The global medical screws and plates market size is expected to grow at a CAGR of 6.70% during the forecast period (2020–2030).
Medical screws and plates are pieces of medical equipment used to stabilize fractures in the bones, spine, pubic, and other tiny bone fractures. Under internal fixation for the fracture, these screws are classified into several varieties, including cortical screws, cannulated screws, shaft screws, cancellous bone screws, locking head screws, and others. These products are widely used to treat fractures and other bone and joint-related orthopedic impairments. The global medical screws and plates market is divided on the basis of type, material, end-user, and geography.
The rising number of accidents and sports injuries worldwide has increased the demand for medical screws and plates. Over 1.3 million people die due to highway accidents globally every year, directly influencing the market growth. Furthermore, according to the National Safety Council (NSC), in 2019, activities with or without equipment contributed to about 468,000 injuries in the sports and leisure category. Bicycling came in second with over 417,000 injuries, followed by basketball and football with approximately 404,000 and 292,000 injuries, respectively.
According to the Johns Hopkins Organization, nearly 3.5 million children aged 14 and under are injured in the United States while participating in sports or leisure activities. Furthermore, from 2016 to 2017, around 60,000 people were hospitalized due to sports injuries in Australia.
Fractures caused by falls are more common among the elderly. According to the Public Health Outcomes Framework (PHOF), from 2017 to 2018, about 220,160 emergency hospital admissions were attributable to falls among older individuals aged 65 and over in the United Kingdom.
During the forecast period, the general rise in the causes of bone fractures due to car accidents, falls, and sports injuries are predicted to boost the growth of the medical screws and plates market.
Infections, consolidation delays, and build damage occur due to small or large implant selection, insufficient screw fixation, and improper plate contouring—misalignment of plates or screws and failure to employ cancellous bone grafts at the fracture location. Violation of plate application guidelines is a primary risk factor for these issues, projected to impede the medical screws and plates market expansion over the forecast period.
Developing markets, including India, China, Brazil, South Korea, and Mexico, provide tremendous opportunities for the medical screws and plates market growth to both existing and new market participants. It is primarily due to the rising incidence of osteoporosis, a large patient population, expanded healthcare infrastructure, a growing aging population, and improved awareness about disease diagnosis and treatment.
Regulatory policies in Asia-Pacific are more adaptive and business-friendly than in developed countries. Due to rising rivalry in established regions, major medical plates and screws market players have turned their focus towards emerging markets. Medtronic Plc, a worldwide leader in medical technology, has created R&D facilities in emerging countries such as South Korea to strengthen its product development capabilities and footprint in the Asia-Pacific region.
In addition, market participants are focused on product creation, innovation, and technological improvement. As a result, this is expected to propel market growth and create considerable demand for medical screws and plates.
Medical screws and plates require limited material for their production. As a result, the market is divided into stainless steel, titanium, nitinol, and other material segments. Others include alloys, composites, polymers, and so on, which are becoming more popular.
Internal fixation is frequently achieved using orthopedic medical implants such as screws and plates. As a result, these are built of metals or biocompatible materials that are robust, durable, and compatible, preventing allergic reactions. The bio-functionality and biocompatibility features of the device impact its performance in the human body. Due to its strong biomechanical properties, corrosion resistance, bio inertness, and cost-effectiveness over other biocompatible metals, stainless steel is one of the most used biomaterials for bone plates.
To allow for a more in-depth examination of the items, the type segment is divided into upper and lower extremities. Medical-grade screws, plates, and accessories such as wires, pins, intramedullary rods, and nails are available. These goods are divided into two categories based on their upper and lower body application. Internal fixation medical equipment includes metal plates, screws, and nails, and these are widely used during fractures to stabilize and support the damaged bone. Screws and plates generate a significant revenue share, the most common surgical treatment worldwide.
The global medical screws and plates market comprises three end-user segments: hospitals, orthopedic clinics, and ambulatory surgery centers. The hospital segment is predicted to grow at the fastest CAGR of 6.85% during the forecast period. A hospital is a primary healthcare facility that provides specialized treatment services by highly trained medical personnel. Furthermore, the number of hospitals is increasing globally. According to the American Hospital Association (AHA), around 6,146 hospitals were accessible in the United States in 2019. Innovative surgical equipment and a safe environment to execute surgical procedures facilitate product utilization in hospitals.
The COVID-19 pandemic began in Wuhan, Hubei Province, China, in December 2019. In March 2020, the World Health Organization (WHO) declared a public health emergency and placed the world on high alert. The pandemic has had a massive influence on the economy globally. Furthermore, the subsequent impact on enterprises, individuals, and governments and the efforts made to address the crisis have substantially influenced financial markets, global economies, and public demand for these products.
Several elective operations were canceled due to the COVID-19 pandemic, and available resources were transferred to COVID-19 emergencies. The world was forced to implement social distancing and the use of personal protective equipment (PPE) as a preventative step.
The orthopedic department was significantly impacted by increased postponed elective and surgical treatments that required extensive resources. Joint replacement procedures, in particular, were canceled, and orthopedic specialties were converted to COVID-19 facilities across the world. The Orthopaedic Trauma Association suggested that fracture fixing techniques be conducted as outpatient surgery.
Many orthopedic specialties are experiencing liquidity issues. There are significant disruptions in commodity demand across many end-use sectors, with the global supply chain disrupted and the manufacturer's hierarchy altered. The global medical device business is experiencing an overstock due to a lack of demand. Movement restrictions have an immediate and direct influence on the market, and conditions are projected to improve with ease in restrictions.
Another issue is that global health services cannot treat medical diseases other than COVID-19, necessitating a transition from a patient-centered to a community-centered strategy.
The global medical plates and screws market has been divided on the basis of geographical regions to comprehend better and analyze the product's global reach. The market is divided into five regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
North America is predicted to account for the largest revenue share of the global medical plates and screws market. It can be attributed to an increase in orthopedic surgical procedures, osteosynthesis devices such as bone plates and screws, increased awareness programs by top-tier professionals, maximum reimbursement coverage, higher-quality care, the presence of key manufacturers, and sophisticated healthcare infrastructure.
According to our findings, the most significant driver in the regional market is the prevalence of osteoporosis. According to the National Osteoporosis Foundation, approximately 10 million people in the United States have osteoporosis, and 44 million have low bone density, which increases the risk of breaking a bone. According to the Osteoporosis Foundation Canada, osteoporosis is responsible for 70–90% of the 30,000 hip fractures in Canada.
Owing to increased awareness among individuals regarding osteoporosis and its treatment, the Europe market is predicted to present lucrative opportunities, rising at a significant CAGR over the forecast period.
Osteoporosis and traffic accidents are critical contributors to Europe medical screws and plates market revenue growth. According to the National Health Service, England has the highest fracture rate in Europe. It went on to say that osteoporosis affects nearly 3 million people in the United Kingdom.
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