Osteosynthesis Devices Market Analysis By Type (Internal - Screws & Plates, Wires & Pins, Intramedullary Rods & Nails, Spinal Fixation Devices; External-Fracture Fixation, Bone Lengthening), By Material (Degradable & Non-degradable) And Segment Forecasts, 2018 - 2024

Industry Insights

The global osteosynthesis devices market size was valued at USD 5.5 billion in 2015. The market growth is driven by the rise in cases of osteoporosis in the growing elderly population worldwide. Osteosynthesis devices in the form of specifically designed metal plates, screws, and nails are used to scientifically repair the bone through inter-fragmental compression and achieve fracture union. These devices are eliminating the need for conventional methods (plaster cast or skeletal traction) and allow the patient undergoing surgery to return to day-to-day life tasks by avoiding any surgical complications.

Osteoporosis and road traffic injuries are major factors that are responsible for revenue growth. Osteoporosis, or reduction in bone mass, can result in painful fractures and is responsible for causing more than 8.9 million fractures annually leading to an osteoporotic fracture every 3 seconds. According to International Osteoporosis Foundation, approx 75 million people in Europe, the U.S., and Japan are affected by osteoporosis every year. Females are at a greater risk for osteoporosis than males.

Global Osteosynthesis Devices Market Summary

Road traffic injuries from the center of global public health and development crisis. Data from studies have revealed that 74% of deaths from road traffic accidents take place in middle-income countries (countries with per capita income of $1,045 or less - World Bank). The population of middle-income countries accounts for 70% of the world's population.

Other risk factors for osteoporosis include aging, low body weight, and smoking. In addition, traumatic incidents such as road traffic & sporting accidents coupled with some type of cancers resulting in easy fracture of bones are noteworthy factors responsible for the industry growth.

Ongoing lawsuits against major companies such as DePuy and Stryker due to patient complaints related to surgeries is expected to restrain the market. Potential complications such as infections, consolidation delays, and construct damage are some of the common complications that patients face and are reluctant to utilize these devices. The requirement for better clinical outcomes post surgeries to address the fight against osteoporosis and fractures, is driving the need for new technological advancements.

Type Insights

Internal fixation equipment such as metal plates, screws, and nails is used most commonly for fracture fixation. This equipment aids in holding the broken bone together and help in stabilizing and supporting it. Being the most common surgical method used worldwide, it accounts for a high revenue share.

External fixators are used in a per-cutaneous approach to provide a stabilizing frame to the injured bone and are mostly used when it is unsuitable to execute internal fixation as primary treatment. The growing demand for minimally invasive surgery is retaining the high demand of external fixation osteosynthesis devices.

The method provides rapid stabilization of fractures and eliminates the chances of surgical injury. Factors such as rapid application in an emergency situation and application of external fixation devices in situations where the patient may be at high risk of infections are benefitting the growth of the market.

Material Insights

Nondegradable equipment accounted for the largest share in 2015. However, complications arising from nondegradable equipment (stainless steel & titanium) have led to complications, such as risk for the development of infections and metallosis, or metal poisoning, resulting in the development of absorbable and biocompatible internal bone fixation equipment.

India osteosynthesis devices market share, by material, 2015

The advantages of degradable/biodegradable osteofixation over metal, stainless steel, and titanium devices are expected to fuel demand for the biodegradable osteosynthesis devices.

Regional Insights

North America is expected to lead demand and revenue generation for osteosynthesis equipment. Major orthopedic device market is concentrated in the U.S. and an increasing spending in healthcare expenditure, which accounts for 17.5 percent of the nation's GDP, makes it the most commercially lucrative and the largest market for osteosynthesis equipment.

On the other hand, Asia Pacific is expected to emerge as the fastest growing market over the forecast period. This growth is attributed to the fact that Japan, China, and India are witnessing exponential growth in the orthopedic industry with Japan accounting for around over 40% of the Asian orthopedic products. The Chinese orthopedic market is growing at a lucrative rate of 15% to 20% per year, and India at 12% to 15% per year. Furthermore, the majority of the U.S. and European based medical device manufacturers hold a significant share of the orthopedic markets in Japan, China, India and other Asian countries.

Competitive Insights

The osteosynthesis devices represent a consolidated industry with a relatively low number of companies accounting for the major share. DePuy Synthes, Inc.Smith & Nephew plc., Stryker; and Zimmer-Biomet are some of the major players and collectively account for the largest share in 2015. These companies focus towards building direct customer relationships and widening access to their premium product offerings to boost growth.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the negative osteosynthesis devices market on the basis of product, wound type, end-use and region:

• Type Outlook (Revenue, USD Million; 2014 - 2024)

  • Internal

    • Screws & Plates

    • Wires &pins

    • Intramedullary rods and nails

    • Spinal fixation devices

  • External

    • Fracture fixation

    • Bone lengthening

• Material Outlook (Revenue, USD Million; 2014 - 2024)

  • Degradable

  • Nondegradable

• Regional Outlook (Revenue, USD Million; 2014 - 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia