The Global Bone Fixation Plate Market generated revenue of around USD 6,554.2 million in 2020 and anticipated to grow at a CAGR of over 5.6% during the forecast period from 2021 to 2027 to reach around USD 9,588.3 million in 2027.The latest market report published by Credence Research, Inc. “Global Bone Fixation Plate Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Bone Fixation Plate Market generated revenue of around USD 6,554.2 million in 2020 and anticipated to grow at a CAGR of over 5.6% during the forecast period from 2021 to 2027 to reach around USD 9,588.3 million in 2027.
Global Bone Fixation Plate Market, 2020 – 2027 (USD Million)
A bone fixation plate is an orthopedic procedure that involves surgically placing implants to repair a fracture. A stainless steel or titanium implant is used for internal fixation because these materials are long-lasting and strong. Various fixation instruments such as screws, nails, and rods are used to fixate implants to the bone, including bone fixation plates. The bones are attached to these plates by screws. A key purpose of fixation plates is to hold the broken pieces of bones together and they are also used for the fixation of long and short bone fractures.
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Key Trends in Global Bone Fixation Plate Market
A rise in the number of cases of osteoporosis and accidents across the globe drives the bone fixation plate market
Global rise in cases of accidents and an increasing number of hand and foot injuries along with spinal injuries drive the bone fixation plate market. Further, the increasing prevalence of bone weakening and fracturing in women due to the cause of Osteoporosis is expected to propel the market growth. WHO’s data indicates that more than 8.9 million bone fractures are caused by osteoporosis worldwide, with over 4.5 million fractures occurring in developed countries like North America and Europe. In fracture fixation, competition is increasing due to major orthopedic suppliers entering the field looking for cross-selling opportunities, as well as manufacturers from other specialties, such as spine and arthroscopy, are focusing on launching new products. Furthermore, the increasing investment from governments and multinational companies will facilitate the development of the market. Furthermore, rapid advancement in technology, and launching innovative bone-implant products by key manufacturers, and rise in demand for spinal fixation devices are anticipated to fuel the growth of the bone fixation plate market.
COVID-19 impact on Bone Fixation Plate Market
Due to the global pandemic of COVID-19, the majority of the countries are under total or partial lockdown. In hospitals and other places where individuals are often in close contact, it is well known that COVID-19 can be transmitted easily. The prevalence of COVID-19 is more concerning for patients with a fracture with limited ambulation. However, a sudden outbreak of COVID-19 has introduced new guidelines related to social distancing, and lockdown and treating patients has become more challenging for healthcare professionals. A total lockdown may reduce the number of traffic incidents, but it’s not proven that it will dramatically decrease the need for emergency orthopedic surgery.
Global Bone Fixation Plate Market by Product Insights
The global bone fixation plate can be available in a variety of product types as Stainless-steel Type, Titanium Type, and Others. The stainless steel type segment accounts for the largest share of the Bone Fixation Plate Market in 2020. Owing to a favorable combination of mechanical properties, corrosion resistance, and cost-effectiveness, stainless steel is the most frequently used biomaterial for internal fixation. However, the titanium type is expected to increase its demand due to its strong and lighter weight property.
Global Bone Fixation Plate Market by Application Insights
Bone fixation plates can be used for a wide range of application areas such as limbs plate fixation, spinal plate fixation, craniomaxillofacial plate fixation, and other plate fixations. In 2020, the Craniomaxillofacial Plate Fixation segment is expected to account for the largest share of the Bone Fixation Plate market. This can be attributed to the rise in the number of surgical procedures and advanced features and benefits associated with to use of Craniomaxillofacial Plate increase demand over others.
Global Bone Fixation Plate Market by End-user Insights
Global Bone Fixation Plate offers a wide range of applications to end-user industries such as Hospitals, Clinics, and Ambulatory Surgical Centers. The hospital’s segment accounts for the largest share of the Bone Fixation Plate market owing to the rise in the number of surgeries and favorable government policies.
Global Bone Fixation Plate Market by Regional Insights
North America accounts for the highest regional market share in the global market. This is attributed to the availability of effective reimbursement policies for fracture injuries and the presence of leading market players in the North American region. Further, increasing focus key players in this region on research and development to offer advanced product portfolio expected to enhance the market in the forecast period. The Asia Pacific region is expected to be a developing market for the global Bone Fixation Plate market and is expected to register maximum CAGR during the forecasted period. This is attributed to the increasing geriatric population and the rise in the number of hospitals in the Asia Pacific region.
Global Bone Fixation Plate Market Competitive Landscape
Most leading players in the global Bone Fixation Plate Market include Zimmer Biomet, DePuy Synthes, Wright MedicaL, Stryker, Medtronic plc, NuVasive Inc., Smith & Nephew, B. Braun Melsungen AG, Globus Medical Inc., and Wright Medical Group N.V. Some leading players in this market are focusing on strategic acquisition and mergers and new product launches to gain the largest market share.
Market SegmentationGlobal Bone Fixation Plate Market by Product, 2015 – 2027
Stainless Steel Type
Titanium Type
Other
Global Bone Fixation Plate Market by Application, 2015 – 2027
Craniomaxillofacial Plate Fixation
Spinal Plate Fixation
Limbs Plate Fixation
Others
Global Bone Fixation Plate Market by End-user, 2015 – 2027
Hospitals
Clinics
Ambulatory Surgical Centers
Global Bone Fixation Plate Market by Region, 2015 – 2027
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Global Bone Fixation Plate Market: Key Players
Stryker
Zimmer Biomet
Smith & Nephew plc
Wright MedicaL Group N.V.De
Puy SynthesMedtronic plc
NuVasive, Inc.BBraun
Globus Medical, Inc.
aap Implantate AG
Browse the full report at : https://www.credenceresearch.com/report/bone-fixation-plate-market
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