Metal Bone Plates Market
Number of pages: 100 | Report Format: PDF | Published date: April 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
CAGR |
4.5% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, Material, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global metal bone plates market is expected to grow at a revenue CAGR of 4.5% from 2023 to 2031.
Metal Bone Plates Market Fundamentals
Metal bone plates are medical devices used to treat bone fractures or breaks. These plates are typically made of stainless steel or titanium and are designed to stabilize the affected bone, allowing it to heal properly. The plates are surgically implanted into the bone and held in place with screws or other hardware. Metal bone plates come in various shapes and sizes to accommodate different fractures and bone structures. They can be straight or curved and may have holes or slots to attach screws or other hardware.
Metal Bone Plates Market Dynamics
There is a rise in the incidences of bone fractures globally, mainly due to an aging population and growing orthopedic disorders such as osteoarthritis. As a result, the demand for metal bone plates as a treatment is increasing, driving the market growth of metal bone plates. According to the Global Burden of Disease Study 2019, more than 500 million people worldwide are affected by osteoarthritis, accounting for around 7% of the world's population. Manufacturers are constantly improving the design and manufacturing processes of metal bone plates to enhance their functionality, reduce their weight, and improve their biocompatibility. This leads to better outcomes and faster healing times for patients.
Moreover, there is a rise in the number of road accidence globally which is increasing the demand for metal implants for broken bones. According to the WHO, between 20 and 30 million people suffer from non-fatal injuries in road accidents around the world every year. Patients increasingly seek minimally invasive surgical procedures involving smaller incisions, less pain, and shorter recovery times. Metal bone plates are being developed to meet these demands, which is fueling the metal bone plates market demand. Additionally, patients are increasingly aware of the benefits of personalized treatment options and the role of metal bone plates in treating bone fractures. This has led to a rise in demand for customized metal bone plates tailored to individual patients' specific needs. Governments worldwide are investing in healthcare facilities, promoting innovation, and supporting the development of new medical devices like metal bone plates. This government initiative to improve healthcare infrastructure and support medical device manufacturers are also expected to boost the metal bone plates market growth.
However, certain complications are associated with metal bone plates such as infection, implant failure, and nerve damage, which restricts the metal bone plates market growth. The metal bone plates market is subject to strict regulations and approval processes which can limit growth in some regions. Furthermore, the high cost of the metal bone plates and their procedures also hamper the market growth.
Metal Bone Plates Market Ecosystem
The global metal bone plates market is analyzed from four perspectives: application, material, end user, and region.
Metal Bone Plates Market by Application
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Based on the application, the global metal bone plates market is segmented into upper extremities and lower extremities.
The lower extremities segment dominated the metal bone plates market with the largest revenue share in 2022. The lower extremities, including the hip, knee, and ankle joints, are more prone to fractures due to their weight-bearing function and constant use. This leads to a higher demand for metal bone plates in this segment. According to the National Center for Biotechnology Information, approximately 187 per 100,000 adults sustain ankle fractures yearly. Osteoporosis is a common bone disease that weakens the bones and makes them more susceptible to fractures. This disease is more common in the elderly, who are more prone to fractures in the lower extremities. As the aging population increases, the demand for metal bone plates in the lower extremities segment increases. According to the National Center for Biotechnology Information, ankle osteoarthritis affects an estimated 1% of the world's population, with an incidence rate of 30 cases per 100,000 inhabitants. Technological advancements in metal bone plate design and manufacturing have led to more advanced and effective metal bone plates for lower extremities fractures. Many types of metal bone plates are available for lower extremities fractures, including compression plates, locking plates, and reconstruction plates. This provides healthcare providers with a range of options, making metal bone plates a viable option for treating lower extremities fractures.
The upper extremity segment accounted for a considerable metal bone plates market share in 2022. The rising adoption of sports activities, especially contact sports and extreme sports, has increased the risk of upper extremity fractures. This has increased the demand for metal bone plates in this segment. While the lower extremities are more prone to fractures due to their weight-bearing function, the upper extremities are still susceptible to fractures, especially in younger populations involved in high-impact activities. Similar to the lower extremities segment, technological advancements in metal bone plate design and manufacturing have led to the development of more advanced and effective metal bone plates for upper extremity fractures. Various metal bone plates are available for upper extremity fractures, including locking plates, reconstruction plates, and distal radius plates. Because of the variety of alternatives available to healthcare professionals, metal bone plates are a viable option for treating fractures of the upper extremities.
Metal Bone Plates Market by Material
Based on the material, the global metal bone plates market is segmented into stainless steel plates, titanium plates, composite plates, and others.
The titanium plates segment dominated the metal bone plates market with the highest revenue share. Titanium has a high strength-to-weight ratio and is very durable, making it suitable for metal bone plate use. It can withstand the stress and strain of daily activities, providing stability to the bone during the healing process. Titanium exhibits high biocompatibility, rendering it non-toxic and devoid of adverse reactions when implanted in the human body. This characteristic makes it an excellent choice for medical implants, especially metal bone plates. Titanium is radiopaque thus, it can be easily seen on X-rays and other imaging studies. This makes it easier for healthcare providers to monitor the healing process and make necessary adjustments. Moreover, titanium is resistant to corrosion, which means that it does not rust or corrode the inside of the body. This helps to prevent the plate from degrading over time and provides long-term stability to the bone.
The stainless steel plates segment accounted for a significant revenue share of the metal bone plates market. Stainless steel has high tensile strength and can withstand the forces exerted by the human body during daily activities. Stainless steel is highly durable and resistant to wear and tear. It can provide long-term stability to the bone during the healing process. Stainless steel is widely available and cost-effective for manufacturing metal bone plates. Stainless steel is also corrosion-resistant, which means that it can withstand exposure to bodily fluids and other substances within the body without rusting or corroding. Stainless steel has been used for decades in medical implants, including metal bone plates, and has a proven safety and efficacy track record, thus boosting segmental growth.
Metal Bone Plates Market by End User
Based on the end user, the global metal bone plates market is segmented into hospitals, orthopedic centers, and others.
The hospital segment accounted for a prominent revenue share of the metal bone plates market. Hospitals typically have specialized medical equipment, such as X-ray machines and surgical instruments, necessary for orthopedic surgeries. They also have trained personnel, such as orthopedic surgeons and nurses, who are experienced in handling complex procedures such as implanting metal bone plates. Hospitals generally handle a higher volume of patients, this means that they have a higher demand for metal bone plates and other medical implants. Hospitals provide a comprehensive range of healthcare services, including emergency, inpatient, and outpatient care. This means they are equipped to handle a wide range of orthopedic surgeries, including those requiring metal bone plates. Hospitals often have established referral networks with other healthcare providers, such as primary care physicians and physical therapists. This means that patients who require metal bone plates are often referred to hospitals for treatment.
Metal Bone Plates Market by Region
Geographically, the global metal bone plates market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest metal bone plate market size in terms of revenue generation. There is a growing prevalence of orthopedic disorders, such as osteoporosis and osteoarthritis, in North America. These disorders often require orthopedic surgeries, including metal bone plates, fueling the demand for these implants. The geriatric population in North America is increasing, and older adults are more prone to fractures and other orthopedic disorders. The availability of favorable reimbursement policies for orthopedic surgeries and medical implants, including metal bone plates, propels the demand for these implants in North America. Significant technological advancements in orthopedic implants, including metal bone plates, have improved their design, strength, and biocompatibility. These advancements are contributing to the growth of North America's metal bone plates market.
Metal Bone Plates Competitive Landscape
The prominent players operating in the global metal bone platesmarket are:
Metal Bone Plates Strategic Developments
Metal bone plates are medical devices used to treat bone fractures or breaks. These plates are typically made of stainless steel or titanium and are designed to stabilize the affected bone, allowing it to heal properly.
The prominent players operating in the global metal bone plates market are DePuy Synthes (Johnson & Johnson), Stryker Corporation, Zimmer Biomet, Acumed LLC, Smith & Nephew Plc, and Medartis AG.
During the forecast period, the revenue CAGR of the global metal bone plates market is estimated to be 4.5%.
The lower extremities segment dominated the global metal bone plates market.
Asia Pacific can be considered as the key growth region due to the surge in metal bone plates industry trends in China, Japan, and the Indian subcontinent.
*Insights on financial performance are subject to the availability of information in the public domain