Transparency Market Research Report Added “Osteosynthesis Devices Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023” to its database.
Albany, NY -- (SBWIRE) -- 01/11/2017 -- DePuy Synthes, Stryker Corporation, and Zimmer Biomet were the three leading players in the global osteosynthesis devices market in 2014. Their collective share in the market stood at 83.7%, indicating an extremely consolidated market. The leading players have established domination in the market through a massive product portfolio along with a string of successful mergers and acquisitions, such as the merger of Johnson & Johnson or DePuy with Synthes to create the leading provider of osteosynthesis devices in the world.
According to a new research report released by Transparency Market Research, patient compliance is a major deciding factor on the popularity of any osteosynthesis device type. Another key factor that can promote the use of one osteosynthesis device over another is its success in going through various levels of safety evaluations.
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The global market for osteosynthesis devices is expanding at a CAGR of 6.5% within a forecast period from 2015 to 2023 in terms of revenue. This revenue is expected to cross US$6.6 bn by the end of 2016 and reach US$11 bn by the end of 2023.
TMR also states that the threat from new players is expected to remain moderate till 2023, owing to the high cost of entry, the presence of many key players, and the need to adhere to extremely strict regulations and guidelines.
Osteoarthritis Patient Count Increases, Prompts High Production of Osteosynthesis Devices
"The number of people suffering from osteoarthritis and osteoporosis is already high and is increasing even further at an alarming rate," states a TMR analyst. "This is a direct indicator for osteosynthesis device manufacturers to rush their production rates as well as push for the development of enhanced devices much soon than previously estimated."
According to key healthcare organizations, osteoporosis is responsible for over 8.6 mn fractures per year around the world. This number is increasing at a rapid rate due to the obesity epidemic in developed economies, coupled with the growing number of road accidents and sports injuries across the world.
Product Recalls Create Hurdles in Osteosynthesis Device Market Growth
DePuy Synthes had to recall nearly 93,000 implants in 2010 after lawsuits were filed against the poor quality of their osteosynthesis devices. The company had to settle with US$4 mn for patients who suffered inconveniences due to faulty implants. This is one of the key recalls made in the osteosynthesis devices market, which includes other recalls as well. These have resulted in a significant loss of credibility among consumers. 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.
APAC Demand for Osteosynthesis Devices to Show Upward Trajectory
Asia Pacific is expected to be an attractive region for osteosynthesis devices from 2015 to 2023, expanding at a CAGR of 8.3%. Meanwhile, North America is expected to continue lead demand and revenue generation for osteosynthesis devices. The region's revenue is expected to reach US$4.7 bn by the end of 2023.
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Non-degradable material has and will continue be the most popular material for osteosynthesis devices till 2023, as predicted by TMR. It is expanding at a CAGR of 7.8% from 2015 to 2023. Internal fixation devices are the most popular type of osteosynthesis devices and the revenue from this segment is expected to expand at a CAGR of 7.3% from 2015 to 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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