Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 8 billion in 2022 global Osteosynthesis devices market will reach USD 15.73 billion in 2032. The senior population has increased significantly, particularly in affluent countries, due to demographic shifts worldwide over the past few decades. The elderly have restricted or limited movement due to deteriorating bone and muscle mass, which hurts their cognitive function. There are thought to be 50 million Alzheimer's patients globally. The incidence and prevalence of dementias like Alzheimer's and others are predicted to increase as the global population ages. These people have incapacitating side effects and are more prone to mishaps. The demand for osteosynthesis has also increased due to the rise in accidents and trauma patients. These elements collectively will fuel the market's expansion.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 8 Billion |
| Market Size in 2032 | USD 15.73 Billion |
| CAGR | 7% |
| No. of Pages in Report | 237 |
| Segments Covered | Device Type, Fracture Type and End-User |
| Drivers | The increasing geriatric population |
| Opportunities | Increasing research and development expenditure |
| Restraints | The risk of post-op infection and other complications |
Key Insight of the Global Osteosynthesis Devices Market
North America is expected to dominate the market during the forecast period.
The region's growing senior population will greatly impact the market's expansion. Additionally, the market's expansion will be aided by the established healthcare industry's favourable payment practices and broad health insurance coverage. The development and expansion of the regional market are fueled by the presence of important market players who foster innovation and are the top producers of osteosynthesis devices with headquarters in the area. The regional market will develop due to rising government healthcare spending and medical innovation.
In 2022, the internal fixation devices segment dominated the market with the largest market share of 52% and revenue of 4.16 billion.
The device type segment is divided into external fixation devices and internal fixation devices. In 2022, the internal fixation devices segment dominated the market with the largest market share of 52% and revenue of 4.16 billion.
In 2022, the hip segment dominated the market with the largest market share of 35% and revenue of 2.80 billion.
The fracture type segment is divided into hip, spine, foot and ankle, knee, shoulder, facial bones and others. In 2022, the hip segment dominated the market with the largest market share of 35% and revenue of 2.80 billion.
In 2022, the hospitals' segment dominated the market with the largest market share of 45% and revenue of 3.60 billion.
The end-user segment is divided into hospitals, orthopaedic clinics, and others. In 2022, the hospitals' segment dominated the market with the largest market share of 45% and revenue of 3.60 billion.
Advancement in market
July 2023 - Nonoperative treatment with functional bracing resulted in the highest rates of nonunion and reoperation for patients with humeral shaft fractures compared to various surgical procedures. Overall, the functional bracing cohort contained patients with the highest nonunion rates (17.4%), followed by the ORIF cohort (5.2%) and the plate osteosynthesis cohort (0.6%). According to the results and as seen on radiographs, patients in the functional bracing cohort had the longest mean times to union. Researchers stated that compared to other procedures, minimally invasive plate osteosynthesis had the quickest mean time to union and maybe an "attractive option" with successful outcomes.
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Market Dynamics
Driver: the growing elderly population.
The birth and mortality rates have reduced due to demographic changes during the previous few decades. Worldwide life expectancy has increased as a result of medical developments. In addition, the share of senior people has increased due to lifestyle changes. With time, bones lose bulk and density while becoming brittle and fragile. They can break more easily. Age-related declines in cognitive function, eyesight, balance, and hearing further increase the risk of accidents in the elderly. Additionally, young people's increased risk of developing osteoporosis or arthritis enhances their susceptibility to bone fractures. The rising number of sports-related injuries will drive demand for the product due to young people adopting an active lifestyle. As a result, the growth of the global market for osteosynthesis devices will be fueled by the growing elderly population.
Restraints: Post-op infections and other complications
Surgery, even though it is not perfect, has the possibility of causing infections and other complications after the operation. For example, osteosynthesis has a risk of infection, inadequate healing or the formation of blood clots during the recovery period. These risks are closely examined by authorities, which can hinder market growth. Additionally, some patients who prefer treatments over medicine may feel disconnected, limiting the market's potential for expansion.
Opportunities: Spending more money on research and development.
The need for research to create adaptable osteosynthesis devices suitable for every body type and level of autonomy has grown due to rising rates of injuries, accidents, and osteoporosis in the population and a growth in the number of geriatric people. More innovations, pushed by public and private companies, will present profitable growth and development prospects in the osteosynthesis devices market throughout the projected period.
Challenges: Stringent regulations
Osteosynthesis devices directly impact patient health, and therefore, they need to be tested and scrutinised before authorizing for use in hospitals and clinics. The scrutiny takes up time, money and valuable opportunity window from the innovators, thereby challenging the market's growth.
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Some of the major players operating in the global Osteosynthesis devices market are:
• Arthrex
• DePuy Synthes, Inc.
• Globus Medical, Inc.
• Life Spine, Inc.
• Medtronic
• Olympus Corporation
• Precision Spine, Inc
• Smith & Nephew
• Stryker
• Zimmer Biomet Inc.
Key Segments cover in the market:
By Device Type
• External Fixation Devices
• Internal Fixation Devices
By Fracture Type
• Hip
• Spine
• Foot and Ankle
• Knee
• Shoulder
• Facial Bones
• Others
By End User
• Hospitals
• Orthopaedic Clinics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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