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Osteotomy Plates Market: Services Type to Grow at 4.2% CAGR During 2017-2023
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The osteotomy plates market is projected to grow at a 4.2% CAGR from 2017 to 2023, driven by rising bone disorders and advanced healthcare.
According to a new report published by Allied Market Research, titled,Osteotomy plates Market: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global osteotomy plates market was valued at $506 million in 2016, and is expected to reach $678 million by 2023, growing at a CAGR of 4.2% from 2017 to 2023.
Osteotomy plates are used during osteotomy surgical procedures. These devices are metal plates which fix the impaired bones of a patient caused due to osteoarthritis, dysplasia, bone diseases, and bone injuries.
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The major factor that contributes to the growth of the market include the increase in incidence rate of bone related disorders caused by changing lifestyle and improper diet. Moreover, rise in ageing population, increasing incidence of road accidents, and growing preferences of surgical therapies further boost the market growth. However, high cost of osteotomy procedures and complications associated with it impede the market growth. Rising healthcare infrastructure, disposable incomes and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
The metal osteotomy plates segment is expected to maintain its dominant position during the analysis period, owing to rise in the prevalence of osteoporosis, increase in geriatric population, high demand of biocompatible products, and increasing accidents leading to bone related injuries. In addition, osteotomy plates are crucial for the treatment of a bone injuries in patients to fix the bones impairment.
North America accounted for more than half of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of bone related disorders, growth in geriatric population, and adoption of sedentary lifestyle of people that leads to bone diseases. In addition, high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.
The major companies profiled in the report include Arthrex, Inc., Acumed, LLC, Johnson & Johnson, GROUP FH ORTHO, B. Braun Melsungen AG, Zimmer Biomet, Stryker Corporation, aap Implantate AG, Wright Medical Group N.V., OrthoPediatrics Corp., and Amplitude Surgical.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain the high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
The article discusses the growth of the osteotomy plates market from 2017 to 2023.
Increased bone disorder incidence, aging population, and advanced healthcare infrastructure.
Asia-Pacific is expected to grow at the highest CAGR of 6.8%.
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