Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Osteosynthesis Devices Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023", the global osteosynthesis devices market was valued at USD 6.2 billion in 2014 and is estimated to reach USD 11.1 billion by 2023 at a CAGR of 6.2% from 2015 to 2023.
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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.
North America was the largest market for osteosynthesis devices in 2014 due to high acceptance of novel technologies, organized reimbursement facilities, government initiatives, and market leaders established in the region. 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 20 billion on implants each year, 50% 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 European Union is also engaged in promoting novel therapies for trauma fixation devices. Europe was the second largest market for osteosynthesis devices in 2014 due to factors such as rising incidence of injuries including fall, accident, sports, and occupational. Moreover, technological advancements and designs of osteosynthesis devices along with the use of various new, efficient constituent materials including biodegradable materials are likely to propel the market growth of the osteosynthesis devices market in Europe.
The osteosynthesis devices market in Asia Pacific is anticipated to expand at the fastest growth rate during the forecast period from 2015 to 2023. 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 for expensive treatments such as spinal fusion and large joint replacement. Due to the low cost nature of these treatments, Asia has been a location of choice for patients suffering from various orthopedic surgeries. Japan is the largest market for osteosynthesis devices in Asia in terms of revenue, while other countries contributing to this market are China and India. Brazil is identified as an upcoming market in Rest of the World. Large and highly concentrated patient pool coupled with favorable regulatory amendments has compelled several osteosynthesis device manufacturers to venture into Brazil.
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Source:Transparency Market Research