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Osteosynthesis Devices Market is Expected to Reach Approximately US$11.0 bn by 2023-End
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In 2016, the global osteosynthesis devices market had been slated by TMR to cross a US$6.6 bn valuation in terms of revenue. However, while rising at a 6.5% CAGR during the completion of the forecast tenure 2015-2023, it has now been envisaged to touch an US$11.0 bn by the end of 2023. Considering their long history of application in orthopedic implants and osteosynthesis devices, non-degradable materials could take the driver’s seat of the market for the coming years. Geographically, the market has been projected to secure the lead in the market to collect a US$4.7 bn by the final forecast year.
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Increasing Geriatrics Suffering from Osteoporosis to Magnify Demand
The world osteosynthesis devices market has been foreseen by seasoned analysts to gain from rising manufacturing pressure due to the alarming and swift rise of osteoporosis and osteoarthritis. The elderly are among the hot population groups mainly affected by these diseases, and the number of aged patients is increasing as per latest findings. As this number increases, the demand for healthcare treatment options that engage osteosynthesis devices has been prophesied to surge proportionately.
Annually, there could be nearly an over 8.6 mn fractures caused around the world due to osteoporosis, as per statistics provided by top healthcare organizations. Regular rise of this statistic because of the strong prevalence of obesity has created a tensed environment especially in developed countries. Besides obesity, this statistic has been expected to inflate on the back of the rising count of sports injuries and road accidents.
Recalls of Osteosynthesis Devices Tarnish Reputation of Manufacturers
The creation of a negative image of osteosynthesis devices manufacturers before consumers as a result of poor product quality has been envisioned to cut down the demand in the coming years. Thousands of osteosynthesis devices and implants had been recalled by DePuy Synthes in the past. Faulty implants that caused inconvenience to patients led to a settlement of close to US$4.0 mn. Moreover, metal hip implants account for an average 40.0% failure rate, which is dangerously high and needs to be addressed by manufacturers in quick time.
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However, the international osteosynthesis devices market has been expected to find opportunities created with the introduction of products bearing superior safety certificates. Such improvised devices could increase demand in healthcare organizations and win the preference of patients in the near future.
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