USD 9.23 billion
Osteosynthesis Devices Market Size, Share, Growth Analysis, By Type(Internal Devices, Screws & Plates, Wires & pins, Intramedullary rods and nails), By Material(Degradable, Nondegradable), By Fracture(Skull, Facial bones, Sternum or one or more ribs, or both), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20C2063 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
112
|Figures:
76
Osteosynthesis Devices Market Insights
Global Osteosynthesis Devices Market size was valued at USD 9.23 billion in 2022 and is poised to grow from USD 9.97 billion in 2023 to USD 18.45 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).
The market is poised to continue its upward trajectory, drawing advantages from favorable population trends, ongoing strides in product innovation, heightened medical expertise among physicians, advancements in value-based payment models, and increased flexibility in site-of-service options.
Notably, recent transformations in the financial landscape for osteosynthesis device treatments, particularly concerning site-of-service pricing, have reshaped the market dynamics. The surge in accidents involving drivers and passengers in automobile collisions further propels the demand for osteosynthesis device treatments.
The economic implications stemming from events like the COVID-19 pandemic and the Russia-Ukraine conflict have raised concerns about global economic instability, potentially leading to an economic downturn and even a recession.
As a consequence, stringent resource allocation and a closer scrutiny of multinational corporations' cash flows are anticipated. Despite these challenges, companies may maintain their commitment to introducing innovative products and pursuing acquisitions of smaller enterprises with groundbreaking technologies.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
nondegradable
Fastest Growth
degradable
Growth Rate
8% CAGR
Global Osteosynthesis Devices Market ($ Bn)
Country Share for North America Region (%)
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Osteosynthesis Devices Market Segmental Analysis
The global osteosynthesis devices market is segmented on the basis of type, material, fracture type, region. By type, the market is segmented into internal devices, screws & plates, wires & pins, intramedullary rods and nails, spinal fixation devices, external devices, fracture fixation, bone lengthening. By material, the market is segmented into degradable, nondegradable. by fracture type, the market is segmented into skull, facial bones, sternum or one or more ribs, or both, clavicle, scapula, or humerus, radius or ulna, or both, hand, wrist, or other distal part of hand, vertebral column, pelvis, hip, femur, other than femoral neck, patella, tibia or fibula, or ankle, foot bones except ankle. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa
Analysis By Materials
In 2022, the segment encompassing non-degradable material products emerged as the dominant force, commanding a substantial revenue share of 81.8% within the market. This robust performance is largely attributed to the strategic endeavors of companies engaged in crafting solutions for the burgeoning anatomic plate and screw sectors, especially targeting less prevalent indications. This dynamic has propelled the growth of this particular market segment. For instance, a noteworthy instance is Smith & Nephew's introduction of the EVOS WRIST anatomic plating system in the United States back in 2019. This innovative system offers titanium and stainless-steel plates designed to accommodate a range of anatomical structures, spanning the forearm, volar, and dorsal regions.
Within this array of plates, the inclusion of diverse angle-locking mechanisms adds another layer of sophistication. The integration of stainless-steel volar plates, synergized with variable-angle locking technology, amplifies the flexibility inherent in screw positioning. Furthermore, the availability of longer plates equipped with fixed-angle locking options caters to cases involving extra-articular fractures. The strategic incorporation of these advanced methodologies not only enhances the product's performance but also establishes a competitive edge for manufacturers on a global scale. As this inventive approach resonates with the evolving demands of medical professionals and patients, it is poised to stimulate heightened sales traction throughout the entire forecast period.
Analysis By Fracture
In 2022, the market witnessed the ascendancy of the segment encompassing the Patella, tibia or fibula, or ankle, which emerged as the frontrunner, commanding a substantial share of the market's revenue at 21.4%. The segment's dominance over such a large share of the market is a result of a large number of the industry’s companies collaborating with other stakeholders and driving a steady flow of new products into the market. In the same year (2022), the largest share of this market was led by the field of lower extremities, coupled with the pelvis and hip sectors.
Stryker’s acquisition of the Wright Medical Group was a wise decision on the former company’s part, as the latter company had previously sold off a number of poorly performing business units, one of which was its joint replacement line. This remodeling on the part of the Wright Medical Group allowed the firm to focus its resources and efforts into the market where their rivals faced a complex array of challenges. Stryker’s acquisition of WMG helped it keep its place in the lower extremities market, carving a strong foothold so that it can retain it in the future. This situation is a perfect example of the industry’s ever-evolving nature which is susceptible to changes in a short amount of time. This rapidly changing nature is viable for companies to gain a share in the market and help overall growth. They can achieve that using tactical purchases like Stryker did and diversify their product offerings to stay relevant.
Global Osteosynthesis Devices Market By Material
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Osteosynthesis Devices Market Regional Insights
As of 2022, North America held the dominant position in the global osteosynthesis devices market, holding the largest market share at 52.6% of the revenue. The region’s market supremacy can be credited to a number of factors that have changed the terrain of the orthopedic scene. Noteworthy among these factors are the concerted efforts of governments, the continuous release of new products, and robust investments in research and development. The buoyant healthcare expenditure within the region further propels its leadership status. Notably, the United States stands as a pivotal driver within North America due to its remarkable concentration of the major orthopedic device market. This concentration, predominantly in the U.S., positions it as not only the most financially rewarding but also the largest market for osteosynthesis equipment, securing a staggering 90% or more of the market share in the region.
Contrasting this North American stronghold, the Asia Pacific region is poised for remarkable growth, projected to exhibit the swiftest expansion throughout the forecast period. The orthopedic sectors in countries such as China, India, and Japan are undergoing rapid expansion, with Japan emerging as a significant contributor, accounting for over 34% of the orthopedic products market within the region. China and India, in particular, present compelling growth narratives, with their orthopedic markets progressing at rates of 24% and 15% respectively. A noteworthy trend in this landscape is the substantial influence wielded by major medical device companies headquartered in the United States and Europe. These companies exert considerable control over the overall orthopedic markets in countries like Japan, China, India, and other Asian nations.
Global Osteosynthesis Devices Market By Region
- Largest
- Fastest
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Osteosynthesis Devices Market Dynamics
Drivers
Growing Aging Population
- The global aging population is a significant driver, as elderly individuals are more prone to fractures and orthopedic issues. The rising prevalence of osteoporosis and age-related conditions fuels the demand for osteosynthesis devices.
Increasing Trauma and Fracture Incidences
- Accidents, sports injuries, and trauma cases continue to contribute to the demand for osteosynthesis devices. The need for efficient and safe fracture fixation and bone stabilization will remain on the rise as the lifestyle of the modern consumer continues to turn to a more active living.
Rising Orthopedic Surgeries
- The demand for osteosynthesis devices is a direct reflection in the incidence rate of orthopedic surgeries like joint replacements and spinal procedures. This equipment plays a crucial role in the landscape of postoperative stabilization and recovery.
Restraints
High Cost
- The overall cost of implants, surgery, and post-surgical care can rack up for osteosynthesis systems. Accessibility issues could be exacerbated by cost, particularly in places with limited healthcare resources.
Complications and Infections
- Elements like the frightening probability of infection and implant-related problems only result in the need for more care, over-the-top healthcare expenses, and unsatisfied patients, which can hamper market expansion and the rate at which these systems can be incorporated in the healthcare industry.
Regulatory Challenges
- The orthopedic industry is subject to strict regulatory requirements, which may extend the time it takes to launch a device and postpone product approvals. New entrants may encounter difficulties as a result of the rigorous standards.
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Osteosynthesis Devices Market Competitive Landscape
The fierce competition in the global osteosynthesis devices market is characterized by major competitors competing to gain market share through cutting-edge products and calculated business tactics. Industry giants such as Stryker Corporation, DePuy Synthes (a Johnson & Johnson subsidiary), Zimmer Biomet Holdings, and Smith & Nephew, among others, compete for supremacy by utilizing their well-known brand reputations, extensive product portfolios, and international distribution networks. These key players continuously invest in research and development to introduce cutting-edge osteosynthesis solutions that cater to evolving patient needs.
Strategic mergers, acquisitions, and partnerships remain prominent trends in this landscape. These endeavors allow companies to expand their product offerings, access new markets, and enhance their technological capabilities. Moreover, collaborations with healthcare institutions and research organizations aid in product development, clinical trials, and market penetration. The shift towards customized medicine and patient-specific solutions is boosting the adoption of advanced technology, further intensifying competition among enterprises attempting to provide individualized therapies.
Top Player’s Company Profiles
- Stryker (United States)
- Exactech (United States)
- Medtronic (Ireland)
- JRI Orthopaedics (United States)
- FH Orthopedics (United States)
- Globus Medical (United States)
- RTI Surgical (United States)
- NuVasive (United States)
- MIS Implants Technologies (Switzerland)
- KLS Martin (Germany)
- Ortho Solutions (United States)
- DePuy Synthes (United States)
- Smith & Nephew (United Kingdom)
- Alphatec Spine (United States)
- Zimmer Biomet (United States)
- Orthofix International (United States)
- B. Braun Melsungen AG (Germany)
- Aap Implantate (Germany)
- Wright Medical Group (United States)
- Bioventus (United States)
Recent Developments
- Nuvasive is a medical devices company that develops medical devices and procedures for minimally invasive spine surgery. The company released its new product line of personalized spinal implants in July 2023. These implants can be adjusted based on the specific needs of different patients, offering versatility and flexibility.
- DePuy Synthes reported its upcoming launch of a new line of minimally invasive osteosynthesis devices in June 2023. For your reference, DePuy Synthes is a franchise of orthopedic and neurosurgery companies which is a part of the Johnson and Johnson Group.
- Medtronic is an American medical device company that is headquartered at Minneapolis. The company develops and markets medical technology, services, and solutions. This global leader announced the launch of its new robotic-assisted surgery device in May 2023. This system can be used by surgeons during spine surgery.
- Orthofix, a leading medical device company, was bought by Zimmer Biomet in April 2023. For your reference, Zimmer Biomet is a global medical technology leader that develops and produces aluminum splints.
- Stryker is one of the world's leading medical technology companies and a pioneer in the healthcare sector. This global company unveiled its new line of resorbable osteosynthesis devices in March 2023.
Osteosynthesis Devices Key Market Trends
- Personalized Medicine: The demand for customized implants and patient-specific therapies is rising. As a result of breakthroughs in imaging technology and 3D printing, it is now possible to produce patient-specific osteosynthesis devices that are compatible with each patient's anatomy which improves the results after the treatment.
- Biodegradable Implants: Implants and materials that are biodegradable are becoming more and more popular in the global osteosynthesis devices market. This is because biodegradable materials and implants eliminate the need for a second procedure to remove the implant. The popularity of these materials are also on the rise as they are environmentally sound and help develop sustainable and patient-friendly surgical solutions.
- Minimally Invasive Techniques: As a result of the appeal and popularity of minimally invasive procedures, there is a potential for market expansion in the osteosynthesis devices market. Minimally invasive surgeries are being used more commonly due to their need for fewer incisions, less tissue damage remaining after treatment, and quicker healing periods.
Osteosynthesis Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global osteosynthesis devices market analysis, the global osteosynthesis devices market is poised for sustained growth driven by factors such as increasing orthopedic surgeries, technological advancements, and the rise in trauma cases. The market's progression is anchored in the interplay of drivers like the aging population, continuous innovation, and expanding healthcare infrastructure. However, challenges including high costs and regulatory complexities warrant attention.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.23 billion |
| Market size value in 2031 | USD 18.45 billion |
| Growth Rate | 8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Osteosynthesis Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Osteosynthesis Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Osteosynthesis Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Osteosynthesis Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Osteosynthesis Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Osteosynthesis Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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