The Asia Pacific medical screws and plates market share witnessed significant growth in the past and is expected to grow at a CAGR of 7.76% during the forecast period (2022-2030).
Medical screws and plates are devices for stabilizing fractures in various body parts, such as bones, spine, and pubic area, and for treating small bone fractures. They fall under the category of internal fixation methods for fractures. They come in different types, like cortical screws, cannulated screws, shaft screws, cancellous bone screws, locking head screws, and more. These products find extensive application in treating fractures and other orthopedic conditions related to bones and joints.
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Osteoporosis is a significant burden affecting individuals and society. The impact is substantial, with more than 8.9 million fractures occurring annually, equivalent to a fracture every three seconds. According to the International Osteoporosis Foundation, around 200 million women have osteoporosis. Furthermore, the Centers for Disease Control and Prevention reports that 4.2% of men and 18.8% of women aged 50 and above experience osteoporosis in the femur neck or lumbar spine. As osteoporosis patients continue to rise, there is a growing demand for medical screws and plates for fracture management and repair. Consequently, the market for these products is expected to experience significant growth.
Sports-related injuries, accidents, and falls have significant emotional and financial consequences for individuals, with treatment costs and potential impact on productivity being major concerns, particularly in cases of disability or death. The automotive industry has experienced significant growth with increased foreign investments, leading to more middle-class individuals owning vehicles. This overall increase in factors contributing to bone fractures, such as road accidents, falls, and sports incidents, is expected to play a crucial role in driving the growth of the medical screws and plates market in the foreseeable future.
Complications such as infections, delayed bone healing, and construct damage can arise from the selection of implants that are either undersized or oversized, insufficient screw fixation, improper shaping of plates, incorrect placement of plates and screws, and the absence of cancellous bone grafts at the fracture site. Neglecting to adhere to appropriate principles of plate application substantially increases the risk of these complications, which are anticipated to impede market growth during the projected period.
Emerging economies present favorable growth prospects for established companies and new entrants in the market. This is mainly due to factors such as the increasing prevalence of osteoporosis, a large patient population, expanding healthcare infrastructure, a growing elderly population, and improved disease diagnosis and treatment awareness. Moreover, market players are actively engaged in product development, innovation, and technological advancements, which are projected to influence market growth and generate substantial demand soon positively.
The Asia Pacific medical screws and plates market is segmented by country: China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific. China dominated the market with a CAGR of 8.18% during the forecast period.
The Asia-Pacific region is undergoing a comprehensive analysis of the medical screws and plates market. Key factors such as market size, growth potential, and market trends are considered. Countries like China, Japan, India, and South Korea are emerging as significant contributors due to rising healthcare infrastructure, an increasingly aging population, and advancements in medical technology.
The Asia Pacific medical screws and plates market is segmented into materials, types, and end-users.
It is further segmented by material into stainless steel, titanium, nitinol, and others.
Stainless steel dominated the market and is expected to register a CAGR of 5.91% over the forecast period. Due to its high biomechanical properties ('E' = 200 20 GPa, ductility, etc.), corrosion resistance, bio inertness, and cost-effectiveness compared to other biocompatible metals, Stainless Steel (e.g., 316L) is one of the most preferred biomaterials for bone plates.
By type, it is further segmented into upper extremity and lower extremity.
Lower extremity dominated the market and is expected to register a CAGR of 5.10% over the forecast period. Internal fixation medical equipment is what you may call things like metal plates, screws, and nails. They are frequently employed during fracture treatment because of their ability to stabilize and support a shattered bone. As the most common type of surgery performed worldwide, procedures using screws and plates generate a large chunk of income.
It is further segmented into hospitals and clinics, orthopedic clinics, and ambulatory surgical centers based on end-users.
Hospitals and clinics dominated the market and are expected to register a CAGR of 5.74% over the forecast period. A hospital is a center for primary health care, providing specialized treatment services administered by trained medical personnel. In addition, the number of hospitals is increasing worldwide. In hospitals, the presence of advanced apparatus and a secure environment for surgical procedures facilitates the use of products.