Growing Technological Advancements in Medical Screws and Plates to Boost Demand

Introduction

Continuous-flow centrifugation technology has been evolved as a high-precision method over the years. This has resulted in a significant improvement in patient comfort and efficiency in blood and plasma products processing. Compared to other technologies such as membrane separation techniques, this method requires very little blood flow.

Compared to previous membrane-based apheresis devices that need invasive central venous catheterization, it is an improved technique that allows for simple access to blood through the patient's peripheral veins. Furthermore, technological advancements increase patient convenience, safety, and quality care during TPE procedures and improve fluid balance management for hemodynamic stability throughout treatment. Such technological advancements for product enhancement are projected to fuel the overall market growth during the projected period.

Developing Countries to Offer Lucrative Market Growth Opportunities

Developing economies such as India, China, Brazil, South Korea, and Mexico provide enormous growth prospects to both existing and new market participants. It is primarily due to an increase in the incidence and prevalence of osteoporosis and a substantial patient population. Increasing healthcare infrastructure, growing geriatric population, disease diagnosis, treatment awareness, and regulatory laws in the Asia-Pacific region are more adaptable and business-friendly than in industrialized countries. 

Due to increasing competition in developed regions, prominent companies in the medical plates and screws market have shifted their emphasis to emerging regions. For example, Medtronic Plc, a global leader in medical technology, has established R&D centers in emerging markets such as South Korea to boost its product development skills and presence in Asia-Pacific. Furthermore, market participants concentrate on product development, innovation, and technological advancements. This is projected to positively influence medical screws and plates market growth and create significant demand for medical screws and plates.

Impact of COVID-19

The pandemic brought devastation to the medical and healthcare industries. In 2020, trauma centers were closed from April to June, accounting for one-third of the volume of activity in the previous year. However, irreversible orthopedic crises were treated with extreme caution when upgraded PPE, incubation, dedicated surgical teams, and high-speed power instruments were used. Finally, the pandemic has affected standard orthopedic practices, resulting in detrimental consequences.

According to Information from the International Journal of Environmental Research and Public Health, during the first half of 2019 and 2020, retrospective research of orthopedic and trauma patients was undertaken at three clinics: a level L university associated regional trauma center in Timisoara, a private hospital in Cluj-Napoca, and a general hospital in Bucharest. The analysis revealed that hospital admissions in the three centers collectively decreased by more than half in March.

Regional Insights

North America is predicted to be the market leader in demand and revenue creation for osteosynthesis equipment. The majority of the orthopedic device industry is located in the United States. Rising healthcare expenditures account for 17.5 % of the country's GDP, making it the most economically viable and significant market for osteosynthesis equipment.

On the other hand, Asia-Pacific is predicted to be the fastest-growing market over the projection period. Japan, China, and India are experiencing exponential development in the orthopedic business, with Japan accounting for more than 40% of Asian orthopedic products. The China orthopedic market is expanding at a pace of 15% to 20% per year, whereas the market in India is increasing at 12% to 15% per year. Furthermore, most medical device makers in the United States and Europe control a sizable portion of the orthopedic markets in Japan, China, India, and other Asian nations.

Key Highlights

• The global medical screws and plates market had a market share of USD 2657.49 million in 2020, according to the new report of Straits Research. It is predicted to increase at a CAGR of 6.70% from 2021 to 2023.
• By material, the global medical screws and plates market is segmented as stainless steel, titanium, nitinol, other. The stainless steel section is expected to grow at an elevated CAGR of 6.80% by 2030.
• Based on end-user, the medical screws and plates market is bifurcated into hospitals and clinics, orthopedic clinics, and ambulatory surgical centers. The hospitals and clinics segment pegged more than 40% of the medical screws and plates market share. It is predicted to grow at a CAGR of 6.85% during the forecast period.
• Geographically, the market is divided into the Americas, Europe, Asia-Pacific, The Middle East and Africa regions. Americas is the largest market for medical screws and plates owing to its highly developed medical infrastructure. The medical screws and plates market in the region is predicted to grow at a CAGR of 6.79% by 2030.

Competitive Players

1. Stryker Corporation
2. DePuy Synthes
3. B Braun Melsungen AG
4. Globus Medical Inc.
5. Zimmer Biomet Holdings Inc.
6. NuVasive Inc.
7. Smith and Nephew PLC
8. Flower Orthopedic
9. Medtronic
10. Acumed
11. Advanced Orthopaedics (OrthoVirginia)
12. Arthrex
13. Arthrosurface
14. DJO Global
15. Ellipse Technologies
16. Integra LifeSciences

Recent Developments

• January 2024- Stryker (NYSE: SYK), one of the world's leading medical technology firms, has updated its Gamma4 Hip Fracture Nailing System to include an intermediate nail, the RC Lag Screw, and an anti-rotation clip with sleeve components.
• October 2023- NuVasive Specialized Orthopedics introduced Precice Bone Transport in International Markets.
• March 2023- NuVasive, Inc. (NASDAQ: NUVA), a leader in spine technology innovation focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced that it has received 510(k) clearance from the United States Food and Drug Administration (FDA) to use its Precice all-internal limb lengthening solution on pediatric patients*.
• January 2024- Smith & Nephew completed the acquisition of innovative cartilage regeneration technologies for sports medicine knee repair.

Segmentation

1. By Material
   1. Metallic
   2. Non-metallic
   3. Others
2. By Product Type
   1. Screws
      1. Bone Screws
      2. Cortical Screws
      3. Others
   2. Plates
      1. Compression Plates
      2. Arthrodesis Plates
      3. Osteotomy Plates
      4. Others
3. By Extremity Type
   1. Upper Extremity
   2. Lower Extremity
   3. By End-User
   4. Hospitals and Clinics
   5. Orthopedic Clinics
   6. Ambulatory Surgical Centers