plates and application of marketing strategies by key vendors fosters the growth of this osteotomy plates market.
Osteotomy Plates Market, By Product, 2016 (%)
Snapshot Of Lamea Osteotomy Plates Market
According to IDF seventh Edition, the number of hip fractures would reach about 655,648 in 2050 in Latin America for population aged 50-64 years, thus, exhibiting growth of 400% from 1990. The presence of large number of people with bone related disorders in this region and developing healthcare facilities are expected to fuel the market growth.
Aged population is more prone to various physical and psychological, changes leading to age-associated diseases of bone such as arthritis, and osteoporosis. According to the United Nations World Population Ageing Report, around 64.4 million people in Africa and 70.9 million people in Latin America and Caribbean belonged to the age group of 60 years and above in 2015. This number is expected to increase to 220.3 million and 200.0 million for Africa and Latin America and Caribbean respectively by 2050. Thus, increasing geriatric population in this region will upsurge the need of osteotomy procedures, thereby boosting the market growth for osteotomy plates.
The increase in affordability in the region has further fueled the osteotomy plates market growth. Moreover, government organizations in this region have focus to improve the healthcare infrastructure by increased funding, which propels the growth of the osteotomy plates market in LAMEA.
Saudi Arabia Osteotomy Plates Market, 20162023 ($Million)
The list of key players profiled in this 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.
The other key players in the value chain include TriMed, Inc., Tornier, Inc., Medical & Optical Instruments Australia Pty Ltd, Novastep Inc., Integra LifeSciences Corporation, Securos, BioTek Instruments, Inc., and TriMed, Inc.
- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides information about the current and upcoming trends in the market from 2016 to 2023, which helps determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global and regional scale are provided.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
Osteotomy Plates Market Key Segments:
- Metal Osteotomy Plates
- Titanium Osteotomy Plates
- Stainless Steel Osteotomy Plates
- Polymer Osteotomy Plates
- Knee Surgery
- Hip Surgery
- Other Applications
By End User
- Ambulatory Surgical Centers (ASCs)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA