Home / Medical Devices / Bone Fixation Plate Market by Product (Stainless Steel Type, Titanium Type, Other) by Application (Craniomaxillofacial Plate Fixation, Spinal Plate Fixation, Limbs Plate Fixation, Others) by End-user (Hospitals, Clinics, Ambulatory Surgical Centers): Growth, Future Prospects, and Competitive Analysis, 2015 - 2027

Bone Fixation Plate Market by Product (Stainless Steel Type, Titanium Type, Other) by Application (Craniomaxillofacial Plate Fixation, Spinal Plate Fixation, Limbs Plate Fixation, Others) by End-user (Hospitals, Clinics, Ambulatory Surgical Centers): Growth, Future Prospects, and Competitive Analysis, 2015 - 2027

Published: Sep 2021 | Report Code: 60427-09-21

Market Insights

Bone plates are thin metal implants used to hold bone segments together. Bone Fixation Plate is a type of internal fixation that is attached to the bone with screws to properly align the bone and aid in the healing process. Bone fixation plates help to hold implants in place, along with other fixation devices such as screws, nails, rods, and wires.  The fixation plates are primarily responsible for holding together the broken pieces of bones. Besides fixing long and short fractures, the plates are also used for fixing dislocations. The Bone Fixation Plate Market is expected to cross-market value of USD 9,588.3 million in 2027 from USD 6,554.2 million in 2020. It is expected to grow at a CAGR of over 5.6% during the forecast period.

Global Bone Fixation Plate Market

Key Market Drivers and Restraints

The bone fixation plates market is anticipated to grow at healthy rate during the forecast period. The bone fixation plates market is expected to be driven by the increase in fractures and accidental spinal injuries, the launch of new products by market players, and the rise in the demand for spinal fixation devices for various spinal surgeries. As the geriatric population continues to grow, the number of cases of osteoporosis will increase, which will increase the risk of fractures in the elderly. Research shows that half of all adults over age 50 are at risk of breaking a bone and should take care of their bone health. The increasing cases of osteoporosis and hip fractures are boosting the demand for bone fixation plates. According to the National Osteoporosis Foundation, around 10 million people in the U.S. are affected by osteoporosis every year and the incidence rate is greater than that of heart attack, stroke, and breast cancer combined. However, key players are investing in new product development and frequent product recalls may hamper the market growth. Furthermore, increasing focus on technological advancement and rising use of stainless steel and titanium offer the growth opportunity to the bone fixation plate market in the forecast period.

Impact of COVID 19

The current concerns over the spread of coronavirus are expected to have a moderate impact on the growth of the bone fixation plate market as the orthopedic surgery practice is not an exclusion. For In most health care facilities, elective care can be deferred and emergency care is provided following strict safety precautions. Delivering care has been restructured by the healthcare community. The mandatory decrease of face-to-face interactions has sparked the emergence of online communication systems for faculty meetings, knowledge sharing, and outreach to patients through telehealth programs. However, ease in restrictions will increase the footfall of consumers and increase the demand for the bone fixation plate market.

North America region to Dominate the global Bone Fixation Plate Market

The global Bone Fixation Plate Market includes the regions, such as Asia Pacific, Europe, North America, Middle East, and Africa, Latin America (LATAM), covering all the key economies in these regions. The North American market is expected to account for the largest revenue share in the global bone fixation plate market, due to rising incidences of Osteoporosis and road traffic injuries in this region. Study shows that one in two women and up to one in four men over age 50 will break a bone due to osteoporosis. Rising healthcare expenditure and the presence of orthopedic clinics fuel the market growth.

The Asia Pacific region is anticipated to register significant revenue share in the bone fixation plate market, due to the increasing disposable income of individuals and growing healthcare spending of consumers. The Asia Pacific is anticipated to register maximum CAGR in the global market over the forecast period due to the growing orthopedic industry in emerging markets such as China, Japan, and India.

Global Bone Fixation Plate Market is led by the Stainless-steel Type

Stainless Steel Type, Titanium Type and Other are the product types present in the Bone Fixation Plate Market. In 2020, the stainless-steel segment is accounted for the major revenue share of the Bone Fixation Plate Market. However, the titanium segment is predicted to grow at the fastest CAGR during the forecast period.

Craniomaxillofacial Plate Fixation is expected to offer large applications in the global Bone Fixation Plate Market

Craniomaxillofacial Plate Fixation, Spinal Plate Fixation, Limbs Plate Fixation, and Others are the applications offered in bone fixation plate. Craniomaxillofacial Plate Fixation segment accounted for the largest share in 2020 of the Bone Fixation Plate Market. Bone Fixation Plate industry players are mainly focusing on research & development and new product launches. The rising need for technologically advanced products from end-users is compelling manufacturers to focus on extensive research & development and develop innovative products. For instance,

Frequently changing consumer preferences are compelling manufacturers to focus on extensive research & development for the development of innovative products. For instance, In June 2021, Depuy Synthes has launched a 2.7 mm Variable Angle Locking Compression Plate Clavicle System. The new offering by Depuy features enhanced plate-to-bone fit and reduced prominence.

Moreover, another leading spine technology manufacturer NuVasive, Inc. plans to expand their product portfolio and announced the launch of the new plate specific for the use of pediatric limb lengthening and reconstruction procedures from NuVasive Specialized Orthopedics branch.

Frequently Asked Questions

Stainless Steel Type, Titanium Type and Other are the product types present in the Bone Fixation Plate Market. In 2020, the stainless-steel segment is accounted for the major revenue share of the Bone Fixation Plate Market.

Some of the major players operating in the Bone Fixation Plate industry include, Stryker, Zimmer Biomet, Wright Medical, DePuy Synthes, Medtronic plc, NuVasive Inc., Smith & Nephew, B. Braun Melsungen AG, Globus Medical Inc., and Wright Medical Group N.V.

Craniomaxillofacial Plate Fixation is the largest application of Bone Fixation Plate market. can be attributed to the rise in number of surgical procedures and advanced features and benefits associated to use of Craniomaxillofacial Plate increase demand over others.

North America hold the largest share owing to large demand of Bone Fixation Plate in several industries and availability of effective reimbursement policies for fracture injuries and presence of leading market players in the North America region.

Key players are investing in new product development and frequent product recalls may hamper the market growth.

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