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Global Osteotomy Plates Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Material (Metal Osteotomy Plates (Titanium Osteotomy Plates and Stainless Steel Osteotomy Plates) and Polymer Osteotomy Plates), Application, End User and Region - Industry Forecast (2023 to 2028)

Published: March, 2023
ID: 6640
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Osteotomy Plates Market Size (2023 to 2028)

The global osteotomy plates market size is estimated to grow at a CAGR of 5.7% from 2023 to 2028.

Global Osteotomy Plates Market Share Insights:

  • Based on material, the metal segment had the major share of the global market in 2022.
  • Based on application, the knee segment held the leading share of the global market in 2022.
  • Based on end-user, the hospital segment accounted for the most significant global market share in 2022.
  • Based on region, the North American region dominated the market in 2022.

Osteotomy is a surgical procedure where a part of the bone is cut off and altered to eradicate the uneasiness caused by an overgrowth of the bone in conditions like arthritis. The operation is also performed to correct a crooked or displaced bone due to a traumatic accident or injury. Osteotomy plates are made of surgical-grade titanium and stainless steel and are used in osteotomy surgery to hold the bones together. Osteotomy is a very extensive procedure primarily performed for the hip and knee, and the two most common osteotomies are innominate and femoral osteotomies. 

MARKET DRIVERS:

The growing incidence rate of bone-related diseases caused by an unhealthy lifestyle or improper diet propels the osteotomy plates market growth.

Furthermore, the rise of the senior population and, thus, increased road accidents due to this reason have also fueled the market growth. In addition, the high adoption of surgical procedures for safer diagnosis and treatment of bone-related diseases is expected to boost the market growth of the global osteotomy plates market. Besides, the rising healthcare investment and available market opportunities in developing regions, like the Asia Pacific, are expected to provide numerous market growth opportunities for more companies in this market. 

Growing cases of arthritis are expected to support the osteotomy plates market growth.

According to CDC statistics, 58.5 million adults in the US (23.7%), or one in four, have arthritis, according to a medical diagnosis. Osteoarthritis affects more than 15 million adults annually, with India contributing 22% to 39% share to the global numbers. The growing need for hip and knee replacement surgeries also promotes the market's growth. According to statistics from NCBI, Complete hip and total knee replacements were more common among people fifty years of age or older (2.34% and 4.55%, respectively). Women were more likely to undergo both treatments than males. Age-related prevalence increased, and total knee replacement rates rose steeper than total hip replacement rates.

MARKET RESTRAINTS:

The adverse effects associated with using plates, like changes in body structure, are one of the reasons hindering the market growth. In addition, the costly procedural or high cost of osteotomy surgeries is a significant challenge for this market. Some countries' low healthcare standard is also a primary reason people must be aware of these modern techniques, limiting the market growth.

Impact of covid-19 on the global osteotomy plates market:

COVID-19 resulted in a lockdown in major countries around the world. Due to less movement of people, there was less vehicle movement and fewer road accidents. This downside in road accidents has hampered the growth of this market. The adversely affected regions have converted major hospitals into COVID-dedicated wards; thus, the priority to treat patients requiring plates has taken a back seat. The research funding has also shifted towards finding a cure for covid 19; new technology for this market may face some delay. Considering the reduced impact of COVID-19 and the growing adoption of new normalization, the global osteotomy plates market is anticipated to showcase a healthy growth rate during the forecast period.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By Material, Application, End-User, Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Arthrex, Inc., OrthoPediatrics Corp., Acumed, LLC, Wright Medical Group N.V., Implantate AG, Johnson & Johnson, Stryker Corporation, Zimmer Biomet, B. Braun Melsungen AG, GROUP FH ORTHO, Amplitude Surgical.

 

This market research report on Global Osteotomy Plates Market has been segmented and sub-segmented into the following categories.

Osteotomy Plates Market – By Material:

  • Metal Osteotomy Plates
    • Titanium Osteotomy Plates
    • Stainless Steel Osteotomy Plates
  • Polymer Osteotomy Plates

Based on the material, the metal osteotomy plates segment is expected to occupy a significant share of the global market during the forecast period owing to the presence of research activities and the available products. The metal osteotomy plates maintain the correct realignment achieved at surgery while the bone heals.

The polymer osteotomy plate segment is expected to grow reasonably during the forecast period. It is owing to the rising prevalence of osteoporosis and the increasing geriatric population worldwide. In addition, technological advancements in the polymer osteotomy plates segment with reduced complications have increased their popularity and driven market growth.

Osteotomy Plates Market – By Application:

  • Knee Surgery
  • Hip Surgery

Based on the application, the knee surgery segment will be the leader during the forecast period. Various factors like age, road accidents, and inheritance led to orthopedic conditions and drove the market growth. In addition, technological advancements, like 3D printing, can further drive market growth.

The hip surgeries segment is expected to grow at a healthy CAGR during the forecast period due to the increasing prevalence of bone-related diseases. As a result, abnormal development in the hip joint in adolescents and young adults is more common.

Osteotomy Plates Market – By End User:

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers

Based on the end-user, the hospital segment dominated the market in 2022 and is expected to grow promisingly during the forecast period. This is because hospitals have more facilities and use advanced technology for surgeries making it most preferred for patients.

The clinics segment had the second largest market share in 2022, but the growth rate is expected to be limited due to the limit in technological advancement.

The ambulatory surgical centers segment held a considerable share of the global market in 2022 and is expected to register a healthy growth rate. The increase in quality healthcare will increase the ambulatory services and thus will further capture the market share.

Osteotomy Plates Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

The osteotomy plates market in North America dominated the market in 2022. It is estimated to hold a significant market size over the forecast period due to rising bone-related diseases and increasing surgical procedures for bone-related conditions. In addition, the increase in consumers' buying power has further boosted this region's market share. With healthcare quality increasing and rising awareness among consumers, the region will dominate the market.

In 2021, the European osteotomy plates market had the second-largest market share, and the growth rate is expected to be positive during the forecast period. This is because the quality of healthcare services is rapidly improving in this region, thus boosting market growth. In addition, the increase in the old age population with more bone-related problems was a significant reason for the rise in market growth.

The osteotomy plates market in APAC had the third-largest market share in 2021 and is expected to have the highest growth rate among all other areas. The high population and population growth rate is the primary reason for this market growth rate. In addition, the presence of government organizations aiding bone health management and increasing awareness among the key players to manufacture osteotomy plates drives the market. With time and technological advancement, Asia pacific may soon become the market leader.

The Latin America osteotomy plates market is anticipated to hold a considerable share of the global market during the forecast period. 

The osteotomy plates market in MEA is expected to register a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

The notable product manufacturers operating in the global osteotomy plates market profiled in this report are Arthrex, Inc., OrthoPediatrics Corp., Acumed, LLC, Wright Medical Group N.V., Implantate AG, Johnson & Johnson, Stryker Corporation, Zimmer Biomet, B. Braun Melsungen AG, GROUP FH ORTHO and Amplitude Surgical.

RECENT HAPPENINGS IN THIS MARKET:

  • In March 2022, In2Bones Global, Inc. announced the CoLink ValluxTM Active Bunion, a revolutionary, minimally invasive, joint-sparing repair method for moderate to severe bunions, which will now be available commercially. The Active Bunion implant and guided translational osteotomy technique give doctors a quicker, easier operation.
  • In September 2022, Moximed, an East Bay business, requested FDA approval for a knee "shock absorber." The implant from the Fremont startup aims to relieve the knee of the excruciating pounding that people with osteoarthritis experience even when they are just walking. It just funded $40 million, and it anticipates hearing back from the FDA.
  • In July 2021, a custom-made titanium alloy plate called the TOKA (Tailored Osteotomy for Knee Alignment) was used to treat Osteoarthritis of the knee (Courtesy University of Bath) created in collaboration with Bath, UK-based 3D Metal Printing Ltd, engineers from the University of Bath Centre for Therapeutic Innovation (CTI).
  • In November 2020, the Olympus Corporation purchased the international orthopedics business FH Ortho, with its headquarters in Heimsbrunn, France. Olympus has vowed to increase its visibility in the orthopaedic minimally invasive surgery field, and this acquisition will assist in moving the business closer to that objective.

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FAQ's

What is the growth rate of the global osteotomy plates market?

The global osteotomy plates market is expected to grow at a promising growth rate of 5.7% during the forecast period.

Does this report include the impact of COVID-19 on the osteotomy plates market?

Yes, we have studied and included the COVID-19 impact on the global osteotomy plates market in this report.

Which region will lead the osteotomy plates market in the future?

APAC is anticipated to register domination in the global osteotomy plates market during the forecast period.

Who are the key players in the osteotomy plates market?

Arthrex, Inc., OrthoPediatrics Corp., Acumed, LLC, Wright Medical Group N.V., Implantate AG, Johnson & Johnson, Stryker Corporation, Zimmer Biomet, B. Braun Melsungen AG, GROUP FH ORTHO and Amplitude Surgical are some of the notable players in the osteotomy plates market.

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