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Osteosynthesis Devices Market Expected to expand at a CAGR of 6.5% in 2023
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The global osteosynthesis devices market is expected to post strong gains in terms of both volume and value on account of a substantial increase in the number of osteoporosis and osteosynthesis cases reported worldwide. According to a study published by Transparency Market Research, revenue gains in the osteosynthesis devices market are expected to rise at a CAGR of 6.5% between 2015 and 2023. TMR’s valuation of the market by the end of 2023 is US$11.09 bn.
What strategies separate osteosynthesis devices market leaders from other smaller players?
Entering the global osteosynthesis devices market requires a massive economic and strategic effort for new players. The reasons for this can be illustrated with the following points:
DePuy Synthes alone commanded over 48.6% of the osteosynthesis devices market in 2014. The company’s formidable stake in the market was a result of DePuy (Johnson & Johnson company) joining forces with Synthes to gain a wider presence in the market.
The next leading player in the osteosynthesis devices market as of 2014 was Stryker Corporation, boasting nearly 24% of market revenues. The company has an expansive range of products, including but not limited to hip fixation devices and intramedullary nail devices.
Nearly 11.6% of the osteosynthesis devices market, in 2014, was held by Zimmer Biomet. Although the company’s product portfolio comprises numerous non-degradable osteosynthesis devices, it is focusing on developing newer materials and devices that are safety-evaluated by leading agencies.
The sizeable shares and well-established business network that the top three companies already occupy in the market leave the other companies to compete for what remains, making it difficult for new companies to make a foray into this space.
To what extent will product recalls dent the growth of the global osteosynthesis devices market?
Product recalls are arguably the biggest challenge for companies in the global osteosynthesis devices market. Besides recalls, lawsuits filed against leading players also mean that companies have to set aside appreciable portions of their revenues for legal battles and settlement fees. A case in point would DePuy Synthes’ recall of 93,000 implants in 2010. The company also had to shell out an estimated US$4 mn in settlement of lawsuits filed by patients who had undergone hip implants that had inherent problems.
Metal implants continue to be a sore spot in the overall growth strategies of leading companies and this has forced them to look for more innovative materials and osteosynthesis devices.
Browse Research Report on Global Osteosynthesis Devices Market:
http://www.transparencymarketresearch.com/osteosynthesis-devices-market.html
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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