PUBLISHER: The Business Research Company | PRODUCT CODE: 1426339
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426339
Orthopedic screws, made from materials such as titanium or stainless steel, play a crucial role in surgical procedures for bone repair. These screws are designed to provide compression within the bone, facilitating the healing process after a fracture.
Orthopedic screws come in various types, with applications for both upper and lower extremities. In the upper extremity, which comprises the upper arm, forearm, and hand, totaling 30 bones, orthopedic screws are employed to stabilize fractures and osteotomies in areas such as the elbow, wrist, carpal, metacarpal, and phalangeal regions. These screws are crafted from materials such as stainless steel, titanium, and bioabsorbable substances. They find applications in hospitals, ambulatory surgical centers (ASCs), and other medical facilities, serving end-users ranging from pediatrics and adults to geriatrics.
The orthopedic screws market research report is one of a series of new reports from The Business Research Company that provides orthopedic screws market statistics, including orthopedic screws industry global market size, regional shares, competitors with an orthopedic screws market share, detailed orthopedic screws market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic screws industry. This orthopedic screws market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future- scenario of the industry.
The orthopedic screws market size has grown strongly in recent years. It will grow from $1.19 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historic period for orthopedic screws can be attributed to factors such as the aging population with orthopedic conditions, a rise in sports injuries and trauma cases, increased awareness among patients, and the prevalence of degenerative bone diseases.
The orthopedic screws market size is expected to see strong growth in the next few years. It will grow to $1.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The forecasted growth in the orthopedic screws market can be attributed to factors such as customization and patient-specific solutions, the rise in minimally invasive surgeries, a global increase in orthopedic procedures, and the expansion of sports medicine. Major trends in the forecast period include a focus on regulatory compliance and standardization, global market expansion, collaborations and partnerships, orthopedic tourism, and environmentally sustainable practices.
The upward trend in road accidents is anticipated to be a significant driver behind the expansion of the orthopedic screw market. These accidents, involving at least one vehicle on public roadways, lead to injuries or fatalities, often necessitating orthopedic implant surgeries involving screws and plates. These surgeries typically address traumatic incidents such as road accidents and sports-related injuries. For instance, in May 2023, the Insurance Institute for Highway Safety's fatality fact sheet reported a rise in road accident crashes to 39,508 in 2021, involving 61,332 motor vehicles compared to 35,935 crashes with 54,552 vehicles in 2020. Consequently, the increased occurrence of road accidents is expected to be a primary factor driving growth within the orthopedic screw market.
The escalating number of orthopedic surgeries is projected to be a catalyst for the expansion of the orthopedic screws market. These surgeries, focused on diagnosing, treating, and preventing musculoskeletal conditions and injuries, heavily rely on orthopedic screws as vital tools for stabilizing bone fragments, implants, and orthopedic devices in diverse procedures. For instance, as highlighted in the 2021 American Joint Replacement Registry Annual Report by the National Center for Biotechnology Information, over 2.4 million hip and knee surgeries were recorded from 1150 institutions, marking an 18.3% increase from the previous year. This surge underscores the escalating number of orthopedic surgeries, thereby propelling the growth trajectory of the orthopedic screws market.
The exorbitant expenses linked to orthopedic implants and devices are foreseen as a significant hurdle impeding the growth of the orthopedic screws market in the near future. The elevated costs involved in orthopedic procedures contribute to increased patient expenditure, potentially dampening the adoption of implants and thereby restraining market expansion. For example, a September 2023 report by Becker Orthopedic highlighted the substantial gap, exceeding $225 million, between the selling price of knee implants and insurance payments, underscoring the notably high costs associated with orthopedic procedures. Consequently, the steep expense associated with orthopedic implants and devices stands as a hindrance to the growth trajectory of the orthopedic screws market.
Key industry players within the orthopedic screw market are strategically focusing on the development of sustainable and innovative offerings, notably bioresorbable implants, to gain a competitive edge. These bioresorbable implants significantly contribute to improved recovery and reduced invasiveness in procedures, eliminating the necessity for implant removal surgeries. For instance, in March 2023, Bioretec Inc., a Finland-based manufacturer specializing in pediatric and adult orthopedic implants, received approval from the U.S. Food and Drug Administration for the RemeOs trauma screw. This orthopedic screw, made from bioresorbable metal, has undergone successful clinical trials and previously gained recognition as a breakthrough device from the FDA. The incorporation of bioresorbable metals merges the surgical techniques of traditional metal implants with the patient-centric advantages offered by recent bioresorbable polymer implants, ultimately obviating the need for implant removal surgeries.
In May 2021, Shalby Hospitals, headquartered in India, completed the acquisition of Consensus Orthopedics Inc. for $11.45 million. This acquisition granted Shalby control over Consensus Orthopedics Inc.'s manufacturing plant and equipment, encompassing various processes associated with orthopedic implants such as machining, finishing, inspection, cleaning, packaging, and sterilization. Consensus Orthopedics Inc. is a U.S.-based medical equipment company specializing in the manufacturing of bone screws for orthopedic surgery.
Major companies operating in the orthopedic screws market report are Johnson and Johnson, Medtronic plc, Stryker Corporation, Solvay S.A., Zimmer Biomet Holdings Inc, Smith & Nephew plc, Arthrex Inc, Teleflex Incorporated, Integra LifeSciences Corporation, Wright Medical Group N.V., Tecomet Inc, Exactech Inc., Leistritz Advanced Technologies, Paragon 28 Inc, Acumed LLC, DJO Global, Elos Medtech, Precipart Inc, Royal Oak Medical Devices Inc, AccuRounds Inc, TYBER MEDICAL LLC, GPC Medical Ltd, Unity Precision Manufacturing, Hammill Medical Inc, Advanced Orthopaedic Solutions, Extremity Medical LLC, High Tech Turning Co, The Orthopaedic Implant Company, Diamond Orthopedic, Vilex Inc.
North America was the largest region in the orthopedic screws market in 2023. The regions covered in the orthopedic screws market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the orthopedic screws market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The orthopedic screws market consists of sales of cannulated orthopedic screws, locking orthopedic screws, and non-locking orthopedic screws. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Orthopedic Screws Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on orthopedic screws market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for orthopedic screws? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The orthopedic screws market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.