PUBLISHER: Grand View Research | PRODUCT CODE: 1571585
PUBLISHER: Grand View Research | PRODUCT CODE: 1571585
The global osteosynthesis devices market size is expected to reach USD 17.20 billion by 2030, growth at a CAGR of 8.30% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as the increasing incidence of proximal fractures in the geriatric population due to falling, growing product innovation, increasing prevalence of osteoporosis among the elderly population, and growing product adoption by end users fueling the market growth. For instance, according to the World Health Organization (WHO), 684,000 fatal falls occur annually . Furthermore, the quick transition to noninvasive osteosynthesis technology demonstrates the growing potential for market growth.
The rise in sports injuries and road accidents fuels the market growth. For instance, according to data published by the Government of Canada, the total number of road accident injuries increased to 118,853 in 2022, up 9.5% from 2021. Moreover, increasing awareness and access to minimally invasive surgeries due to the multiple benefits offered by these surgeries are other key factors propelling the market growth.
Furthermore, the number of spinal cord injuries (SCIs) has considerably increased due to increased traffic accidents. For instance, according to the Indian Spinal Injuries Centre's (ISIC) data recorded between 2012 and 2022 , the prevalence of spinal cord injuries caused by road traffic accidents is approximately 44%. Moreover, according to the National Spinal Cord Injury Statistical Center (NSCSC), causes of SCIs in clude motor vehicle accidents involving bulldozers and cars, forklifts, steam rollers, and other vehicles. In addition, according to the Spinal Injuries Association,approximately 50,000 individuals in the UK are living with a spinal cord injury (SCI), with an additional 2,500 people sustaining injuries or receiving a diagnosis annually equivalent to one new case every four hours. Thus, such a rise in cases of SCIs drives the market growth.
Some of the key players in the market are DePuy Synthes (Johnson & Johnson), Stryker, Zimmer Biomet, Smith+Nephew, GS Medical, Life Spine, Inc., MicroPort Orthopedics, Inc, Precision Spine, Inc., Globus Medical, Arthrex, Medtronic, and Lepu Medical Technology (Beijing) Co.,Ltd.. Players are adopting key strategic initiatives to expand their business footprint and grow their clientele. For instance, in October 2023, Ulrich Medical USA, a spine technology company, launched the Momentum MIS Posterior Spinal Fixation System. It features a tab-based system with extended screw tabs, a narrow profile, and detachable rings for strengthened support. In addition, it includes conical screws with fenestrated, cannulated screw options.