Report Code : A04711
the growth of the global high tibial osteotomy plates market is attributed to rise in geriatric population, increase in prevalence of bone related disorders, and surge in road accidents. Moreover, increase in healthcare expenditure is expected to further drive the market growth during the forecast years.
Onkar Sumant
Manager, Healthcare at Allied Market Research
According to a new report published by Allied Market Research, titled, "High Tibial Osteotomy Plates Market by, Material and Technique: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global high tibial osteotomy plates market at was valued at $302.3 million in 2020, and is estimated to reach $398.68 million by 2030, growing at a CAGR of 2.8% from 2021 to 2030.
A high tibial osteotomy (HTO) is an orthopedic surgical procedure used to treat a varus deformity caused by compartmental osteoarthritis. A high tibial osteotomy is a surgery that realigns the knee joint. By preserving damaged joint tissue, this surgery can delay or prevent the need for a partial or total knee replacement in some patients with knee arthritis. The HTO procedure is commonly used to treat knee arthrosis. Moreover, HTO techniques, such as open wedge technique and closed wedge technique are available in the market.
In varus knees, high tibial osteotomy aims to reduce knee pain by transferring weight-bearing loads to the relatively unaffected lateral compartment. HTO is a potential treatment method for knee arthrosis patients with good long-term results, according to research studies. HTO appears to be a more sensible option for many younger patients with high functional activity needs. Appropriate patient selection is critical to the success of an HTO treatment.
The growth of the high tibial osteotomy plates market is majorly driven due to the rise in the incidence of bone-associated disorders across the globe, technological advancements in the high tibial osteotomy plates, and rise in geriatric population susceptible to bone disorder.
Furthermore, according to World Health Organization (WHO) report from 2021, 1 in every 6 person globally is predicted to be 60 or older by 2030. At this point, the proportion of the population aged 60 and beyond is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. Thus, escalating geriatric population is believed to generate more demand for high tibial osteotomy plates as bone and joints weaken as a person ages.
Moreover, in November 2020, Olympus Corporation announced the acquisition of FH ORTHO SAS, a French international orthopedic company. As a result, Olympus expanded its portfolio of innovative and patient-focused solutions such as ligament repair, foot and ankle surgery, and trauma surgery. Olympus is already involved in orthopedics in Japan, where its joint venture, Olympus Terumo Biomaterials Corp., sells bone substitutes and high tibial osteotomy (HTO) plates and screws. Thus, such acquisition are expected to further drive the high tibial osteotomy plates market.
However, high costs associated with HTO procedure and surgical complications related to HTO along with the increasing preference for alternative treatment method are expected to restrain the market growth. Conversely, high market potential in the untapped emerging economies, rise in road accidents leading to fractures, surge in various product launch, partnerships, collaborations among the key players, and development of pipeline products are expected to provide many opportunities for market growth during the forecast period.
The high tibial osteotomy plates market is segmented on the basis of material, technique, and region. By material, the market is bifurcated into metals and polymers. By technique, it is classified into open wedged technique, closed wedge technique, and others.
On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, Italy and rest of Europe), Asia-Pacific (Japan, China, India, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
By material, the market is categorized into metal and polymers. The metal segment generated maximum revenue in 2020, accounting $256.12 million. The polymer segment is expected to witness highest CAGR of 5.4% during the forecast period.
By technique, the market is segmented into open wedge technique, closed wedge technique and other. The open wedge technique segment generated maximum revenue in 2020, accounting $161.78 million. The closed wedge technique segment is expected to witness highest CAGR of 3.6% during the forecast period.
On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, Italy and rest of Europe), Asia-Pacific (Japan, China, India, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA). North America accounted for a majority of the global high tibial osteotomy plates market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to the significant rise in the number of osteoporosis and osteoarthritis cases over the years, presence of key players, and rise healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to due to the increase in geriatric population and increase in disposable income in the region.
Key Findings Of The Study
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High Tibial Osteotomy Plates Market by Material (Metals and Polymers) and Technique (Open Wedge Technique, Closed Wedge Technique, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030
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