Osteosynthesis Devices Market to Register Highest CAGR of 6.5% in Revenue from 2015 to 2023
The threat for new entrants is likely to remain moderate to low over the coming years, according to the TMR report. The presence of very strong players, high entry costs, and increasingly stringent regulations and guidelines are disbarring several hopefuls to the market. Patient compliance is becoming a core decisive element in the preference of osteosynthesis devices by patients and healthcare organizations, along with devices with superior safety certificates.
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The research report reveals that the global market for osteosynthesis devices is expected to reach US$11 bn by the end of 2023, after expanding at a CAGR of 6.5% from 2015 to 2023 in revenue. This revenue was slated to go over US$6.6 bn in 2016. Asia Pacific is expected to be an attractive region for the supply of osteosynthesis devices over the coming years, due to a swiftly evolving healthcare infrastructure and growing healthcare expenditure. North America, on the other hand, is likely to continue dominating both revenue and demand for osteosynthesis devices for the given forecast period. Non-degradable materials have so far been the more popular material type for the manufacture of osteosynthesis devices till 2023 and are likely to remain in the lead over the given forecast period by TMR. Internal fixation devices are expected to continue being the more popular type of osteosynthesis devices over the coming years.
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Rising Patient Count Runs Higher, Pushes Production Rate
“The number of people suffering from osteoarthritis and osteoporosis is usually found to be more common with the elderly. This number is currently very high and is creating a large enough demand for healthcare treatment options. For the coming years, this number is expected to increase even further and at a very swift alarming pace, thereby increasing the pressure of manufacture on the global osteosynthesis market,” states a TMR analyst.
According to information and statistics provided by the globally leading organizations in healthcare, osteoporosis is currently attributed to induce more than 8.6 mn fractures every year across the world. More concerning is the regular rate of increment in this statistic, owing to the alarming rate of increase in the obese demographic, especially in developed economies, coupled with the growing number of road accidents and sports injuries across the world.
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Market Growth Stifled by High Rate of Product Recalls
The average rate of failure in metal hip implants is 40%, which is extremely high and needs to be addressed by osteosynthesis device manufacturers as soon as possible. In 2010, DePuy Synthes had to recall nearly 93,000 osteosynthesis devices and implants after being sued for poor product quality. Eventually a settlement of US$4 mn was reached for all patients who were inconvenienced by the faulty implants. Situations such as these are creating a more negative image of the leading osteosynthesis device manufacturers across the world and have created a significant loss of credibility among consumers.
The information presented in this review is based on a Transparency Market Research report, titled, “Osteosynthesis Devices Market (Device Type - Internal Fixation Devices, Screws and Plates, Wires and Pins, Intramedullary Rods and Nails, Spinal Fixation Devices, External Fixation Devices, Fracture Fixation Devices, Bone Lengthening Devices, and Ilizarov Device; and Material Types - Degradable and Non-degradable) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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