Medical Compression Plates Market Industry Share, Size: 2022 Market Research with Growth, Segments and Forecast - 2028

The global medical compression plates market is anticipated to grow at a CAGR of 6.1% during the forecast period (2022-2028). Advanced orthopedic solutions that offer quick recovery and fewer post-operative problems are gradually becoming more popular. An increase in the number of bone operations, an increase in the prevalence of injuries connected to accidents, sports, and adventurous activities, and a rise in the use of technologically improved goods are driving the global medical compression plates market.

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The occurrence of bone fractures is projected to rise as the percentage of obese people rises, driving the compression plates market during the forecast period. In addition, the global compression plates market is predicted to rise in the next years due to an increase in the geriatric population and advancements in healthcare facilities. However, patient preference is changing toward non-surgical treatments due to concerns about safety and risk. Furthermore, government funding in emerging markets, high unmet demands, and low-cost manufacturing destinations are projected to present new opportunities for the market. For instance, Lepu Medical Technology (Beijing) Co., Ltd. offers a 1.5 mm Straight Locking Compression Plate for finger fractures and it is made up of titanium.

The rapid rise in the senior population, which is more prone to orthopedic illnesses, as well as the increased prevalence of orthopedic injuries or diseases such as arthritis and osteoarthritis, are some of the factors driving the industry growth. Furthermore, technological advancements such as robot-assisted surgical instruments implanted medical device adoption, and extensive use of orthopedic implants to treat musculoskeletal, orthopedic illnesses, and injuries are expected to boost the market growth. For instance, in September 2021, according to the Global Burden of Disease Study, in 2019, there were 178 million new fractures, 455 million prevalent occurrences of acute or long-term fracture symptoms, and 25.8 million new fractures globally. In 2019, age-standardized fracture rates were 2,296.2 incident cases per 100,000 people and 5,614.3 frequent cases per 100,000 people. With an age-standardized incidence rate of 419.9 instances per 100,000 population, lower leg fractures of the patella, tibia or fibula, or ankle were the most common and burdensome injury in 2019. In 2019, the oldest age groups had the greatest rates of fracture incidence, with 15,381.5 incident cases per 100,000 population in those aged 95 years and beyond.

Due to advancements in healthcare infrastructure, increased health awareness, and increased diagnosis, Asia-Pacific offers lucrative prospects for key companies operating in the medical compression plates market, posting the fastest growth rate during the projection period.

Furthermore, the rise in the number of surgical procedures in emerging nations such as India and China is a major driver of market expansion.

Some major players in the market include Biomet Ltd., Medical Device Business Services, Inc., Dieter Marquardt Medizintechnik GmbH, KLS Martin Group among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2021 The 2.7 mm Variable Angle Locking Compression Plate (VA LCP) Clavicle Plate System from DePuy Synthes (a Johnson & Johnson Medical Devices Company) is designed to treat lateral, shaft, and medial clavicle fractures in small, medium, and large clavicles. This novel technique includes plate forms that represent the relationship between patient stature and clavicle size in order to fit the clavicle's bow and contour and allow a wide range of clavicle anatomic variability. The VA LCP Clavicle Plate System features thinner plates, better plate-to-bone fit, and less prominence.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Biomet Ltd., Medical Device Business Services, Inc., Dieter Marquardt Medizintechnik GmbH, KLS Martin Group, DePuy Synthes, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Medical Compression Plates Market Report by Segment

By Type
• Adult
• Pediatric

By Application
• Leg
• Skull
• Forearm
• Arm

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This release was published on openPR.