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Market Size – USD 7,540.7 Million in 2020, market Growth - CAGR of 6.40%, Market Trends – Product launches and research for advanced Osteosynthesis Devices
NEW YORK, NY, UNITED STATES, January 4, 2022 /EINPresswire.com / -- According to the current analysis of Reports and Data, the global Osteosynthesis Devices market was valued at USD 7,540.7 Million in 2020 and is expected to reach USD 12.43 Billion by year 2028, at a CAGR of 6.40%. The incidences of bone related injuries and osteoporosis diseases have been increased in couple of decades which led to the innovation of osteosynthesis equipment. The osteosynthesis devices is another resultant of the technological advancements in the healthcare sector which is helping to change the landscape of the treatment procedures.
The marketplace for osteosynthesis devices is anticipated to grow at a major rate because of the rising geriatric population who are susceptible to bone disorders, rising demand for minimally invasive surgeries that improves the healing method, and rising incidence of bone fractures across the world expected to drive the osteosynthesis devices market over the forecasted duration. Moreover, with the exception of aforesaid factors, increasing device technology or material advancements in the healthcare sector are also contributing largely to the osteosynthesis devices market since most number of people are preferring advanced procedures. Shifting from the standard methodology of fracture treatment is occurring rapidly in the healthcare practices since the procedure becomes simple and the healing process also gives fast results which is another factor for the market growth and the increasing incidence of road traffic injuries are expected to fuel the market revenue growth for osteosynthesis devices market over the forecasted period.
However, potential complications such as consolidation delays, infections, construct damage, non-adherence to the surgery protocol and lower success rate of osteosynthesis equipment in healing fractures are expected to be the major hindering factors for the market growth of osteosynthesis devices industry in the analysis period.
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Top companies profiled in the global Osteosynthesis Devices industry analysis report:
DePuy Synthes, Inc., Smith & Nephew Plc., Striker Corporation, Zimmer-Biomet, Globus Medical, Inc., GS Medical, LLC, Life Spine, Inc., MicroPort Orthopedics, Inc., and Neosteo SAS, Precision Spine, Inc.
The global pharmaceutical and healthcare industry has gained significant momentum since the COVID-19 outbreak. The global health crisis has led to an unprecedented impact on the industry and brought about major disruptions in healthcare technologies. Growing prevalence of chronic and infectious diseases worldwide, increasing cases of COVID-19 infections, enforcement of stringent norms and regulations by world-leading healthcare regulatory authorities, and increasing government initiatives towards public safety measures are major factors contributing to industry revenue growth. Rising focus of pharmaceutical companies on vaccine development, increasing COVID-19 support from international health agencies, rapidly increasing pharmaceutical and biotechnological research & development activities, and growing healthcare expenditure of consumers further propel the industry revenue growth.
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Further key findings from the report suggest
•Osteosynthesis Devices market is growing at a CAGR of 1% in Asia Pacific followed by North America and Europe, with 6.9% and 6.8% CAGR, respectively. Presence of increasing healthcare expenditure and high patient disposable income is anticipated to drive market growth during the study period. Also the developing healthcare infrastructure in emerging nations is expected to be a major driving factor for the growth of osteosynthesis devices market players.
•As of 2018, Hospitals end use is the dominating Osteosynthesis Devices end use which holds 58% of the global market. North America market is projected to be the chief revenue generating source for this product segment, followed by Asia-Pacific and Europe regions
•Degradable Material is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 7.2%. The increasing major applications of degradable material instead of stainless steel, metal, or titanium will help to reach the potential market growth.
•Orthopedic Clinics was valued at USD 1.47 billion and is expected to reach USD 2.41 billion by 2026. The increasing cases of treatment for various osteo implants is potentially increasing the market growth.
•North America is expected to account for the 30.5% of the global Osteosynthesis equipment market. The large number of manufacturers of orthopedic devices in the region of US is the primary contributing factor. High prevalence of diseases related with bone tissues across the globe is the key factor to accelerate the market growth during forecast period across all regions. Also, an increasing spending in healthcare expenditure, which accounts for 17% of the nation's GDP, makes it the most commercially profitable and the prime market for osteosynthesis equipment.
•The High cost associated with devices and surgeries and the increase in the cases of product recalls are likely to hinder the market growth during the forecast period.
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Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this report, Reports and Data has segmented the Osteosynthesis Devices market on the basis of type, material, end use, and region:
Type (Revenue, USD Million; 2018–2028)
•Internal
•External
Material (Revenue, USD Million; 2018–2028)
•Degradable
•Nondegradable
End Use (Revenue, USD Million; 2018–2028)
•Hospitals
•Orthopedic Clinics
•Ambulatory Surgical Centers
Key Regional Markets Covered in the Osteosynthesis Devices Market Report:
•North America (U.S.A., Canada, Mexico)
•Europe (Italy, U.K., Germany, France, Rest of Europe)
•Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
•Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
•Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Frequently Asked Questions Addressed in the Report:
•What is the forecast size and revenue growth rate of the global Osteosynthesis Devices market?
•What are the leading products offered by the global Osteosynthesis Devices market players?
•What are the key drivers and restraints for the global Osteosynthesis Devices market growth?
•Which regional market is expected to register the highest CAGR over the forecast period?
•What are the outcomes of the report's SWOT and Porter's Five Forces analyses?
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