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Latest surge in growth of osteosynthesis devices market explained

Latest surge in growth of osteosynthesis devices market explained

The Global osteosynthesis devices market was valued at USD 9.2 billion in 2017 and is estimated to reach USD 10.4 billion by 2022 at a CAGR of 7.2% from 2017 to 2022.

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Osteosynthesis is a surgical procedure with an open or percutaneous approach to the fractured bone. The global osteosynthesis devices market is witnessing strong growth due to demand for better facilities in orthopedic trauma surgeries, rising prevalence of osteoporosis, and increasing investments by governments and multinational companies.

Rising cases of road accidents coupled with injuries due to sports, falls, and violence are boosting demand for osteosynthesis devices.

The largest market for osteosynthesis devices in 2017 due to high acceptance of novel technologies, organized reimbursement facilities, government initiatives, and market leaders established in the region.

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Affordability toward high priced devices and large customer base have fueled market growth in the region.

According to the American Association of Orthopaedic Surgeons (AAOS), Medicare spends around USD 30 billion on implants each year, 60% of these are for orthopedic procedures. The U.S. is the most lucrative market for osteosynthesis device, hence various manufacturers are keen to enter the country with cost-effective alternatives to branded osteosynthesis devices.

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The osteosynthesis devices market in Asia Pacific is anticipated to expand at the fastest growth rate during the forecast period from 2017 to 2022. The market in the region is characterized by low production cost across a majority of industry verticals.

The region is also developing as a center of medical tourism attracting patients from across the globe.

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