Global Osteotomy Plates Market - 2022-2029
Osteotomy Plates Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 3.8 % during the forecast period (2022-2029).
Osteotomy plates are used to perform a surgical bone operation called an osteotomy. The procedure is employed to lengthen or shorten the bone alignments to treat bone disorders like osteoarthritis, dysplasia, bone diseases, and bone injuries. The osteotomy plates eliminate the need for intraoperative contouring and reduce soft tissue irritation. They have tapered ends that allow submuscular plate insertion. Also, the locking screws create a fixed-angle construct that provides angular stability. The global osteotomy plates market is driven by an increase in the incidence rate of bone-related disorders, the rising geriatric population susceptible to bone diseases, growing preferences for surgical procedures, and the increasing number of road accidents.
Market Dynamics: Increasing in bone disorder drives market growth
The increasing incidence rate of bone-related disorders is expected to boost the market. Bone disorders such as osteoporosis are one of the common causes of fractures. According to recent statistics from the International Osteoporosis Foundation, osteoporosis causes more than 8.9 million fractures worldwide. Thus, the increasing incidence of bone disorders is driving the market. The rising geriatric population is expected to boost the market. The aged population is more prone to various physical and psychological changes leading to age-associated diseases of bone such as arthritis and osteoporosis. Thus, the increasing geriatric population will upsurge the need for osteotomy procedures, thereby boosting the market growth for osteotomy plates.
Also, the increasing number of road accidents is expected to boost the market. According to the Annual Global Road Crash Statistics, nearly 1.3 million people die in road crashes yearly. Also, an additional 20-50 million are injured or disabled. Unless action is taken, road traffic injuries will become the fifth leading cause of death by 2030. Thus, the increasing numbers of road accidents, leading to increased bone surgeries, are driving the market.
Also, the presence of recent advances in osteotomy plates is expected to boost the market. Nitinol is a nickel-titanium alloy with shape-memory properties, facilitating a continuous compressive force to fracture surfaces. Using Nitinol staples for osteotomy procedures also ensures a good approximation of bone fragments and dynamic compression of fracture surfaces and reduces incidences of nonunion. These advantages make Nitinol staples a valuable implant material, and several manufacturers are adding it to their portfolio. For instance, DynaNite Nitinol Staple for Akin Osteotomy of Arthrex is one of a kind. Thus, the presence of recent advancements in osteotomy plates is driving the market.
However, the high cost of osteotomy procedures and complications associated with the osteotomy process are expected to hamper the market. Complications related to osteotomy procedures include nerve damage, bleeding, blood clots, infections, lack of full range motion, scar formation, development of arthritis, and reinjuries to the soft tissue or joint.
Market Segmentation: The knee surgery plates segment is projected to be the dominant segment in the market during the forecast period.
The global osteotomy plates market is segmented into knee surgery, hip surgery, and other applications.
The knee surgery segment is expected to boost the market owing to the increased adoption of High tibial osteotomy procedures. The increasing prevalence of orthopedic conditions, driven by age, road accidents, and inheritance, is the major driving factor for high tibial osteotomy (HTO) plates worldwide. 3D printing technology is rapidly growing as an attractive option for coupling with HTO to attain superior post-surgery results with the benefit of high accuracy. Thus, the increasing adoption of high tibial osteotomy procedures and the technological advancements in osteotomy drive the market.
The hip surgeries segment held a significant market share in the market. It is due to the increasing prevalence of bone-related diseases and osteotomy procedures in hip surgeries. Abnormal development in the hip joint in adolescents and young adults is more common. The condition may lead to hip dysplasia and hip impingement and usually requires surgery to correct the problem.
Geographical Penetration: North America is the dominating region during the forecast period.
North America is dominating the global osteotomy plates market in 2021 and is estimated to hold a significant market size over the forecast period due to the rising bone-related diseases, increasing surgical procedures for bone-related diseases and hg power of consumers. The rising incidence of bone diseases is expected to boost the market. For instance, according to the CDC, in the US, 24% of all adults, about 58.5 million people, will have arthritis in 2021. Also, it is a leading cause of work disability. The annual direct medical costs for arthritis are approximately $ 303.5 billion in the US. Thus, the increasing incidence of bone-related diseases is driving the market. Also, t government organizations aiding in bone-related disease management are expected to boost the market. For instance, Osteoporosis advocacy in the US, led by the National Osteoporosis Foundation (NOF), is the nation's leading health organization dedicated to osteoporosis and bone health. NOF delivers information and resources to help the patients and health professionals, fosters the understanding of osteoporosis risk factors and the prevention and treatment options, drives quality and patient access to care, and works to advance medical research. Also, BoneSource, a NOF professional program, promotes excellence in clinical care for all the healthcare professionals involved in the diagnosis, prevention, and treatment of osteoporosis. Thus, government organizations aiding bone health management, and increasing awareness among the key players in manufacturing osteotomy plates, are driving the market.
The key players operating in the global osteotomy plates market are Arthrex, Inc., Acumed, LLC, Johnson & Johnson, FH Orthopedics, B. Braun Melsungen AG, Zimmer Biomet, Stryker Corporation, Wright Medical Group N.V., OrthoPediatrics Corp., and Amplitude Surgical. Some key players follow merger and acquisition strategies to expand their business. For instance, in October 2020, Olympus Corporation acquired FH ORTHO SAS, an international orthopedic company. Through this acquisition, the company expanded its portfolio of MIS solutions for ligament repair, foot and ankle, and trauma surgery. Through this expansion, the company also expanded its presence in the United States and Europe. In July 2022, Acumed acquired ExsoMed to enhance its portfolio of upper extremity solutions. Exsomed has a product portfolio that supports an intramedullary approach to treating hand fractures and enhances Acumed's comprehensive portfolio of upper extremity solutions for simple to complex injuries. The company's products are a natural fit for Acumed's extensive portfolio of industry-first hand and wrist solutions. Some of the Exsomed products include Innate, InFrame, and ArrowPhix. In October 2020, Colson Medical, LLC announced a merger with two Colson Medical companies, Acumed and OsteoMed. Combined, they focused on the business of Hand/Upper Extremity, Foot/Ankle, Trauma (including chest wall injury), Craniomaxillofacial (CMF) and Neurosurgery (Neuro), Tendon/Ligament Repair and Biologics surgical markets. This merger also helps to expand their product portfolio.
The global osteotomy plate’s market report would provide an access to approximately 61 market data tables, 51 figures and 170 pages
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