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The global orthopedic plates and screws market size is estimated to grow by USD 10.70 billion at a CAGR of 12.53% between 2023 and 2028.
The aging population, lifestyle factors, sports injuries, and chronic conditions are some of the key factors contributing to the rising prevalence of orthopedic conditions. Besides, technological advancements in diagnosis such as advances in medical imaging technologies, such as magnetic resonance imaging (MRI) and computed tomography (CT) scans, have enhanced the ability to diagnose orthopedic conditions at an earlier stage. As a result, conditions that might have gone undetected in the past are now diagnosed more accurately, contributing to the perception of a high prevalence. Furthermore, addressing the increasing prevalence of orthopedic conditions requires a multi-faceted approach, including preventive measures, lifestyle modifications, early intervention, and advancements in orthopedic care and research. Thus, such factors will drive the growth of the market during the forecast period.
Technavio has segmented the market into
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the hospitals segment will be significant during the forecast period. Hospitals are one of the major end-users driving the demand for orthopedic plates and screws across the globe. Hospitals are important to provide patients with full orthopedic care, including diagnostic procedures, surgical procedures, and post-operative care. Hospital orthopedic treatments have increased because of the rising prevalence of orthopedic illnesses such as osteoarthritis, fractures, and sports injuries.
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The hospitals segment was valued at USD 7.94 billion in 2017. The demand for orthopedic plates and screws in hospitals has also been boosted by the growing elderly population, improvements in implant technology, and the increased acceptance of minimally invasive procedures. Hospitals are investing in advanced orthopedic plates and screw technologies to address the expanding demands of their patients, and they are working with implant manufacturers to make sure that high-quality implants are readily available. Hence, the hospital segment will drive the significant growth of the global orthopedic plates and screws market during the forecast period.
In the orthopedic plates and screws market, plates play an important role in the stabilization and fixation of fractured bones during orthopedic surgeries. These plates are implantable devices typically made from materials such as stainless steel, titanium, or titanium alloys. Furthermore, advances in plate design, materials, and manufacturing techniques continue to drive innovation in the orthopedic plates and screws market, enhancing patient outcomes and recovery processes. Moreover, advances in materials and design continue to enhance the efficacy and versatility of these orthopedic implants. Therefore, the plate segments will drive the global orthopedic plates and screws market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The increasing prevalence of orthopedic conditions, such as osteoporosis, arthritis, spinal disorders, and knee injuries, is augmenting the demand for orthopedic implants in the region. In addition, the rising number of product launches by key market players in the region is likely to drive the growth of the orthopedic plates and screws market.
Furthermore, governments and non-profit organizations in the region are focusing on increasing insurance coverage with the inclusion of physician fees in reimbursement policies. Besides, government organizations are funding research related to orthopedics because of the growing number of orthopedic injuries. Consequently, such factors are driving market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Arthrex Inc.: The company offers orthopedic plates and screws such as 5th Metatarsal Fracture System, Ankle Fusion Plating, and Distal Tibia Plating System.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key trends, and challenges.
Emerging markets and untapped regions is the primary trend shaping market growth. Emerging markets and untapped regions often have increasing healthcare needs, rising populations, and a growing demand for advanced medical interventions. The potential of emerging markets and untapped regions in the context of orthopedic plates and screws includes growing healthcare infrastructure, increasing orthopedic surgical procedures, rising incidence of trauma and fractures, aging population, limited access to advanced orthopedic care, cost-effective solutions, and educational programs and training
Furthermore, as companies explore opportunities in emerging markets and untapped regions, understanding the unique characteristics of each market, adapting products to local needs, and building strong partnerships with healthcare stakeholders are crucial for successful market entry and sustained growth. Thus, such factors tend to boost the growth of the global orthopedic plates and screws market during the forecast period.
High costs associated with orthopedic implants is a challenge that affects market growth. Companies invest significantly in R&D to design and test innovative materials, technologies, and implant configurations. The costs incurred in the discovery and refinement of new implant designs contribute to the overall expense. High-quality materials, such as titanium and specialized alloys, are commonly used in orthopedic implants due to their biocompatibility and strength. The procurement of these materials and the stringent quality control processes contribute significantly to the overall cost of manufacturing orthopedic implants.
Furthermore, companies must invest in obtaining regulatory approvals and maintaining compliance with evolving standards. This process involves extensive testing, documentation, and quality control measures, adding to the overall cost. Furthermore, the development and production of personalized implants involve additional steps and costs, contributing to the overall expense. Therefore, such factors will hamper the growth of the global orthopedic plates and screws market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Orthopedic Plates and Screws Market Customer Landscape
The orthopedic plates and screws market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Orthopedic Plates and Screws Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.53% |
Market Growth 2024-2028 |
USD 10.70 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
aap Implantate AG, Advanced Orthopaedic Solutions, Arthrex Inc., B.Braun SE, Berkshire Hathaway Inc., Conmed Corp., Enovis Corp., Flower Orthopedics Corp., Globus Medical Inc., Integra Lifesciences Corp., Johnson and Johnson, Medartis Holding AG, Medtronic Plc, MicroPort Scientific Corp., Orthofix Medical Inc., Orthopaedic Implant Co., Smith and Nephew plc, Stryker Corp., Tyber Medical LLC, Virak Ortho LLC, and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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