Osteosynthesis Devices Market Size, Share & Analysis Report, 2024-2033
The global osteosynthesis devices market size was estimated at USD 9.24 billion in 2023 and is expected to surpass around USD 20.51 billion by 2033 and poised to grow at a compound annual growth rate (CAGR) of 8.3% during the forecast period 2024 to 2033.
Key Takeaways:
Osteosynthesis Devices Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 9.24 Billion |
| Market Size by 2033 | USD 20.51 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 8.3% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Type, Material, Fracture Type, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | DePuy Synthes, Inc. (J & J Company); Stryker; Zimmer Biomet Inc.; Smith & Nephew; GS Medical LLC; Life Spine, Inc.; MicroPort Orthopedics, Inc; Precision Spine, Inc; Globus Medical, Inc.; Arthrex |
The market will continue to benefit from positive population trends, ongoing product innovation, more physician expertise, improved value-based payment models, and site-of-service flexibility. For instance, there have recently been a lot of changes to the financial structure for osteosynthesis device treatment, particularly in terms of site-of-service pricing. Injuries sustained by drivers, and passengers in automobile accidents will also increase the demand for treatments involving osteosynthesis devices. Additionally, injuries from motorcycle accidents will have an effect on the market as more people use motorcycles as their primary mode of transportation due to their low cost. For instance, according to a study published in 2019 in the journal of Orthopaedic Trauma Association (OTA), research carried out in Brazil showed that around 28% of fatal occurrences involved motorcycles.
The economic downturns of the COVID-19 breakout and the Russia-Ukraine war have raised concerns about a global economic slowdown and, ultimately, a recession. As a result, there will be restrictions on the future utilization of resources for all company activities as well as the current MNC's cash flow. Companies may, however, intend to continue the launch of new products, and acquisitions of smaller firms that are creating revolutionary technology until the problem have been rectified. Furthermore, some significant acquisitions have already been made during COVID-19, as seen in the table below, despite the economic instability -Over the coming years, acquisitions similar to the ones stated in table 1 could help the company strengthen and sustain its position in the osteosynthesis device market.
Type Insights
Being the most widely used surgical technique globally, internal fixation equipment accounted for a large revenue share of over 75.2% in 2023. For fixing fractures, metal plates, screws, and nails are the most often utilized internal fixation devices. These pieces of apparatus assist in stabilizing and supporting the shattered bone while holding it together.
External fixators are typically used to build a supporting framework for the broken bone when internal fixation cannot be done as the primary form of therapy. The increasing demand for external fixation osteosynthesis devices is being maintained by the rising popularity of minimally invasive surgery, which also continues to attract new players, including overseas rivals. For instance, in January 2019, the Japanese firm KYOCERA Medical extended its US operations by purchasing Renovis Surgical, a producer of tools including external fixators and cannulated screws used to treat severe fractures of the foot and ankle.
Material Insights
In 2023, the non-degradable material products segment represented the largest revenue share of 82.0% of the market. Companies that are developing solutions for the expanding anatomic plate and screw sectors, particularly for less prevalent indications, are boosting the market segment. For example, Smith & Nephew introduced its EVOS WRIST anatomic plating system in the US in 2019. Titanium and stainless steel plates are offered by EVOS WRIST for a range of anatomies, including the forearm, volar, and dorsal.
Along with various plates, there are various angle-locking mechanisms. Stainless steel volar plates are used in conjunction with variable-angle locking technology to maximize the flexibility of screw positioning. Longer plates with fixed-angle locking are also an option for extra-articular fractures. The adoption of such a cutting-edge method will help the manufacturer stand out globally and boost sales throughout the duration of the forecast period.
Fracture Type Insights
The Patella, tibia or fibula, or ankle segment dominated the market and accounted for the largest revenue share of 21.4% in 2023. Due to the increasing number of companies launching new products and making acquisitions in this market, the lower extremities, together with the hip and pelvis, represent the majority of market shares in 2023. For instance, Stryker expanded its product line and strengthened its market dominance by acquiring Wright Medical Group in November 2022.
This was an ideal time for acquisition for Wright Medical Group since it had just sold off many of its underperforming business divisions, such as its joint replacement line, saving costs for it to strategically focus on markets where the majority of the rivals had a variety of problems.
Regional Insights
North America dominated the market and accounted for the largest revenue share of 53.0% in 2023, owing to significant government efforts, new product releases, and substantial R&D expenditures. Increasing healthcare expenditures and the concentration of the major orthopedic device market in the U.S. make it the most financially advantageous and the largest market for osteosynthesis equipment, accounting for over 90% of the market share in North America.
Asia Pacific, on the other hand, is anticipated to increase at the quickest rate throughout the forecast period. The orthopedic industries in China, India, and Japan are expanding rapidly, with Japan providing over 34% of the region's orthopedic products. In both China and India, the orthopedic market is expanding at attractive rates of 24% and 15%, respectively. In addition, the major medical device companies with headquarters in the U.S. and Europe control a sizeable portion of the overall orthopedic markets in Japan, China, India, and other Asian nations.
Some of the prominent players in the osteosynthesis device market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global Osteosynthesis device market.
Type
Material
Fracture Type
By Region
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers