Osteotomy Plates Market to Reach $678 Million, Globally by 2023

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.

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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.

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.

Key Findings of the Osteotomy Plates Market:

• Metal osteotomy plates segment accounted for around four-fifths share of the global osteotomy plates market in 2016
• Polymer osteotomy plates segment is expected to grow at a CAGR of 7.2% from 2017 to 2023
• Hip surgery segment accounted for around two-fifths share of the global osteotomy plates market in 2016
• Europe region accounted for around one-fourth share of the global osteotomy plates market in 2016
• Asia-Pacific is expected to grow at the highest CAGR of 6.8%, from 2017 to 2023

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.