LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global orthopedic plates and screws market predicts a CAGR of around 7% during the period 2017-2021.
The report segments the global orthopedic plates and screws market by application (upper extremity and lower extremity), by end-user (hospitals and ASCs), and by geography (the Americas, EMEA, and APAC). It provides a detail illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global orthopedic plates and screws market, according to Technavio healthcare and life sciences researchers:
- Rising prevalence of degenerative joint diseases: a major market driver
- In 2016, the upper extremity segment dominated the market by occupying almost 57% share
- The Americas dominated the global orthopedic plates and screws market with 40% share in 2016
- DePuy Synthes, Medtronic, Smith & Nephew, Stryker, and Zimmer Biomet are the leading players in the market
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Market growth analysis
Rising prevalence of degenerative joint diseases is one of the major factors driving the global orthopedic plates and screws market. Medical conditions such as rheumatoid arthritis and osteoarthritis affect the musculoskeletal system of the body, which includes bones, nerves, joints, muscles, ligaments, tendons, and cartilages. According to the 2017 CDC statistics, 78.4 million individuals above 18 years of age are expected to be diagnosed with arthritis by 2040. Hence the rising prevalence of these diseases will significantly impact on the sales of orthopedic plates and screws devices, as surgeons widely use these medical devices for fracture fixation in case of any degenerative joint diseases.
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Geographical analysis
Technavio researchers anticipate high growth for the global orthopedic plates and screws market in the Americas due to the high prevalence of orthopedic-related medical conditions such as arthritis and hip and knee replacement surgeries as a result of the rise in aging population and increasing cases of traumatic injuries. The presence of well-established manufacturers of orthopedic plates and screws such as DePuy Synthes (a subsidiary of Johnson & Johnson), Stryker, and Zimmer Biomet also contribute to the growth of the market. These players have strong distribution channels in various healthcare institutions, which significantly contribute to the increased sales of orthopedic plates and screws devices in the Americas.
According to Neha Noopur, a lead analyst at Technavio for research on orthopedics and medical devices, “The growth rate of the orthopedic plates and screws market in the Americas is slowing down a bit because of the region being a mature market. However, the increasing urge to reduce post-surgical complications has resulted in technological advancements in orthopedic plates and screws devices such as the use of titanium material to develop orthopedic plates and screws. Such innovations will bring back the growth momentum of the market in the region.”
Competitive vendor landscape
The leading players such as DePuy Synthes, Medtronic, Smith & Nephew, Stryker, and Zimmer Biomet are focusing on upgrading their technological expertise by developing titanium material locking or hybrid system plates to have a competitive edge over other players. With many new players entering the market, the competition for expansion increases. As a result, the key players are increasing their number of partnerships and acquisitions to integrate various technologies and increase their foothold in the market. For instance, DePuy Synthes acquired Sentio, a surgical solution company in June 2017.
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